Type of loan

Medium term loan – Non-agriculture.

Method of Repayment

Non-EMI

Purpose

Marriage / Domestic / Treatment purpose

Eligibility Criteria             

Individuals (Head load workers).

Scale of finance

Not applicable.

Limit of loan      

10 times of average salary subject to a maximum of Rs: 100000/-

Margin 

Not applicable.

Holiday period   

Not applicable.

Repayment period

60 Months.

Rate of interest 

As per interest structure.

Penal Interest

2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.

Charges              

1)   Up to 50000 service charge is collected @ 0.25% of total   Loan amount sanctioned. Above 50000 it is  @ 0.35%.this is credited under the head HO miscellaneous income.

2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs:100 and a maximum of Rs:525. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.

Subsidy/Re-finance

Nil

Security

Personal Surety.