PERSONAL LOAN SCHEME

1. SCHEME APPLICABILITY

Branches of DCCB Sonepat Bank at Sonepat

2. ELIGIBILITY

(i) Confirmed Govt. employees of State/Central Govt.

(ii) Permanent employees of institutions including schools, Colleges, Public Sector undertakings (PSUs) and reputed corporate whose salary is being disbursed through the concerned bank branch.

(iii) Confirmed employees of Central or State Govt. Schools, Colleges, Universities and Reputed PSUs who are not drawing their salary through accounts maintained with our branches.  Further Managing Director may at their discretion permit sanction of loan under the scheme to confirmed employees of reputed Schools/Colleges on case to case to basis.

NOTE:- (a). Who are due for retirement in the near future may not be entertained.

   (b) The place of posting/working should be Sonepat.

The loan under the scheme, in respect of employees as at S.No.2 (iii) above who are not drawing their salary through accounts maintained with our branches shall, however, be allowed only by those branches whose recovery under the scheme is minimum 90%.  Subsequent to sanction of loan to such employees if the recovery falls below 90%, further sanction of loans to such employees under the scheme shall automatically stand withdrawn only till the recovery percentage improves to 90% or above.

Further TME Cell will monitor the progress aspect through sanction statement/monthly progress reports under schematic lending to ensure meticulous compliance of aforesaid instructions. All the loan cases shall be forwarded to TME Cell by the Br. Manager for approval of the M.D.

3. PURPOSE

To meet the urgent requirements of personal nature such as education, marriage of children, foreign travel, family functions, medical expenses etc.

4. MINIMUM NET MONTHLY INCOME

Rs.7,000/- per month net for eligible customers.

Or

Subjected to change from time to time by the Bank.

Statement of account of prospective borrower minimum for last six months be obtained.  In case of employees, who are not drawing their salary through our branches, statement of account should be of that account in which their salary is being credited.  This is to facilitate ascertaining general conduct of the account including other borrowings.

Latest salary certificate/slip of prospective borrower be obtained showing details of salary/emoluments.  The salary certificate/slip be duly verified by the employer and should bear signatures of officer authorized to disburse salary and allowances.  Such official may also indicate the mode (i.e. cash or cheque or through bank account) of payment of salary/emoluments.

5. NATURE AND AMOUNT OF LOAN

Term loan – Minimum amount of loan will be Rs.25000/- and maximum amount of loan Rs.2,00,000/- or 10 times monthly net salary whichever is less.

6. MARGIN Nil.

7.  REPAYMENT PERIOD.

  Upto 48 equated monthly installments (EMIs)