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Home >> Loan >> Retail Schemes >> Personal Loan. >> Personal Loan Scheme for Dav Employees
Personal Loan Scheme for Dav Employees

PERSONAL LOAN SCHEME FOR DAV EMPLOYEES

PARTICULARS

Terms & Conditions

Purpose

Any legitimate purpose, which is not of speculative nature.

Nature of Facility

 Term Loan. 

Eligibility

1.    Permanent employees (teaching and non teaching both) of DAV Public School having minimum 3 years of service including service with the previous employer, if any, having salary account with our bank.

2.    Net monthly salary should not be less than Rs 10000/-

3.    Net take home salary should not be less than 30% of gross salary after deducting the EMI of proposed loan

Amount of Loan

Up to 15 times net take home salary with a max. of Rs 5.00 Lacs.

Security

Personal guarantee of fellow employee, subject to the condition that one employee will not stand as guarantor in more than two accounts.

Margin

NIL

 

Rate of interest

1 Year MCLR +3.25%

Penal Interest /Pre payment penalty

  • 2.00 % over & above the applicable rate shall be charged for the irregular amount and for the period of irregularity
  • No prepayment penalty to be charged.

Process/ upfront fee

0.50% of the loan amount with a minimum of Rs.500/ +Service tax, if any.

Repayment

60 EMIs (subject to remaining period of service)

General Conditions:

 

1.    ADHAAR Card or ADHAAR acknowledgement is mandatory

2.    KYC documents as per bank norms

3.    Self attested Identity Card or letter from the employer

4.    Latest salary Slip Form-16/ITR