Purpose

To meet any social and financial commitments

Eligibility Criteria

• Individuals in employment should be in confirmed service and should have taken home pay of not less than 40% after reckoning the installment for the proposed loan. Income of spouse/any other income can be taken into account for calculating the 40% norm.
• Professionals, self-employed and businessmen should have at least 3 year standing in the field of activity with assessable income during the three-year period and should be income tax assesses. Income tax assessment order or copy of return should be available for verification.

Quantum of Loan

• The maximum loan amount is Rs 5 lakh. For salaried class the eligible loan amount is determined based on the repaying capacity, after including this loan instalment. The take home pay should be not less than 40% of gross income inclusive of income of spouse or any other income such as rent.
• For businessmen, professionals, self-employed persons the loan amount will be subject to a ceiling of total annual income of the previous year declared in I.T return or Assessment order, but not exceeding Rs 5 lakh

Security

NSC, KVP, LIC

Margin

NSC/KVP/Units :25%

Life policies: 10%

Immovable Property: 50%

Repayment Period

Max 60 Months

Entry age

Max 60 years

If property is offered as security, then the loan should be considered under LAP.