Unsecured Loans to Individual Members
i. Eligibility Any individual member of the Bank.
ii. Type of Facility Term Loans.
iii. Limit Up to maximum of ₹5.00 Lacs, subject to the repaying capacity of the borrower and limited to 12 times the income of the applicant.
iv. Purpose
  1. Social or religious ceremonies due to customs/culture, including marriage of self, dependent children, or real brothers & sisters.
  2. Medical treatment for self, spouse, dependent children, parents, or parents-in-law (for female borrower).
  3. Higher education expenses of spouse, dependent children, and siblings.
  4. Repair/Construction/Addition/Alteration of dwelling units owned by borrower, spouse, parents, or parents-in-law (in case of female borrower).
  5. Business requirements of borrower, spouse, dependent children, or siblings.
v. Rate of Interest As per Bank’s rules from time to time.
vi. Other Charges As per Bank’s rules from time to time.
vii. Repayment
  • Up to 60 equal monthly instalments with interest for loan up to ₹50,000/-
  • Up to 84 equal monthly instalments with interest for loan above ₹50,000/-
viii. Sureties
  1. For loans up to ₹50,000/-, minimum 2 sureties.
    For loans above ₹50,000/-, minimum 3 respectable sureties of good means, preferably government, semi-government, public sector, or reputed public limited company employees with at least 3 years of continuous service.
  2. If the borrower is in private sector service, business or profession, at least 1 of the 3 sureties must be from government, semi-government, autonomous bodies, or reputed public limited companies with minimum 3 years of service.
ix. Other Conditions
  1. Borrower must submit proof of loan purpose to the satisfaction of the Bank.
  2. Borrower must submit income proof (Salary Certificate, Pay Slip, ITR or Affidavit if below taxable limit), or latest financial statements if in business/profession, including those of all sureties.
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