Purpose:
To meet personal / domestic expenses
Eligibility:
Permanent Employees of Railways, Government institutions, Central and State Government, Schools, Hospitals, Municipal Bodies etc .having completed ONE year of service
OR
Confirmed/ Permanent employees of Indian/multinational Companies having completed minimum THREE years of service.
- Note: Loan to be sanctioned to all permanent employees only
Quantum of loan:
Minimum Gross Salary- Rs.1.80 Lakh p.a
Twenty four times of gross salary subject to maximum of Rs.20,00,000/- and minimum net take home pay 50%* of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the installment of proposed loan is permitted
* 40% net take home pay is permitted only where employer’s undertaking is available.
Rate of Interest:
RBLR+CRP (3/3.20) =12.35/12.55% at present
Repayment:
84 equated monthly Installments.
Processing Fees:
1.00% of loan amount
For Defence Personnel: NIL
DOCUMENTATION CHARGES:
Up to Rs.2 lakh- Rs.270/- +GST
Above Rs.2 lakh- Rs.450/-+GST
For Defence Personnel: NIL