Consumption loan to Individuals
|
Type of loan
|
Medium term
loan – Non-agriculture
|
|
Method of
Repayment
|
Non-EMI/EMI
|
|
Purpose
|
Marriage /
Domestic / Treatment Purpose.
|
|
Eligibility
Criteria
|
Individuals.
|
|
Security
|
Personal
Surety and Mortgage security.
|
|
Scale of
finance
|
Not
applicable.
|
|
Limit of loan
|
Rs: 60
Lakhs(Mortgage), 2 Lakhs(Personal Surety)
|
|
Margin
|
Not
applicable.
|
|
Holiday
period
|
Not
applicable.
|
|
Repayment
period
|
120 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
|
Note: Staff members can also avail this loan. In that case maximum amount is
one lakh and the rate of interest is 2% below the prevailing rate. Maximum
period is 60 months and security is personal surety of another staff.