Scheme for priority / Weaker Section upto Rs. 1.00 Lacs

i.

Eligibility

–

Any individual member of the Bank.

ii

Age 

–

Upto 65 years 

iii.

Type of facility

–

Term Loans.

iv.

Limit

–

Upto maximum of ` 1.00 Lac subject to repaying capacity of the Borrower and also subject to the condition that it does not exceed 12 times of the monthly income of the applicant.

v.

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,  dependant children or real brothers & sisters.

b)

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

c)

For meeting the expenses on  education, 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,dependant children or brothers/sisters.

f)

Any legitimate requirement of finance, except for speculative purposes.

vi.

Rate of Interest 

–

9.50 % p.a subject to change from time time.

vii.

Other Charges

–

As per Bank’s rules from time to time.

viii.

Repayment

–

Up to the Maximum  60 equal monthly installments 

ix.

Sureties

    –

Surety of a member, other than family member who is also income tax payee.

x.

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 Affidavit about his/her  income.

c)

Credit  score of borrower must be in low risk 

d)

Undertaking from borrower that total household annual income does not exceed Rs. 1.60 Lacs 

e)

In case of purpose ‘Housing undertaking from borrower that dwelling unit per family provided that overall cost of the dwelling unit does not exceed Rs. 45.00 Lacs.

In case of repair of House should be in the name of borrower himself/herself or his/her spouse or parents or   parents-in-law in case of female borrower.