| PURPOSE | To meet various personal financial needs including but not limited to: □ Education expenses for self or dependents □ Medical emergencies □ Wedding expenses □ Debt consolidation □ Purchasing consumer durables □ Travel expenses □ Any other legitimate personal financial requirement deemed fit by the lending institution. |
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| Eligibility | Eligible applicants: 1. HDCC Bank Employee. □ He should have a “B” Class membership in the Bank. □ Minimum service completion requirement: 3years. □ Minimum left over service: 5 years |
| Loan amount | Minimum limit – Rs.,1,00,000/- Maximum limit – Rs. 20,00,000/- Manager – Rs 12,00,000/- AGM- Rs 15,00,000/- DGM/GM- Rs. 20,00,000/- Subjected to □ Loan amount: Up to 30 times of Net Pay salary and Dearness Allowance (DA). □ EMI/NMI Ratio: Must not exceed 2/3rd of Net Salary i.e., Minimum of 1/3rd Net take home salary after factoring in the proposed loan Equated Monthly Installment (EMI). DTI ratio = Total Monthly debt payments/Gross monthly income |
| ROI | 9.00 %. |
| Repayment period | 8 years |
| Share amount | B’ class membership |
| Documents | 1. Loan Application 2. SB A/c 3. 3 Months salary slips 4. IT returns for past 3 years 5. Self declaration of active loans 6. EMI details pertaining to loans reflecting in CIBIL. |
| Documents to be submitted after sanction of loan | To be obtained before disbursement of loan: 1. Demand Promissory note 2. Personal Loan agreement 3. Letter authorizing the Bank to adjust the loan outstanding along with the interest due if any, from out of the terminal/ Retirement Benefits. 4. Letter authorizing the Bank to recover the loan and interest installments from monthly salary of the Employee. 5. Two Employees standing as sureties to repay the loan installments along with the interest due if any, in case the Employee failed to repay the amount due to the Bank. Renewal: After repayment of 36 monthly installments regularly, the concerned employee can seek renewal of the Personal loan, provided either the previous loan should be repaid in full or adjusted from the proceeds of fresh loan. To be obtained after disbursement of loan: 6. Acknowledgment of debt. |
| Insurance | PMJJBY/PMSBY |
| Sanctioning authority | Head Office |
