Retail Loans

Purpose

  • Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
  • Construction of residential unit on exiting non agriculture plot.
  • Purchase of non-agricultural plot and construction of residential unit thereon
  • Repairs/ improvements/ extension of the existing residential property.
  • Take-over of housing loan availed from another bank / FI
  • Completion of under construction residential unit.

Eligibility

  • Indian Citizens or NRIs
  • Minimum age is 21 years & maximum age is 65 years
  • Individuals may apply singly or jointly with other individuals

Quantum of Loan

  • No maximum limit for quantum of loan for construction/outright purchase
  • For salaried individuals: Maximum loan upto 48 times of gross monthly salary
  • For agriculturists: Maximum loan upto 4 times of gross annual income
  • For non-salaried individuals: Maximum loan upto 4 times of average gross annual income of last 3 years
  • Maximum limit of Rs.10.00 lakh in rural & semi urban areas and maximum limit of Rs.15.00 lakh in urban areas for repairs

Your Share/Margin

  • Minimum 25% of total project cost

Moratorium Period

  • Till completion of construction or 18 months from the date of disbursement of 1st installment
  • No moratorium period for repairs

Repayment

  • For construction/outright purchase: Maximum upto 30 years
  • For repairs/renovation: 5 – 10 years

Repayment Methods

  • For salaried/business people: EMIs
  • For agriculturists: Quarterly, Half-Yearly or Yearly Installments

ROI & Processing Fee

  • As per bank’s internal guidelines from time to time

Prepayment Penalty

  • In case of takeover of loans by other Banks/FI: 2.00% on outstanding balance as on date of closure
  • In case of pre-closure from own verifiable sources: Nil

Security

  • Primary Security
    • Mortgage of house/flat financed by the Bank
  • Collateral Security
    • Upto 150% of the loan quantum in select cases

Guarantee

  • Guarantee from a local person with worth 150% of the loan quantum must be obtained in all cases

Insurance

  • Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause

Purpose

  • Purchase of two wheelers – only new vehicles
  • Purchase of four wheelers – new/used vehicles

Eligibility

  • Individual Indian Citizens
    • Minimum age is 18 years & maximum age is 65 years
    • Minimum annual income Rs.1.00 lakh for two wheeler
    • Minimum annual income Rs.2.00 lakh for four wheeler
  • Sole Proprietorship Concern/Partnership Firm/Companies

Quantum of Loan

  • Two Wheeler: Maximum upto Rs.3.00 lakh
  • Four Wheeler: No upper ceiling

Assessment of loan quantum

  • Salaried Individuals:
    • Take Home Pay after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the applicants gross monthly income as per pay slip/Form 16/ITRs.
  • Non Salaried Individuals/Firms/Companies:
    • Net Annual Income after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the gross annual income as per ITRs.
  • For Agriculturists:
    • Net Annual Income after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the gross annual income as per Branch Manager Assessment.

Your Share/Margin

  • For new vehicles:
    Category Existing Borrower New Applicant
    Two Wheeler 20.00% 25.00%
    Four Wheeler 15.00% 20.00%
  • For used four wheelers: 30% of the purchase cost

Moratorium Period

  • No moratorium period

Repayment

  • For all vehicle loans:
    Category Agriculturists Non Agriculturists
    Two Wheeler 5 years 5 years
    Four Wheeler 7 years 7 years
  • Mode of repayment:
    • For non-agriculturists: EMIs
    • For agriculturists: Equated Monthly/Quarterly/Half-Yearly & Yearly Installments
  • ROI & Processing Fee

    • As per bank’s internal guidelines from time to time

    Security

    • For loans upto Rs.1.00 lakh:
      • Hypothecation charge on the vehicle financed by the Bank
    • For loans in between Rs.1.00 lakh to Rs.25.00 lakh:
      • Hypothecation charge on the vehicle financed by the Bank
      • 12 post dated cheques
    • For loans above Rs.25.00 lakh:
      • Hypothecation charge on the vehicle financed by the Bank
      • 12 post dated cheques
      • Collateral security worth 150% of the loan quantum

    Guarantee

    • For Individuals:
      • Loan amount less than or equal to Rs.50,000/-:Guarantee & Loan Co-obligation not required.
      • Loan amount more than Rs.50,000/-:
        a) Spouse/parents/siblings with worth greater than 100% of loan quantum may join as loan co-applicants (or) b) Third Party Guarantee from local person with worth greater than 100% of the loan quantum
    • Partnership Firms: Guarantee from all partners
    • Company: Guarantee from all Individual Directors of the Company

    Insurance

    • Vehicle must be insured to its full value with Bank Clause

Purpose

Loan/Overdraft against property for any purpose other than speculative purposes

Eligibility

  • Individuals & groups of individuals (salaried or non-salaried & agriculturists with ITRs for at-least 2 years)
  • Age: 21 to 65 years. Applicant’s age on loan due date should not be more than 75 years.
  • Proprietorship concerns, partnership firms, companies with cash profits for the last 2 years
  • Trusts/Societies/Partnership firms with Karta/HUF as partner are not eligible

Type of facility

  • Term Loan
  • Overdraft

Repayment Period

  • Term Loan: Maximum 15 years
  • Overdraft: 10 years with 10% yearly cutback in limit such that limit is liquidated at the end of 10 years

Permissible Bank Finance

  • Salaried Individuals/Pensioners: 60 times of gross monthly income as evidenced by payslips of last 3 months/pension payment orders/ITRs and/or salary certificates of last 2 years.
  • Non-salaried Individuals: 5 times of average gross annual income of last 2 years as per ITRs
  • Net income after deduction of all expenses, existing/proposed loan repayment obligations should not be below 30% of the gross monthly income of the applicants
  • Concerns/Companies/Firms: 3 times the average cash profit for the last 2 years as evidenced by Audited Financials & ITRs

Margin

  • Term Loan: 40% of the realizable market value of the property
  • Overdraft: 50% of the realizable market value of the property

Acceptable Security Properties

  • Residential/commercial site/plot/land
  • Residential house/flat
  • Commercial buildings
  • Minimum property realizable value must be Rs.10.00 lakh
  • Maximum age of the building/house/flat less than 25 years with minimum residual age of 15 years of loan repayment period
  • Property will be valued based on title deed price/value till completion of 1 year from the date of the title deed
Agricultural properties & farmlands are not accepted as security

Guarantee

Third party guarantee with minimum worth of 150% of the loan quantum

Rate of Interest, Processing Charges & Other Charges

As per bank’s internal guidelines from time to time

Purpose

  • For meeting personal expenses and exigencies

Eligibility

Salaried individuals:

  • Age:Minimum: 18 years
  • Maximum:
    • Loan should terminate when Applicant/Co-applicant reaches age of 75 years in case of pension eligibility.
    • Loan should terminate at retirement for non-pensioners

For Non-Salaried Individuals:

  • Age:Minimum: 18 years
  • Maximum:
    • Loan should terminate when applicant/co-applicant reaches age of 70 years.
    • Professionals such as Doctors, Advocates, Engineers, Chartered Accountants etc. are eligible while agriculturists/Businessmen are not eligibile.
    • Takeover with/without enhancement of the applicant’s personal loans from other Banks / FIs under this scheme is also permitted subject to eligibility.

Reckoning of income

Salaried Individuals:

  • Last 3 months payslips & ITRs for the last 2 years, Employee ID, Salary Certificate & Salary Account Statement.

Non Salaried Individuals:

  • ITRs for the last 2 years.

Assessment of Loan Quantum Based on Income

Salaried Individuals:

  • Take Home Pay should be greater than or equal to 30% of Gross monthly salary after deduction of all repayment obligations including personal loan repayment.

Non Salaried Individuals:

  • Net Annual Income should be greater than or equal to 30% of Gross annual salary after deduction of all repayment obligations including personal loan repayment.

Quantum of Loan

Limit Salaried Individuals Non-Salaried Individuals
Minimum Rs.1.00 lakh Rs.1.00 lakh
Maximum Rs.50.00 lakh Rs.25.00 lakh

Rate of Interest

CIBIL Credit vision Score Salaried Individuals Non-Salaried Individuals
650 to 750 10.50% 11.90%
750 & 800 10.25% 11.65%
800 & Above 10.00% 11.40%

** Terms and Conditions apply.

Repayment Period

  • Upto a maximum of 10 years.

Mode of Repayment

  • Equated monthly instalments starting from the succeeding month of loan disbursement

Processing Charges

  • 0.50% of loan quantum + GST.

Prepayment Charges

  • In case of loan pre-closure prior to 36 months from date of loan disbursement: Nil
  • In case of loan pre-closure after 36 months from date of loan disbursement: 1.00%

Penal Interest

  • 2.00% over & above existing ROI

Security

  • NIL

Guarantee

For salaried individuals:

  • Guarantee must be obtained from a salaried individual only whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

For non-salaried individuals:

  • Guarantee must be obtained from a salaried/non-salaried individual whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

Liability Insurance

  • Mandatory for the applicants with age over & above 55 years.