Personal Loan

PERSONAL LOAN

A specially designed Personal Loans Scheme has been framed which aims at providing credit facility for meeting out socio-economic needs of employees such as child's education, furnishing your home, buying a computer, son/daughter's marriage, holiday tour with your family or any other basic requirements without giving any purpose of the loan.
The main features of this scheme are listed below:-
Eligibility Criteria

1. Class Salaried employees of Punjab Government, PSUs, Boards, Corporations, Aided Schools/colleges, Universities, Public Sector Banks, Premier Medical Institutions, General Insurance Companies, Punjab State Cooperative Bank, District Central Cooperative Banks, Cooperative Organizations in the State of Punjab or any any other organization as approved by the Board of Directors of the respective bank. The BOD of the respective bank can make addition or deletion to this list.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
2. Age Minimum 21 years and Maximum 57 years.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
3. Service Tenure 1 year after the confirmation/regularization.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
4. Loan Limit 15 times of gross monthly salary or Rs.4 lacs, whichever is less.
(
5. Tenure Maximum – 7 years.
6. Processing Fee Processing Fee of Rs.100/- in lump sum per case irrespective of the loan amount sanctioned to be charged at the time of sanctioning the loan.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
7. Rate of Interest As decided by the Bank from time to time with quarterly rests.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
8. Repayment of
Loan
Loan is repayable in equated monthly installments in the form of post-dated cheques. The 1st installment will start after one month. The loan will be repaid before retirement.
9. Security No collateral security is required, only two guarantor know to the bank.
10. Option to
prepay loan
Borrower can make the part pre-payment of loan. No penalty will be charged.
(amended vide RCS Circular letter No.Credit/CA-2/PI-215/1/ 14918 dated 11.10.07)
11. General No employee will be given this loan facility, which has defaulted in repayment of loan under any other scheme.