Unsecured Loans to Individual Members

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 ₹5.00 Lacs, subject to repaying capacity and not exceeding 24 times the applicant’s monthly income.
iv Purpose a) Social/religious ceremonies due to customs/culture (e.g., marriage of self, dependent children, real siblings)

b) Medical treatment of self, spouse, dependent children, parents, or parents-in-law (for female borrowers)

c) Higher education expenses of spouse, dependent children, or siblings

d) Repair/construction/addition/alteration of dwelling units owned by borrower/spouse/parents/parents-in-law

e) Business needs of borrower/spouse/dependent children/siblings

f) Any legitimate non-speculative financial need
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 a maximum of 84 equal monthly instalments with interest
viii Sureties Minimum two satisfactory sureties of good means
Note: Credit score of each surety must be ≥ 500 and no overdue in any credit facilities
ix Other Conditions a) Proof of loan purpose must be submitted to the Bank’s satisfaction

b) Income proof required:
   – Salary Certificate / Pay Slip / ITR / Affidavit (if income is below taxable limit)
   – For business/profession: Latest Financial Statements
   – Also required for all sureties

c) If borrower already has unsecured loans from other banks, ensure total unsecured exposure (including proposed loan) does not exceed the permitted ceiling
   – Branch must verify this via credit report
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