For any sort of Personal or Business needs, but not for any speculative purpose, real estate or capital market activity.

Eligibility

• Loan against mortgage of immovable property located in Metro / Urban / Semi Urban/Rural Centres only those Rural centers where title deeds can be mortgaged for other than Agricultural purpose.
• Individuals (age 21 years to 65 years) as well as Business Concerns (Corporate or non-corporate). Maximum 60 years for salaried class. The Minimum Gross Annual Income for Individual borrowers is Rs. 2, 00, 000/-

Nature of Facility

Term Loan and Overdraft facility available. The Overdraft facility will be for one year and to be reviewed annually

Quantum of finance

Individual/ Jointly (Priority/ Non Priority)

• For salaried persons, 36 times of gross monthly income of applicant and for other than salaried persons, 3 times of gross annual income as per latest IT returns.
• Maximum Rs.50.00 lakh for property located in rural area and maximum Rs.200.00 lakh for property located in other areas.

For Companies, Proprietorship/ Partnership Firms, Societies

• In case of Firms/ Companies, five times average annual cash accrual (PAT+Depreceiation) as audited Financial Statements of last three years.
• Maximum Rs.50.00 lakh for property located in rural area and maximum Rs. 500.00 lakh for property located in other areas.

Security:

EM of non-encumbered residential house /flat, commercial or industrial property situated in metro/urban/ semi urban/rural centers only in the name and possession of the borrower either self-occupied or vacant or partially rented out/leased out. The value of property should be equal to 200% of the loan amount.

Guarantee

• Personal guarantee of the joint /co-owner of the property (if any).
• In case of mortgage loan to firm/company, personal guarantee of partners/ directors to be taken.

Rate of Interest

MCLR + 3.50 % irrespective of TL/OD/Tenor

Processing Charges

• In case of term loans and overdraft, 0.50 % of Loan Amount subject to maximum of Rs.40,000/- and Rs.20,000/- respectively at the time of sanction.
• In case of OD, renewal charges to be levied @ 0.50%, maximum Rs.5000/- per annum.

Prepayment Charges :

• Nil, in case prepaid from borrower's own sources.
• If the loan a/c is taken over by other Bank/FI, prepayment charges to be levied @ 1% of loan outstanding as on the date of such take over.

Repayment :

Loan is to be repaid in Maximum 120 equated monthly installments (EMIs), commencing from next month of disbursement. Repayment of EMIs through ECS mandate/ Postdated cheques.

Documents:

1. For Salaried/ Individuals
   • KYC documents like Identity proof and address proof, Original Salary Slips for two months and Post Dated Cheques
   • Letter of Hypothecation of vehicle and Articles of Agreement
   • Letter of undertaking from the borrower for Comprehensive Insurance of the vehicle with bank clause and Blank Transfer forms duly signed by the borrower
2. For Companies, Proprietorship/ Partnership Firms, Societies
   • Audited Balance Sheet, Profit and Loss Account for latest two years and the latest IT returns