Vehicle Loan for Private Vehicle
- Who is eligible?
Any person who is gainfully employed or earning income through self-employment, including NRIs.
- Quantum of Loan
85% of acceptable cost as per quotation (excluding cost of additional warranty, TCS and cost on any accessories which are of not mandatory.
- Any collateral security or personal guarantee required?
Suitable personal guarantee of a person who is having sufficient net worth is required.
- In how many days the loan will be sanctioned?
Once all the required details along with loan application and share application is received at Head Office and if the necessary requirements are fulfilled, the loan will be sanctioned within two working days.
Housing Loan
- Who is eligible?
Any person who is gainfully employed or earning income through self-employment, including NRIs.
- Do you give loan for purchase of house site or vacant land?
Loan will be permitted for purchase of land and construction of house thereof. No loan will be permitted under Housing Loan scheme to purchase land only.
- Do you sanction loan for purchasing under construction house or flat?
Yes, subject to certain regulatory guidelines.
- Any collateral security or personal guarantee required?
Personal guarantee of spouse or children is required. No other collateral security required.
- In how many days the loan will be sanctioned?
Once all the required details along with loan application and share application are received at Head Office and if the necessary requirements are fulfilled, the loan will be sanctioned within Ten working days.
- Any age limit to sanction the loan?
Person whose age is 18 years and above and not older than 60 years of age is eligible to avail this loan.
Mortgage Loan
- Who is eligible?
Any person who is gainfully employed or earning income through self-employment, including NRIs.
- For what purpose the loan will be given?
To repair/renovation and for furnishing the existing dwelling unit, constructing compound wall to existing vacant land and marriage expenses of self or close relatives.
- Any collateral security or personal guarantee required?
This loan is sanctioned against collateral security of immovable property. Also Personal guarantee of spouse or children is required.
- In how many days the loan will be sanctioned?
Once all the required details along with loan application and share application are received at Head Office and if the necessary requirements are fulfilled, the loan will be sanctioned within Ten working days.
Education Loan:
- Who can avail this loan?
Any bonafide student who is seeking higher studies from recognized Universities in India and abroad. The loan will be sanctioned in the joint names of student and parent/s.
- Is the loan collateral free?
No, acceptable collateral security (immovable or any financial assets) to the extent of at least 100% is required.
- Whether repayment of loan commences immediately on availing the loan?
No. Repayment holiday is permitted till one year after completion of the course. Interest can be serviced during repayment holiday period or can be capitalized and EMI will be fixed combining principal and interest amount outstanding on the date of commencing EMI.
- For studies abroad, whether expenses on VISA and travel can be included in total cost of studies?
The total cost will include above expenses along with living expenses and tuition fee.
- For studies within India, whether travel expenses can be included in the total cost?
Local travelling expenses are not treated as cost and not eligible for loan. However, if the student uses the facility of hostel or boarding, such expenses are covered as cost and eligible for loan.
MSME Loans
- Whether loan for setting up of new venture like transport operator, retail trade, service or manufacturing industry is sanctioned?
Yes, subject to compliance of all the statutory requirements and secured by collateral security.
- How much time required sanctioning this loan?
Subject fulfilling all the required requirements the loan will be sanctioned at HO level within Ten working days.
- Do you sanction loans under MUDRA scheme?
We are non-scheduled bank and are not covered by any Government Credit Insurance scheme/Subsidy Scheme. Hence, loan under MUDRA scheme is not being sanctioned in our Bank.
