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Personal Banking  Loans  Flexi loan

Flexi loan

Flexiloans can be extended to residents and non-residents . Flexiloans can be extended only in the form of Term Loans.

The quantum of loan will be based on the annual income and repayment capacity of the borrower , security offered etc, unlike the case of project / industry loans , where finance is granted on the strength of the project / activity chosen.

Target Group : High Networth individuals ( single/joint)

Purpose of the loan : Purpose of the loan should be specified in the application form and sanction order . Purpose should not be for hoarding, speculation or activity restricted by GOI or State Governments or local bodies.

In the case of NRIs , loan shall not be granted for the purpose of investment in non- banking business or in Agriculture or Plantation or Real Estate business or construction of Farm House or for trading in Transferable Development Rights (TDRs). Branches to obtain an undertaking also to this effect from the NRI borrowers.

Quantum of loan : Minimum : Rs.2.50 lacs

Maximum :

  • Against prime urban property - Rs.300.00 lacs  
  • against non-urban residential property : Rs.300.00 lacs

Loans above Rs300.00 lacs will not be considered under Flexi loan Scheme

The annual repayment obligation shall not exceed 75% of the total annual income from all sources for business people. For salaried borrowers the minimum net take home pay as follows must be ensured to ensure prompt repayment.

 Gross Salary               Min Net take home after EMI
a) Upto 20000                            50%
b) 20000 - 30000                       40%
c) Above 30000                         30%

Value of security : Prime urban property (residential/non-residential) or Non- urban residential property : value at least 200% of the loan amount.

Rate of Interest : Click here to view the latest Rate of Interest 

Upfront Fee : one-time Upfront fee 0.50% of the loan amount irrespective of the quantum of loan .

Mode of disbursement : by credit to the borrowers SB/CD/NRO account

Repayment Period : Minimum 6 months; Maximum 120 Months through EMIs. If the loan is to be closed before 6 months, interest applicable for full 6 months to be collected. For loans up to & including Rs.100 Lacs with maturity period up to12 months, bullet
repayment can be fixed.

Penal Interest : 2% p.a. for the defaulted amount for the defaulted period.

Other terms & conditions : a) In the case of married persons, spouse also should join the documents.

The scheme details are furnished in brief only. For more details please contact any of the branches.

*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice