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.