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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.

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