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.

Maximum Loan Limit:

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.

1

Purpose

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

2

Criteria of Borrowers

Permanent employees of state and Central Government /PSU/Government aided institutions, Universities (Not Deemed Universities) having salary account with our Bank

3

Age

Entry Age: 25 Years

Exit Age : 55 Years

4

Service Criteria

(i) Borrower should have completed minimum of Five Years.

(ii) Gross monthly salary of Rs 50000 and above

5

Eligible Loan Amount

No minimum

Maximum limit is 15 Times Gross Monthly salary or Rs 15 Lakh whichever is less

6

Renewal and Limit expiry

PLCC to be Renewed once in three years.

Limit expiry date not to be later than Borrowers age of 55 Years. For e.g., if borrowers age is 53 at the time of renewal/fresh, the limit expiry date will be within the borrower attaining 55 years.

In cases where the borrower attains 55 years have option to convert it to Regular Clean Loan (Demand Loan). In such cases the loan tenure should be fixed that demand loan is closed 3 months prior to the date of retirement of borrower. However, sanctioning authority should ensure that for the borrower who has crossed 55 years of age, the terminal benefit shall cover the loan amount

7

Switch over of schemes

Existing Personal Demand Loan can be converted to Cash Credit or vice versa.

8

Guarantee

Single or Two Guarantees whose salary put together exceeds borrowers Gross monthly salary.

9

CIBIL score

Should be 700 or above

1

Purpose

For meeting Financial/ Social/ Professional Purposes

2

Criteria of Borrowers

He/ She to have minimum experience of 5 Years as LIC Agent.

The Agent to be IT Assessee.

Average yearly income/commission should be Rs 84000 /per annum for past 3 years

3

Age

Not to exceed 55 years.

Deviation can be permitted by RLCC and Above

4

Eligible Loan Amount

10 times of average commission receipt per month with a maximum loan amount of Rs 10 Lakh

6

Type Loan

Term Loan or Cash Credit. If availed in the form of Cash Credit it will be on reducing Drawing power every month.

7

Repayment Period

Maximum 60 months

8

Guarantee

Two Guarantors whose individual monthly salary/income should eb at least equal to the average monthly commission of the LIC Agent Borrower

9

Credit Score

To be 700 and above

10

Prepayment charges

NIL

11

Other Important Features

ECS Mandate/ Postdated cheques /standing instructions for recovery of loan instalments.