IND-COVID EMERGENCY SALARY LOAN
Parameter | Norms |
Target Group | Permanent Employees of Govt / Quasi -Govt / Boards / Endowments / MNCs/ other Reputed Companies / organisations with 2 years’ service. |
1) Salary credited to the account maintained with the Bank | |
2) Existing Home Loan borrowers | |
> Where salary credited account is maintained with the Bank | |
> Where salary is credited into other Bank account | |
Existing Salary Loan Borrowers: The Special Salary Loan Scheme 2020 can be extended additionally subject to maintenance of Net Take Home Pay (NTHP) as detailed below. | |
Minimum Entry Age | 21 years |
Purpose | For meeting unforeseen expenses due to COVID 19 |
Eligibility | All existing accounts in “Standard category” excluding SMA 1/SMA 2 |
on the date of sanction | |
Validity | Up to 30/06/2020 |
Nature of facility | Medium Term Loan |
Quantum of Loan | Twenty (20) times the latest monthly gross salary income subject to maximum loan limit of Rs.2 lakhs |
Margin | NIL |
Rate of Interest | Concessional ROI @ 9.50% p.a. Fixed |
Repayment | Maximum 36 months including holiday period of 6 months |
However sanctioning authority to ensure that the repayment is fixed in such a way that the loan is fully adjusted 3 months prior to superannuation of the borrower. | |
Net Take Home Pay norms | Take home pay (after proposed EMI) should not be less than 40% of the gross salary. |
Wherever the applicant has availed loans from our Bank secured by immovable properties, Sanctioning Authority can consider loan with 30% NTHP against extension of EM subject to 100% availability of residual value of securities for this loan. | |
Security | NIL |
Wherever 30 % NTHP has been considered, extension of EM over immovable property is required. MOD registration is not mandatory. | |
Guarantee | 1. Guarantee of spouse (wherever applicable) |
2. Employee from the same organisation | |
Processing Fee / Pre-payment charges | Nil |
Documents to be submitted by Applicant | Ø Application form duly signed along with guarantor’s form |
Ø Assets & Liabilities form | |
Ø Proof of income (last six months ‘Salary Slips showing all | |
deductions or latest Form 16) duly attested by the employer | |
Ø Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc) | |
Ø Form 16 / ITR (wherever available) | |
Ø PAN Card (mandatory) | |
Ø KYC documents (like – Passport, Aadhar Card, Ration Card, Election ID, Driving License etc). | |
Ø Authorisation to debit SB account / ECS / NACH mandate. |
Other details:
Acceptable Mode of Submission of Request for Credit facility | By E Mail / In-Person to the Branch |
Documents required | Duly filled in Application form for Existing Borrowers |
Helpline Numbers & Email ID for queries, facilitations and Grievances. | Mobile: +917305898992 / +919931094920 |
Timeline for appraisal, sanction, documentation / disbursement | Within 6 working days from the date of receipt of application by Branch. |
Frequently Asked Questions (FAQs) | FAQs about IND COVID PENSION LOAN and SALARY LOAN |
( Last modified on May 16, 2020 at 05:05:03 PM )