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Personal Loan - Overdraft Facility

Personal overdraft loan can be used for different reasons e.g. For school or college fees, for a medical emergency in your family or for any religious ceremony or for any other requirement for shorter period. Link your salary to our bank & enjoy the facility of personal overdraft.

Purpose :
To meet all types of personal need Including :
  • Medical treatment of self or a family member
  • Any religious ceremonies
  • School or college fees of children
  • Repair / renovation of residence
  • Any other requirement as per legitimate purpose acceptable to the bank
Eligibility :
  • Applicant should be permanently employed in Govt. / Semi Govt. / Reputed Limited Company
  • Applicant’s salary should be directly credited to his savings bank account with our bank
  • Salary cheque drawn in our bank’s favour is received continuously for the last two years
Quantum :
  • Minimum : ₹ 50,000/ -
  • Maximum : ₹ 5,00,000/ - or ten times of monthly gross salary of the applicant, whichever is less.
Note : If the Applicant is eligible for higher amount of Personal Loan on the basis of total deductions from his salary, including interest payable every month on the above Overdraft limit (assuming that the limit is fully utilized), not exceeding 65%, the amount exceeding the Overdraft limit, can be sanctioned as a Term Loan subject to the aggregate of OD limit+ Term Loan under “Kalyan Suvidha” Personal Loan Scheme + any other unsecured credit facility from Bank not exceeding ₹ 5.00 lakh. The terms and conditions of existing “Kalyan Suvidha” (Personal Loan) Scheme shall be applicable for the Term Loan
Tenure :
  • Repayable on demand / Extension subject to Annual Review
Basic Documents :
  • In case of new customer, applicant & guarantors need to open savings / current account
  • Duly filled & signed loan application form
  • Duly signed loan agreement
  • KYC documentation as per RBI guidelines, including proof of identity & address proof of applicant & guarantors with 3 passport sized photographs
  • Copy of updated passbook / bank statement for last one year
  • Details of existing on-going loan availed from banks / financial institution
  • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • Last 3 months’ – salary slips
  • Form 16 or Income Tax Returns
Additional Documents :
  • In case of religious ceremonies : estimate of expenses
  • In case of medical treatment : estimate of medical expenses & medical bills thereafter
  • Copies of paid School or college fees of children
  • For repair / renovation of residence :
    • Self-declaration for the purpose and documentary proof of Ownership of House / Flat etc.,
    • Estimate of repairs and renovation expenses
ROI :
  • Please click here to know about latest ROI & Service Charges.
Other Conditions :
  • 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.
  • 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.
  • Overdraft facility is to be granted only to salaried individuals.
  • Remaining period of service of the applicant should be minimum 5 years.
  • If average utilisation of overdraft limit is less than 60% on quarterly basis, commitment charges of ₹ 250/- to be charged every quarter.
  • If salary is not received in the account for any particular month, no further debits shall be allowed in the overdraft account till salary credit resumes.
  • If the borrower is maintaining a separate savings bank account in which salary is credited every month, standing instructions/letter of authority is to be obtained from him for recovery of interest debited in his overdraft account upon its application every month. Branches should ensure that interest in the overdraft account is promptly recovered before allowing withdrawals in his Savings Bank Account.
  • Undertaking to be obtained from borrower that the facility shall not be utilised for any speculative purpose.
  • Undertaking to deposit terminal retirement benefits in the account with our bank in case of RRT (Resignation / Retirement / Termination) to be obtained from borrower.
  • 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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