Teacher Loan
General Information Regarding Loan:-
1 - Eligibility:
1. Permanent and regular employee in Centre/State Govt. Deptt. and other institutions like Universities, Schools/College, PSUs, reputed hospitals, and well established corporate.
2 Minimum 3 years of service, including service with the previous employer(s), if any.
3 The net monthly salary should not be less then Rs 6,000/-.
2 - Maximum Loan Amount : 5 Lac
3 - Maximum Period of Repayment : 5 Years/Period of Retirement (whichever less)
4 - Rate of Interest : 12-13%
Undernoted Paper Required for Teachers/ Employee Loan
A:-Before sanction of loan :-
1- 5 Passport size photographs.
2- Photo copy of proof of Identification ( Aadhar Card/ Voter ID/ Passport/Pan Card).
3- Photo copy of proof of Residence (Aadhar Card/electricity bill/Ceiling of gas connection /Passport etc).
4- Photo copy of Driving License.
5- Photo copy of Pan Card.
6- Account statement last six months / photocopy of passbook.
7- Income proof (Latest salary slip + Form-16 or ITR for Three Years with computation for businessmen & others.
8- Quotation of vehicle to be purchased duly signed by the applicant.
9- Two Guarantors required (Whose is salary drown through any of our Branches)
Documents required from each guarantor
1- 3 Passport size photographs.
2- Photo copy of Identity & Address proof (As 2 & 3above).
3- Photo copy of Income/Net worth proof (Salary slip + form 16/ ITR last 3 years).
4- Account statement last six months /Photocopy of pass book.
Note:- All documents must be Self attested.
B:-At the time Disbursement of loan :-
1- Revenue stamp-5
2- 2 stamp papers for Rs. 100/- each in Borrower's name.
3- Notarized affidavit as on Bank format with recent photo.
5- Saving Account in our bank.
6- Share money : 2.5% of loan amount
7- Charges as per Bank rule :-
(I)-Processing fees: 0. 5% of Loan amount + 18% GST (max. 20,000/- + 18% GST)
(II)-Application fees : 20/- + 18% GST
(III)-Membership fees : 10/- + 18% GST (each borrower)
(IV)-Nominal membership fees of both guarantors.
(V)-CIBIL Charges.