Personal Loans

Eligibility

Loans shall be sanctioned to the C Class members of the bank and the applicant should own the land or plot on which the construction is proposed.

Application of Loan

Loan will be available for all purposes.

Limit of Assistance

The loan amount for all purposes shall be fixed as a maximum amount of Rs.9 crore.

Repayment/ Tenure of Loan

Loan shall be repaid in equated monthly instalments spread over a maximum period of 10 years. Borrowers are free to remit more than one instalment or lump sum at any time.

Interest Rate

• Interest Rates

Interest subsidy is eligible for this loan.

Collateral Security

Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank.

Share Linking

Share linking will be 3.50% of the loan amount.

Authority to Sanction the Loan

The Board of Directors shall have the authority to approve and sanction the loan.

General

• A completion certificate to be obtained within three months of the completion of the construction.
• Certificate of Bank’s Valuers also to be obtained at various stages of construction that the construction is as per the sanctioned plan.
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