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Personal Surety Loan
Surety Loans, Smart OD and Easy Loan
| S.No | Title | Description |
|---|---|---|
| 1. | Eligibility | Any bonafide member of the bank. |
| 2. | Purpose | For any legitimate requirement of funds except for speculative purposes. |
| 3. | Maximum Loan Amount | Rs. 5,00,000.00, Subject to repaying capacity of the borrower. |
| 4. | Repayment | Up-to maximum of 60 equal monthly instalment with interest in case of surety loan and maximum 36 months in case of smart OD. |
| 5. | Rate of Interest and other charges | As per Bank’s rules. |
| 6. | Other Conditions | In case of Govt. servant the loan should be repaid before six months of retirement and other than Govt. servant the age should be maximum 65 years. If the age of Govt. employee is 55 years and above, employer certificate for deduction/ settlement of loan is essential before relieving at the time of retirement. Two sureties of equal status. Depends up-on case to case. House ownership of borrower or sureties is preferred. Undertaking from the employer on prescribed format is must in case of smart OD and easy loan. |