Installment Loan

The Bank provides Personal Loans to salaried people living within Bangalore City, to meet expenses such as education of children, medical expenses of self and family, purchase of household articles etc.

Terms:

The loanee and the surety provider should be nominal members of the bank.
The employer of loanee/drawing officer should issue an undertaking letter agreeing to deduct the loan amount every month towards loan installments or send the salary to the bank.
The bank also gives personal loans by collecting post-dated cheques.

Limit:

10 times of gross salary and within 60% gross salary

Repayment period:

60 months.

Rate of interest:

14.00% Per annum.

Processing Charges:

1.00% of the loan amount.

Documentation:

Latest salary certificate of loanee and surety provider.
Pro-note.
Delivery letter to DPN.
Letter of authority for pay/wages deduction. Bond of agreement etc, will be obtained from the loanee and surety provider.

2% penal interest will be charged and collected on overdue installments.