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Corp Personal
Corp Personal- For all your personal financial needs
1. Eligibility
| v | Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions. |
| v | Pensioners drawing pension through the Bank. |
| v | Individuals with income other than salary/pension |
| v | Permanent employees of reputed Private Companies/Firms are also eligible with pre-approval of such Companies/Firms from Zonal Office. |
| v | Wherever, such private Company/Firm is not dealing with the Bank, but salary is routed through the Bank and undertaking letter from the Company / Firm is NOT available, loan is not considered. |
| v | Where salary is NOT routed through the Bank & NO undertaking letter from the employer is available, in such cases, loan is not considered. |
| v | Where salary is routed through the Bank, before availing loan, at least one month's salary is to be routed through the Bank. |
| v | Where, salary is NOT routed through the Bank, but undertaking letter from the employer is available, applicant must have regular dealings with the Bank for a minimum period of 3 months. |
2. Purpose
To meet any genuine personal expenses relating to family functions, education, travel, marriage, medical etc.
3. Nature of facility - Loan in the form of Demand Loan.
4. Margin - NIL
5. Rate of Interest - Under floating rate (w.e.f: 04.05.2009 )
14.00% - where both the salary is routed & undertaking letter is available
15.00% - In all other cases.
(Fixed rate option is not available under the Scheme)
6. Quantum of Loan
| v | For salaried persons : The maximum loan amount is 12 times of the take-home pay, where an undertaking letter as per Annexure has been obtained from the employer: |
[a] To route the salary through our Bank till the loan is closed in full OR
[b] To deduct and remit the loan instalments to the Bank every month until closure of the loan in full.
| v | For salaried persons whose salary is routed through the Bank, but where NO Undertaking letter from employer is available, the maximum loan amount is 6 times the take-home pay. |
| v | In case of pensioners: Drawing pension through the Bank, the maximum loan amount is 6 months’ pension. |
| v | In case of individuals with income other than salary/pension, the maximum amount of the loan is 25% of the gross annual income. |
7. Guarantee
| v | In the case of salaried class, another employee of same Institution/ Organization/ Company/ Firm etc,. shall join as co-applicant. However co-applicant’s income is not reckoned for arriving at eligible loan amount. |
| v | In exceptional cases, instead of co applicant ,Sanctioning Authority may stipulate third party guarantee of another employee of same Institution/ Organization/Company/Firm etc. |
| v | Where spouse of the applicant is also an employee of same Institution/ Organization/ Company/ Firm etc,. he/she may join as co-applicant. |
| v | Mutual co-application/ guarantee also accepted. However, one employee can join as co applicant/ guarantor for one loan only. |
| v | In the case of pensioners & other than salaried class, another person with regular/ independent income shall join as co-applicant. However co applicant’s income is not reckoned for arriving at eligible loan amount. |
| v | In exceptional cases, instead of co applicant, Sanctioning Authority may stipulate third party guarantee of another person. |
8. Repayment -
| v | Maximum repayment period : |
| v | For salaried class: Loan repayable in 36 months. |
| v | For other than salaried class: Loan repayable in 60 months. |
| v | Repayment schedule is fixed in such a way that the EMIs coincide with salary /pension disbursement schedule. |
| v | EMI/Notional interest as a % to net income is applicable as per guidelines as applicable. |
| v | In case of salaried class, repayment period not to exceed retirement age of the applicant/co applicant/guarantor. |
| v | For Other than salaried class, repayment period not to exceed 65 years of age of the applicant. |
| v | For pensioners, repayment period not to exceed 65 years of age. In cases where repayment period goes beyond 65 years of age, spouse/close relative having regular/independent income shall join as co-applicant. |
9. Processing Charges
1.50% of the loan amount subject to a minimum of Rs. 500/-
(Charges are inclusive of service tax)
10. Prepayment Charges - Nil
11. EMI Calculator
12. Revised Application Form:
13. Please click here for Checklist:
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