Small Loans (Secured)

Sr. No. Particulars Details
i Eligibility Any individual member of the Bank.
ii Type of Facility Term Loans
iii Limit Up to a maximum of ₹25.00 Lacs per borrower, subject to repayment capacity and not exceeding 48 times the monthly income.
iv Purpose – Repair, additions/alteration, renovation of own house or that of spouse/father/mother/parents-in-law (in case of married female members)

– Any other legitimate, non-speculative financial requirement (e.g., marriage, medical treatment, education of dependents) with documentary proof acceptable to the bank.
v Margin 15% of the cost of repair/renovation, or suitable margin on the value of mortgaged property in other cases.
vi Rate of Interest 10.50% p.a., subject to change from time to time.
vii Other Charges As per Bank’s rules from time to time.
viii Repayment Up to 120 equal monthly instalments (including any moratorium period).
Monthly instalment + other deductions should not exceed 60% of applicant’s monthly income.
ix Security – Mortgage of immovable property owned by the borrower or surety
– For loans up to ₹5.00 Lacs: may be considered against employer’s undertaking to ensure repayment via salary attachment (Employer’s Consent Note), subject to case merit.
x Sureties Two sureties of good means, as per bank’s discretion.
xi Other Conditions Borrower must submit income proof such as:
– Salary certificate / Pay Slip / Income Tax Return / Affidavit (if below taxable limit)
– For business or profession: latest financial statements
– Similar documents for sureties also required.
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