|
Demand Loans
to Employees of Central /State Governments, Schools / Colleges
/ Other Institutions & other reputed Companies/ Organisation
approved by bank from time to time
The scheme is intended to help the
functionaries in their credit marketing efforts by enabling
them to dispose off the requests for small personal loans to
the salaried class having fixed repayment capacity.
Permanent Employees of Central/State
Governments, Schools/ Colleges & other reputed
institutions/other reputed companies /organizations approved by
bank from time to time with a net salary of not less than
Rs.5000/- per month.
Five times of the net salary subject to a
maximum of Rs. 25000/-
Margin:
Nil
Click to View the Latest Rate
Loan may be granted for any genuine purpose
of the employee such as functions, festivals medical travel and
such other bonafide expenses.
One Personal guarantee of a fellow employee
to be obtained subject to the condition that one employee will
not stand as a guarantor in more than one Loan Account.
The Loan to be repaid with in 36 months in
equated monthly installments.
 
1. A certificate from the employer to the
effect that the applicant is a bonafide employee with confirmed
service to be submitted along with the latest salary
certificate duly signed by the employer.
2.An authorisation letter by the applicant
addressed to his/ her employer mentioning that the equated
monthly installments as prescribed by the bank be deducted and
remitted to the Branch from where the loan is availed to be
submitted. This letter must be duly acknowledged by his/her
employer and or undertaking letter from the employer to be
given (or) Post dated Cheques are accepted.
3.In respect of employees whose monthly
salaried are credited to their savings Bank Account maintained
in the bank's branches, an authorization letter from the
applicants addressed to the branch manager mentioning that the
monthly installments are debited from their savings account
every month and credited to the loan account till the entire
loan is discharged in full.
4.A letter from the applicant addressed to
the employer that in case of his/her sudden discharge from
service or retirement of service, balance amount be deducted
from his/her retirement benefits and or an undertaking letter
from the employer should be given to the bank |
