|
 |
SyndSaral |
Purpose :
To meet urgent personal credit requirements
Eligibility :
Permanent employees of Central / State Government Offices / Undertakings / reputed companies / firms / educational institutions. Non-salaried class like Doctors / Engineers / Lawyers / Chartered Accountants / Architects / Consultants and Pensioners.
Quantum for Clean loan :
Salaried Class :
12 months gross salary with salary credit and maximum Rs.3 lakhs with letter of undertaking from the employer.
Pensioners :
Aged < 65 yrs: 10 months gross pension with a maximum of Rs. 2 lakhs.
Aged 65-70 yrs: 6 months gross pension with a maximum of Rs. 1 lakh.
Aged > 70 yrs: 5 months gross pension-max. Rs.50000/-
Non-salaried Class :
50% of gross annual income as per Income Tax Assessment Order (ITAO) (100% of average gross annual income, as per ITAOs of immediate preceding 3 years) or 60% of value of immovable property to be mortgaged to the Bank (subject to maximum amount of Rs. 5 lakhs).
Quantum for Secured Loan :
80% of purchase price of NSC / IVP / KVP if completed 24 months from date of purchase and 65% of purchase price if completed 13-23 months).
80% of surrender value of LIC policy / purchase price of RBI Relief Bonds / other Government securities.
Repayment :
Maximum 60 months in case of loans and overdraft against Govt. securities. to be renewed once in 2 years
Rate of interest w.e.f. 01.04.2004:
For Clean Loans: 13.50%; For Clean Overdrafts: 14.00%.
For Secured Loans: 12.50%; For Secured Overdrafts: -NA-
SyndSaral, fully secured by approved securities (IVP, NSC, KVP, LIC policies, RBI Relief Bonds etc) with suitable margin, interest to be charged at 11.00%.
Requirements :
Salary Certificate / letter of undertaking from the employer.
ITAO for non-salaried class / property documents where ITAO is not available.
Third party guarantee acceptable to the bank.
Valid mortgage of immovable property/ pledge of securities.
Post dated cheques in exceptional cases.
|
|
|
