SIB GROUP PERSONAL LOANS

Purpose
Personal Use (Education, Medical, Travel, Asset Purchase, Debt consolidation
etc)
Target
Customers
To permanent employees of GOI and State Government, PSUs, Blue Chip
companies and reputed institutions etc
Age
Minimum
21 Years
Maximum
65 Years
Amount
Minimum
Rs 0.50 lacs per employee
Maximum
Rs 25.00 lacs per employee
Rs 100.00 lacs per employer
Tenure
Minimum
12 months
Maximum
60 months
Interest rate
Attractive interest rate from MCLR (1 Year)+ 2.00%
Eligibility
  • Minimum Bureau Score of 650 for applicant/ Co-applicant Rs. 10,000 pm Gross income ( without clubbing of income of co-borrower/guarantor) supported by ITR/Form 16/16A/Banking
  • Minimum 2 years of total employment with minimum 1 year in current employment
  • Percentage of Net take home pay after considering all repayment obligations including proposed loan reduces with increase in monthly income.
  • For Monthly income above Rs.1 lac net take home pay required is just 30%.
  • Monthly average balance computed on specific dates for a year to be atleast 1.25 times proposed EMI.
  • Undertaking from employer to deduct the EMIs from all the employees who have availed the Personal Loan and remit to the Bank in a single remittance within 5 days from the date of disbursement of salary.
  • One year in current residence if rented.
  • Further, the undertaking should also contain that in case of retirement, resignation, termination, death, etc of the employee, the employer shall pay the leave salary/ leave encashment benefits/ any other ex-gratia payments/ arrear payments to be made to the employee direct to the bank to adjust the employee’s liabilities with the bank
  • No stability requirement if own/parental house.
Features
  • No security, no collateral.
  • Option for co- applicant available.
  • Maximum 3 unsecured loans running including the proposed one (loans with 6 months residual tenure may be excluded).
  • Documents required are the same as for Personal loans –Salaried class.
  • All other features of Personal Loan remain the same.
Processing fees
2% of the loan amount.
Prepayment charges
Prepayment /part payment penalty of 4% within 1 year else after 1 year it is 2%.