Unsecured Loans to Individual Members

i.

Eligibility

–

Any individual member of the Bank.

ii.

Type of facility

–

Term Loans.

iii.

Limit   

–

Upto maximum of ` 5.00 lac subject to repaying capacity of the Borrower and also subject to the condition that it does not exceed 12 times of the income of the applicant.

iv.

Purpose

a)

For any social or religious ceremonies which the borrower is bound to perform due to his/her  customs/culture including marriage of self,  dependent children or real brothers & sisters.

b)

To meet the expenses on medical treatment of self, spouse, dependent children, parents or  parents-in-law in case of female borrower.

c)

For meeting the expenses on higher education  of  spouse, dependent children & brothers/sisters.

d)

Repair/Construction/addition and alteration of  existing dwelling units owned by the borrower himself/herself or his/her spouse or parents or   parents-in-law in case of female borrower

e)

Requirement of funds for business of borrower, spouse, dependent children or brothers/sisters.

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 the Maximum  60 equal monthly Instalments with interest for a loan up to           ` 50,000/- only and 84 equal monthly instalment  with interest for a loan  of more than ` 50,000/-

viii.

Sureties

   a)

 For a loan up to ` 50,000/- a minimum of 2 sureties and for a loan above      ` 50,000/- a minimum of  3 respectable sureties of good means  to the satisfaction of Bank, preferably an employee of any Government or Semi Government department, Autonomous body or  local bodies or  Public Sector Undertakings and also of  reputed Public limited Companies with at least 3 years of continuous service

b)

In case, the borrower is in the service of Private Sector or in business or profession, out of 3 at least 1 sureties of good means who are necessarily be in the employment of Government or Semi Government Department, or Autonomous body, or local bodies or Public Sector Undertakings and also in the Public Limited Co’s of high reputation with a continuous service of a   minimum of three years.

ix.

Other Conditions

a)

Borrower to submit a proof of purpose of the   Loan to the satisfaction of the Bank.

b)

Borrower to submit the proof of his/her income like; Salary Certificate/Pay slip  and/or Income Tax Return or Affidavit about his/her  income, if  the same  is below the taxable limit or copies of latest Financial Statements in case borrower is in business or profession and that of all the  sureties.