Bhishi Duppat Karj



Particulars Terms & Conditions
Eligibility Individuals who are members of the Bank.
Age Criteria Minimum : 18 years
Maximum : 70 years
Purpose Personal Need / Contingencies
Facility Term Loan
Amount

Maximum Loan amount Rs. 5,00,000/- for both options (A) & (B) below

(A) An individual should open recurring deposit account with minimum sum of Rs 2,500/-installment for a period of 6 months maturity only. On maturity of deposit he will be eligible to personal loan to the extent of twice the amount of matured deposit and shall invest the proceeds of matured deposit in Fixed Deposit for a period corresponding to the period of repayment of the loan.
Margin 50% of matured RD or the amount of Fixed Deposit including accrued interest.
Repaying Capacity Net income of the applicant (including proposed EMI) should not be less than 25% of gross income
Rate of Interest 13%
Repayment Period Minimum -- 13 EMIs
Maximum -- 60 EMIs
Share Linkage Additional share not required.
Security The Recurring Receipt shall form the part of security for the proposed loan and shall be under lien to the Bank.
Guarantors Spouse and One guarantor considered good for the sum involved /multiple guarantors, all together, considered good for the sum involved shall be the members of the Bank.
Disbursement The loan amount shall be credited to the Applicant’s Savings/Current accounts.
Documents  
a) Documents required to be submitted with Loan Proposal For Applicant
  • Form No. 22 Application for Membership from Applicant and Sureties/guarantors
  • Form No. 23 Application for Loan duly filled in all respect.
  • Form No. 85 Personal data-cum-Letter of Consent from sureties/guarantors.
  • Recurring Deposit Account opening form with New Account
  • Two Passport size Photographs of Applicant and Sureties/guarantors.
  • Income Proof : ITR/Income declared by way of affidavit duly notarized is acceptable
b) Documents to be executed / submitted after the sanction but before the disbursement For Applicant
  • Form No. 24 – Demand Promissory Note.
  • Form No. 33 – Agreement for Loan (Rs.100/- stamp paper)
  • Form No. 36 – Letter of Lien & Set-off from Borrower (Rs 100 stamp paper)
  • Form No. 45 – Letter of Guarantee (on Rs.100 Stamp paper)
  • Form No. 55 – Letter of Lien & set-off from Guarantor/co-obligant (Rs 100/- stamp paper)

Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.



National Co-operative Bank