Eligibility

Employees in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and confirmed in service. The take home pay, after deduction of the proposed loan installment should be more than 50% of the gross pay. LIC agents are also eligible to apply for the loan subject to conditions.

Purpose

Any domestic needs including any social/financial commitments other than for speculation purpose.

Target Group

Category A: Employees working with central Govt., Quasi Govt., State PSUs, Central PSUs, PSB, Railway, Defense & paramilitary irrespective of their account relationship with our Bank &

Employees of the institutions where our Branch is located by Holding the institution's name for the Branch and salary of the employee of the institutions are credited SB account with our Bank.

You may also be interested in: Personal Loan Top Up Scheme (for existing personal Loan borrowers) - (Click here)

Category B: Employees working with reputed private firms, MNC & companies with regular monthly salary and Maintaining salary account with our Account our Bank. Regular salary credit into account for min 6 months.

Category C: Employees working with reputed private firms, MNC & companies with regular monthly salary and don't maintaining salary account with our Bank.

Regular salary credit into account for min 6 months.

Quantum

Upto 20/15/10 times of salary or Rs. 15.00 lac whichever is lower as per category A, B, C, respectively

Repayment

Maximum: 84 Months

Margin

Nil

Holiday Period

Nil

Rate of Interest

Click here

Security

Category A: Irrevocable PDC/ECS/SI to be obtained.

Category B: Employer will give undertaking to deduct the EMI and remit it to Bank or Salary will transfer to IOB with irrevocable standing instruction.

Category C: Single third party guarantee whose salary is equal or more than that of the borrower OR joint guarantee of two guarantors whose gross salary put together exceeds the gross salary of the borrower.

Other Conditions

• The employee should have a S.B. account in the branch from where the loan is proposed to be availed.
• Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned.
• Undertaking letter from the employer undertaking to deduct from salary, loan instalment every month and remit to bank to be produced.
• Letter from the employer, undertaking to recover the dues from the terminal benefits of the employee in case of death, retirement, or resignation to be produced.

Documents Required

• Application Form
• Salary certificate of applicant and guarantor with deduction particulars,
• Undertaking letter from employer to deduct monthly instalment and recover the dues from terminal benefit in case of necessity or Apply Online

Processing Charges

As applicable from time to time. Click here for Current Service Charges

Application Form- Click Here

Roll Over Facility

On repayment of 50% of the loan amount through regular repayments, fresh limit can be considered, and the fresh loan proceeds must be used to pre close the existing loan outstanding. No two clean loans should stand in the name of the borrower at any point of time. On repayment of 30% of the loan through regular repayment in case of SPECIAL CATEGORY BORROWERS i.e. all confirmed salaried employees with central and state governments, quasi governments and PSU.

Purpose

Any domestic needs including any social/financial commitments other than for speculation purpose

Target Group

Permanent employees of State & Central Government/PSU/Government aided institutions, universities (Not deemed universities) having their salary account with us.

• Entry age is 25 years
• Exit age is 55 years
• Gross salary of Rs. 50000/- and above are only eligible.
• Salary to be compulsorily routed through proposed CC account.
• Minimum service of 5 years to be completed

Quantum

Up to 15 times of Gross monthly salary or Rs. 15.00 lakhs (whichever is less).

Security

Single or two guarantees whose salary put together exceeds the borrowers gross monthly salary.

Margin

Nil

Repayment

• CC to be renewed once in every three years.
• Limit expiry date should not be later than the borrower's age of 55 years

Holiday Period

Nil

• Entry age is 25 years, Exit age is 55 years,
• Gross salary of Rs. 50000/- and above are only eligible.
• Salary to be compulsorily routed through proposed CC account.
• Minimum service of 5 years to be completed.

Purpose

For financial/social/professional purpose. For professional

purpose, under MSE Loans

Quantum

10 times of average commission receipt per month with a

maximum of Rs. 10.00 lakhs

Security

Single or two guarantees whose income put together exceeds

the borrower's average monthly commission

Margin

Nil

Holiday Period

Nil

Repayment Period

Maximum: 60 Months

• ECS Mandate for monthly instalment
• Term loan or CC with reduced drawing power every month