Salaried

Non-Salaried

Risk Grade

INTREST RATE

ROI

INTREST RATE

ROI

CIC-1 (>= 800)

RLLR + 1.90

10.00

RLLR + 2.00

10.10

CIC-2 (775 to 799)

RLLR + 2.10

10.20

RLLR + 2.20

10.30

CIC-3 (750 to 774)

RLLR + 2.25

10.35

RLLR + 2.35

10.45

CIC-4 (725 to 749) & NTC

RLLR + 3.20

11.30

RLLR + 3.30

11.40

CIC-5 (700 to 724)

RLLR + 3.80

11.90

RLLR + 3.90

12.00

CIC-6 (680 to 699)

RLLR + 4.65

12.75

RLLR + 4.75

12.85

Details

Guidelines/ Scheme Norms

Purpose of Loan

To meet personal/Domestic expenses such as marriage, travel, holiday etc. of Women Professional.

Target Group/

Eligibility

Salaried: (Must have a regular salary credited to their account and be confirmed in service)

• Employees working with central/State Govt., Quasi Govt., State PSUs, Central PSUs, Railway, Defence & Paramilitary etc. irrespective of their account relationship with our Bank.
• Women Employees working with reputed MNC's, Private companies etc. with regular monthly salary and maintain salary account with our Bank.

Non-Salaried: (Must be an Income Tax Assessee and actively engaged in a recognized profession) 

• It is mandatory that at least 50% of sales turnover is routed through Bank account (With IOB or any Bank) for the last two FY to be eligible under the scheme & Applicant must have minimum Six Months relationship with our Bank.
• Only individuals or Sole Proprietorships are eligible

Age

• Minimum entry age for salaried applicants shall be 21 years.
• Minimum entry age for non-salaried applicants shall be 25 years.
• Maximum exit age permissible for the scheme will be retirement age for salaried and 65 years for non-salaried.

Loan Amount

Salaried: 30 times of Gross Monthly Salary or Rs.30.00 lakhs whichever is lower subject to repayment capacity.

Non-Salaried: The maximum quantum of loan per individual is Rs.10.00 lakh subject to repayment capacity.

Roll Over

Salaried & Non-Salaried:

On repayment of 50% of the loan amount through regular repayments i.e., Tenure, fresh limit can be considered, and the fresh loan proceeds must be used to preclose the existing loan outstanding. No two Personal loans should stand in the name of the borrower at any point of time.

Salaried: (Special Category):

On repayment of 30% of the loan through regular repayment for all confirmed salaried employees with central and state governments and PSU.

Top up (Eligible only for Salaried)

Up to 30 times of salary or Rs.7.50 Lakhs whichever is lower.

The total exposure to the borrower under this scheme including TOP Up is restricted to Rs 30.00 Lakhs per borrower.

Existing Personal Loan borrowers having satisfactory and regular repayment for past 12 months and salary credited to the account maintained with any of our branches.

SMA 1 and SMA 2 accounts are not eligible

Margin

NIL

Holiday Period

NIL

Repayment Period

Repayment Period:

Salaried:

The maximum repayment period will be 7 years (84 months) subject to the condition that repayment should be co-terminus with retirement.

Non-Salaried:

The maximum repayment period will be 5 years (60 months)

CIC Report

Minimum score shall be 700. Borrowers with -1/ New to Bank/New to Credit Score shall also be eligible.

Prepayment / Pre-Closure Charges

NIL

Penal Charge

2% of Overdue amount will be collected for the number of days of delay

Required Documents

• Proof of Identity
• Proof of Address
• Bank Account Statement for the last 6 months
• Three latest salary slips/current dated salary certificate with the latest Form 16 in case of Salaried
• Last Two Years ITR in case of Self-Employed Individuals

Processing

charges

NIL

Security/Guarantor

Salaried :

• Salaried customers are not required to provide a guarantor.

Non-Salaried:

• Personal Guarantee of Spouse having net worth equivalent to the loan amount and minimum CIC score of 700 & above to be obtained for Non-Salaried Women Borrowers.

• We shall consider accepting a third - party as a guarantor with a CIBIL score of 680 or above who has a demonstrable means of repaying the loan amount equivalent to the loan amount applied for. The Guarantor shall be a family member or a person with a legitimate relationship, subject to meeting the mentioned criteria only in the case,

➤  If the husbands net worth is less than the loan amount.

➤  In case Borrower is Single/Widow/Divorced.

• Mutual guarantee is not permissible

Terms & Conditions

• At any point of time the borrower should not have more than two Personal Loans (one is regular Personal Loan and other is Personal Loan Top Up). 
• Only individuals or Sole Proprietorships are eligible.