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Particulars
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Terms &Conditions |
| Eligibility Criteria |
Any Individual working as domestic servant, sweepers, Baby-sitters, Car Drivers, etc. The
residence/place of work of the Proposed borrower should be within the branch command area |
| Age Criteria |
Minimum : 18 years
Maximum : 60 years |
| Purpose |
Personal Need / Contingencies
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| Income Criteria |
The minimum net earnings per month is Rs. 5000/- |
| Facility |
Term Loan |
| Amount |
Maximum Loan amount Rs. 25,000/-, An individual will be permitted to take multiple loans so long
as the total amount does not exceed Rs 25,000/-. |
| Rate of Interest |
16 % for a single loan & 18 % for multiple loans |
| Period |
6 months but not more than 12 months, depending on repayment capacity and age of Applicant |
| Charges
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- Processing Fees : Rs. 150/- plus Service Tax as applicable.
If facility is not sanctioned / unavailed 50% of processing fee may be refunded.
- Foreclosure Charges : N.A.
- Pre-payment Charges : N.A.
- Share Linkage : Proposed Borrower and sureties / guarantors to be made ordinary members
through subscription of bank shares of Rs. 110/-.
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| Margin |
NIL |
| Securities |
NIL |
| Guarantors |
Guarantee of the Employer must and one guarantor from family of applicant i.e. Spouse / Father /
Mother / Brother |
| Classification |
Priority Sector |
| Disbursement |
Through the Savings Account of the Applicant |
Documents
a) Documents required to be submitted with Loan Proposal
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For Applicant:
- Form No. 23 Application for Loan duly filled in all respect.
- Form No. 85 Personal data-cum-Letter of Consent from sureties/guarantors.
- Form No. 22 Application for Nominal Membership from Applicant and Sureties/guarantors.
- Two Passport size Photographs of Applicant and Sureties/guarantors.
- Income Proof : income declared by way of affidavit is acceptable
For Branch :
- Account opening formalities with “KYC” to be completed.
- Form No.22, 23 and guarantor consent letter should have been filled up in all respect,
no columns are left blank, overwriting /striking is to be authenticated.
- CIBIL Report to be generated for Applicant and guarantors.
- Pre-sanction visit report in our prescribed format to be submitted duly signed by
branch-in-Charge stating the details of the work and address of residence of the
proposed borrower & guarantors etc
- All documents / papers / statements must be properly scrutinized & branch must verify
with originals and certified by branch official as ‘verified with originals’.
- Proposal shall be processed in our prescribed format.
- Applicant/Guarantors’ signatures should be verified from their banks if they are not our
account holders.
- Proposed Borrower and sureties / guarantors to be made share member through subscription
of Rs. 110/-.
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b) Documents to be executed / submitted after the sanction but before the disbursement
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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)
For Branch :
- Proper execution of the above documents by applicants & guarantors in presence of branch
official in the same handwriting & ink.
- In case of any alterations /overwriting, the same should be authenticated by the
Executants with their full signatures.
- If the proposal is sanctioned, then the original sanctioned letter to be handed over to
the applicant with acknowledgement on the duplicate copy signed by the applicant &
guarantors as a token of acceptance of terms & conditions or if the proposal is declined
then to handover the documents to applicant with reasons for decline against
acknowledgment.
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| Sanctioning Power |
Branch Manager |
| Additional Conditions |
- The Details of loans sanctioned during the month should be reported to the CEO / Manager
Credit H.O by 5th of the following month for ratification.
- The Performance of the Branch Manager shall be assessed on the number of cases and the
asset quality of the disbursed cases under the Scheme.
Target: Average minimum 2 per month is expected to be disbursed under
the scheme with monthly ceiling of 10 cases per branch.
- The effective follow-up and monitoring is also a criteria reckoned for assessment of the
performance of the Branch Manager.
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