Consumption Loan to Head load Workers
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.
|
Installment amount should be automatically debited from the concerned savings
account.
This loan should be categorized under loan to weaker sections.