Eligibility : Employees in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and confirmed in service.

The take home pay, after deduction of the proposed loan installment should be more than 50% of the gross pay. LIC agents are also eligible to apply for the loan subject to conditions. Purpose: For any purpose including any social / financial commitment. a) Ten times of salary or Rs.10.00 lac whichever is lower, if your employer undertakes to deduct the loan installment from salary and remit to us or the salary is routed through the loan granting branch. b) For others, it is 5 times of salary or Rs.1.00 lakh whichever is lower. c) For LIC agents, the maximum loan is up to 10 times average monthly commission or Rs.5.00 lakh whichever is lower. Repayment: In a maximum of 60 months in case the loan is for 10 month salary and 36 months in case the loan is for 5 months salary.. Rate of interest : Please click Retail credit interest rates Security: Two, third party personal guarantee, the salary of each guarantor being at least equal to that of the borrower. Other conditions: 1. The employee should have a S.B. account in the branch from where the loan is proposed to be availed. 2. Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned. 3. Undertaking letter from the employer undertaking to deduct from salary, loan installment every month and remit to bank to be produced. 4. Letter from the employer, undertaking to recover the dues from the terminal benefits of the employee in case of death, retirement or resignation to be produced. Documents required : Application form, Salary certificate of applicant and guarantor with deduction particulars, undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit in case of necessity. Processing Fee: One time processing fee of Rs. 204/- per lakh or part thereof(subject to change).

Educational Loans-Vidya Jyoti

Home Personal Retail LoansEducational Loans-Vidya Jyoti Email Print Large Print Download
Content to this pa Dictionary Word Definition 0 Home

Eligibility Should be an Indian National Should have secured admission to professional/technical courses in India or abroad

Purpose Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation/ shipping if the course is pursued in India. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas Quantum of loan Maximum of Rs. 10.00 lakh for studying in India and Rs. 20.00 lakh for studying abroad. Rate of Interest Please click Retail credit interest rates - Interest to be debited monthly on simple basis during the repayment holiday/moratorium period. Margin Margin For loans upto Rs. 4.00 lakh Nil For loans above Rs. 4.00 lakh Studies within India 5%

For studies abroad 15% Scholarship/assistantship to be included in margin. Security Security For loans upto Rs. 4.00 lakh Co obligation of parents . No security

For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh Co obligation of parents together with collateral security in the form of suitable third party guarantee. For loans above Rs.7.50 lakh Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank..

Holiday period 6 months after getting the job or 12 months after completion of the course whichever is earlier. Repayment Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period. Interest servicing It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study.

Interest servicing - concession For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum

Vehicle Loans- Pushpaka

Home Personal Retail LoansVehicle Loans- Pushpaka Email Print Large Print Download
Content to this pa Dictionary Word Definition 0 Home

Eligibility Permanent employment in a... A Government Office A public sector undertaking A reputed private enterprise or A self-employed professional The loan can be applied for in the name of the firm or company Non Resident Indian can also apply. (For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian acceptable to the Bank) Income eligibility In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.

Purpose For buying a new or used car (not more than 5 years old) or new two-wheeler. Loan amount New car - Upto 90% of the cost of the car. Used car - Upto 75% of the market value of the car. New two-wheeler - 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower. Rate of interest Please click Retail credit interest rates Repayment New car - repayable in 60 equated monthly installments Used car - repayable in 36 equated monthly installments New Two-wheeler - repayable in 60 equated monthly installments Security Hypothecation of the vehicle purchased The Banks lien on the vehicle should be marked in the R.C. book Vehicle should be insured for the full value with the bank clause Processing charges For loan upto Rs. 2 lakh, Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change). For loan above Rs. 2 lakh, Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change). Documents An application form Salary certificate, IT return or assessment order as a proof of income

Quotation/proforma invoice - for a new car/ new two-wheeler Valuation certificate from two reputed auto dealers - for used car

Commercial Cash Credit against Jewellery

Home Personal Retail LoansCommercial Cash Credit against Jewellery Email Print Large Print Download
Content to this pa Dictionary Word Definition 0 Home

COMMERCIAL CASH CREDIT AGAINST JEWELLERY The Commercial Cash Credit against Jewellery from Indian Overseas Bank is a package designed for assisting commercial activities in the country. Business needs for running a commercial activity can be met by availing finance under this product in the form of cash credit or over draft with cheque book facility, against the value of jewels for investment in commercial activities. Eligibility: Individuals who own jewels, engaged in business activities like small business/trade/professional and self-employed etc. Amount of loan: Minimum finance under the scheme will be Rs.50,000/- and the maximum will be Rs. 10 lacs. The limit should not exceed the advance value at any point of time. For limits up to Rs.3 lakhs, the quantum of finance will be the advance value multiplied by the net weight of the jewels or Rs.3 lakhs whichever is lower. For limits exceeding Rs. 3 lakhs, quantum of finance will be the Advance value multiplied by the net weight of the jewels or 20% of the projected turn over whichever is lower, subject to a maximum of Rs. 10 lakh. Rate of Interest: Interest will be a) For loans up to Rs. 3 lacs 12% b) For loans above 3 lacs - 12.50% (fixed) for Cash Credit/overdraft (subject to change). Margin: No margin. Security: Fully secured by pledge of gold jewellery with fineness of 20 ct to 22 ct.

Repayment: Cash Credit is to be renewed / reviewed every year. Documents required: 1. For limits up to Rs. 3 lakhs Proof of commercial activity like license/registration with DIC/ Sales Tax registration certificate etc. An undertaking letter indicating the business activity and assuring that the funds will not be used for speculative purposes. 2. For limits above Rs. 3 lakhs Unaudited balance sheet An undertaking letter indicating the business activity and assuring that the funds will not be used for speculative purposes. Jewels will be appraised by another appraiser, preferably panel appraiser from the nearby branches. Processing charges: Rs. 202 (Rs.180+ Service Tax of Rs.22/-) per lakh with a maximum of Rs.2020 to be paid at the time of sanction. Appraiser commission subject to a maximum of Rs.300/- per limit

Consumption Loans-Sahayika

Home Personal Retail LoansConsumption Loans-Sahayika Email Print Large Print Download
Content to this pa Dictionary Word Definition 0 Home

Loan to meet social financial commitments Eligibility Individual, confirmed permanent employee of a reputed organisation or a professional or self-employed or businessperson with three years standing in the field of activity, can apply for the loan. For salaried person the take home pay is at least 40% of the gross salary after taking into account the installment for the present loan.

Purpose For meeting social financial commitments such as marriage in the family, education of children, medical treatment etc. The loan can be availed for any financial commitment with in the ambit of law. Bank will not verify the purpose declared. Maximum loan Maximum loan amount is Rs.3 lakh. The loan amount, however, depends on the value of the security offered and repaying capacity. For professionals, self-employed and business persons, the maximum loan is restricted to total annual income of previous year, as declared in the I.T. return or assessment order but not exceeding Rs.3 lakh. Margin 50% on immovable property; 25% on securities such as NSC, KVP,IVP,ULIP etc; 10% on Life policies (surrender value) of LIC of India and other private insurance companies. Rate of interest Please click Retail credit interest rates Repayment Repayable in Equated Monthly Installments up to a maximum period of 48 months. Shorter repayment period is also permitted. Security Immovable property or Liquid securities like NSC, IVP,KVP, ULIP, UNITS etc. or Life policies of LIC of India and other private insurance companies approved by IRDA Documents Application indicting the purpose for which the loan is required, amount of loan required and the repayment period Proof of employment and income Proof of standing in the field of activity for Professionals, self-employed and business people Income tax assessment order or return with ITO acknowledgement for Professionals etc. Details of the security offered and copies of the documents