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Festival Loan |
1. Type of Loan Clean Demand Loan.
2 Purpose For celebrating festivals like Onam, Diwali, Christmas, Bakrid etc. and occasions like Shashthiabdapurthi, Upanayanm, Silver\Golden Wedding Anniversary etc.
3. Persons eligible Salaried income earners\self employed Professionals with a minimum of 3 years service\experience and with a minimum net monthly income of Rs.2500/-
4. Proof of income (i) Salary Certificate showing deductions (and OR)
(ii) Copy of acknowledged latest IT return filed.
5. Amount of loan 4 times net monthly income *
Minimum Rs.5000/-
Maximum Rs.50000/-
(* may include income of spouse and other income like monthly rent\interest income).
6. Margin NIL.
7. Interest
8. Disbursement To the borrower by cheque or credit to account not earlier than one month before the festival/occasion.
9. Repayment Period 1 Year. Repayable in 10 equated monthly installments commencing 1 month after the festival.
10. Security
Primary Nil
Collateral Personal guarantee of the spouse or parent. Where guarantee of spouse or parent is not available, the guarantee of one third person of sufficient worth will be taken.
11. Processing charges A flat Rs.100/- per loan.
12. Documents to be executed
(i) DPN in favour of the spouse\guarantor and endorsed by the latter in favour of the bank.
(ii) DPN delivery letter made by the borrower and endorsed by the guarantor.
(iii) 10 post dated cheques to be submitted by the borrower.
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