Personal Loan Special

Personal Loan Special

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Overview

If you are lacking a small amount of money & don’t have time to hustle for a housing loan, we offer you special personal loan designed only to let you save your time and efforts. Enjoy this facility with minimum document requirement as compare to housing loan.

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Purpose & Eligibility

  • Purpose:
    • Construction of house
    • Purchase of house
    • Residential flat in grampachayat area (where N.A. permission, plan approval by ADTP & title report from panel advocate is not available) [No benefit for Income Tax under Sec. 80C or 24(b)]
  • Eligibility :
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      Salaried Individuals :

    • Total deductions, including the repayment of proposed loan, should not exceed 65% of gross income of Borrower.
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      Non Salaried Individuals :

    • Borrower’s Average 3 years gross income to be considered.
    • Total deduction including the present & proposed loan repayment obligations should not exceed 65% of average gross income of Borrower.
    • If income is in decreasing trend, last year’s income to be considered.
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Quantum & Tenure

  • Quantum :
    • Minimum : ₹ 2 lakhs
    • Maximum : ₹ 5 lakhs
  • Tenure :
    • Maximum up to 9 Years
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Documentation

  • Basic Documents :
    • In case of new customer, applicant & guarantors need to open savings / current account
    • Duly signed loan agreement
    • Details of existing on-going loan availed from banks / financial institution
    • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • KYC documentation
    • Proof of identity
    • Address proof of applicant
    • 3 Passport sized photographs
  • Application Form
    • Duly filled & signed loan application form
  • Bank Statement
    • Bank statement for last one year
  • For Salaried individuals :
    • Last 3 months’ – salary slips
    • Form 16 or Income Tax Return
  • If an applicant Is a self-employed individuals :
    • Income tax returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years

    • Simple deposit of original title deeds in bank’s custody with composite document of negative lien, power of attorney & agreement to create mortgage thereon (equitable / registered mortgage not required)
    • Chain of all previous title documents (agreements of sale and registration receipts)
    • Share certificate in case of Co-op. Hsg. Society
    • Latest receipt for maintenance charges and property tax payment
    • No dues / NOC from Co-op. Hsg. Society / builder

ROI & Other Conditions :

  • ROI :
    • Please click here to know about latest ROI & Service Charges.

    • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member (in case of loan amount up to ₹ one lakh) of bank.
    • Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
    • If property is registered in the joint names, all the joint owners should join as co-borrowers.
    • If income of the applicant alone is not sufficient, other earning family members (spouse / father / mother / son / daughter) can join as co-borrower.
    • If the applicant’s age is over 50 years in case of salaried employee, and 60 years in case of businessman, his / her earning son / daughter should join as co-borrower.
    • Collateral Securities, if stipulated, to be submitted before disbursement. In case of assignment of LIC policies, original policies to be deposited and assignment formalities to be completed before disbursement.
    • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.

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