Overdraft against Salary-(Unsecured)

Eligibility Condition:-The customer should be in  service into  the renowned educational institutions/trust, Private organization & having the salary account in our bank in which the monthly salary has been credited by the above establishments. The employee should be in continuous service of at least three years .

Purpose of Loan:- Loan can be obtained for personal reasons(ex.Marriage, Picnic, For purchase of property, other business purpose),however the loan should  be used for which the loan demanded by the borrower. The proof of the utilization of borrowed amount should be obtained.

• Age Limit :- Maximum  21 to 55 years.
• Term & Other conditions:-
• Maximum Loan limit to be sanctioned:-Four Times of Last three months average net salary .Maximum of Rs.500000/-.
• Period of Loan:-Maximum  of 11 Months from the date of loan account opening.After taking the review the loan account can be renewed  for next 11 months period.
• Security:- Insurance Policy, NSC, Govt of India Gold Bonds assignments .Pledge of the gold ornaments  or by  making  the registered /equitable mortgage of the immovable property offered by the customer for the loan.
• Turnover on Account:- No need to have the turnover in the loan account,however the account balance should be  always below the sanctioned limit i..e. Monthly interest payment should be made by the borrower regularly.
• Processing Fees:- As per bank rule
• Membership :-Borrower  should be banks regular  member & Two creditworthy persons should be taken as guarantors by admitting them as nominal members of the bank.
• Linking Shares: As per bank rules (2.50% at the time of loan disbursement & 2.50% at the time of renewal of the loan).
• Penalty/Commitment Charges:- Borrower must have to use at least three months the sanctioned amount of loan otherwise remaining interest for that period will be recovered .
• NPA Norms applicability :- As per Reserve bank of India guidelines .
• Interest Rate - Click Here 

Loan Documents required:-

• Loan Form,  Last three months salary slip, Bank account statement of previous 6 months  in which salary amount has been credited.
• KYC documents ,pass port size photographs of borrower & two guarantors (self attested),Form 16A,Financial Statement, credit report ,appointment letters of borrower. Other document in support of the purpose of loan demanded.
• Insurance policy of the security should be obtained in the joint name of the bank & borrower.
• Undertaking from the employer about not to make salary in other bank account of employee excepting obtaining the No Objection Certificate from the bank & also to inform the bank about employees resignation, retirement & not to make the terminal benefits employee payments without intimating the bank.