Unsecured Loan for Salaried Employees

S.No. Particulars Scheme Guidelines
1 Name of the Scheme Kal Unsecured Loan for Salaried employees
2 Object This scheme intends to provide financial support to the salaried employees who intent to obtain smaller amount of loan for their personal use like purchase of consumer durables, purchase of furniture, repair or renovation of house, payment of education fees, marriage expenses, medical expenses, etc.
3 Nature of Facility   Term Loan only (EMI Only)
4 Eligibility Criterias

(i) Salaried employees of the borrowers / customers of our Bank, where Employer agrees to provide their personal guarantee for Unsecured Loan availed by his / her employee and / or agreeing to deduct EMI from employee’s salary and remit directly to our Bank. (Employer must be associated with our Bank for minimum -2- years.)

Or

(ii) Salaried employees of the borrowers / customers of our Bank. Borrower agrees to give debit mandate for deduction of EMI from his / her salary account from our Bank or through NACH from their salary accounts with other banks, where the employer does not agree for personal / corporate guarantee; and also not prepared for remittance of EMI directly to our Bank. (Employer must be associated with our Bank for minimum -2- years.)

Or

(iii) Salaried employees of various organisations (like PSU companies, Universities, Schools, Govt. / Semi Govt. Dept, large Dairy units, large Companies, etc.), where employer has agreed to deduct EMI from concerned employee’s salary and remit directly to our Bank.

5 Purpose To meet personal expenses such as purchase of consumer durables, purchase of furniture, repair or renovation of house, payment of education fees, marriage expenses, medical expenses etc.
6 Quantum of Loan

Minimum ` 10,000/-

Maximum ` 5 lakhs

7 Loan Eligibility EMI/ NMI Ratio:
Income EMI/ NMI
1.20 Lacs to 2 Lacs 40%
Above 2 Lacs - upto 5 Lacs 50%
Above 5 Lacs - upto 10 Lacs 55%
Above 10 Lacs 65%
Deviation in EMI/NMI ratio will not be allowed. Based on income of borrower, repayment capacity is to be assessed and accordingly loan amount is to be recommended / sanctioned. In addition to applicant’s income, income of spouse, children, parents, siblings where income is available for servicing of EMI may be considered for arriving maximum loan amount.
8 Rate of Interest

CIR 700& above - 11.50 % p.a.

CIR 650- 699 OR (-1/ 0 Score ) - 11.75% p.a.

CIR 600- 650- 12.00% p.a.

Applicant having CIR of less than 600 Score will not be eligible for such Unsecured Loan.

Borrowers who are falling in Eligibility criteria No (i) and (iii) will be given 1% concession in above mentioned interest rate subject to:

Employer provides undertaking to the Bank that in case of default in repayment of EMI by the employee, employer will remit o/s salary, leave encashment or any other terminal dues that employer has to pay to the concerned employee, directly to our Bank for settlement of Unsecured Loan a/c.

9 Processing Fee

0.40 % of Loan amount

Minimum: ` 250/-

Maximum: ` 2000/-

10 Tenure

Maximum -36- months.

However, repayment period can be extended up to 60 months in case of confirmed employees with residual service more than 5 years of PSUs, Govt. Semi-Govt., Universities / Schools etc.

11 Personal Guarantee

Upto 0.50 Lac – No Guarantor

More than 0.50 Lac – One Guarantor having satisfactory income and satisfactory CIR.

GOE is delegated powers to waive requirement of personal guarantee on case to case basis.

12 Share Linking

As applicable to Unsecured Loan

5% of Loan amount

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All Rights Reserved by The Kalupur Commercial Co-operative Bank LTD.

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