Bassein
Who can Borrow
Individuals
Purpose
To meet the short term emergency expenses /recurring expenses
NOT FOR SPECULATIVE PURPOSE i.e Investment in shares, purchase of gold, land etc as per RBI guidelines.
Eligibility
Individuals [Shareholder of the bank]
In case of salaried borrower, the salary has to be received to the SB A/c with us vide ECS/Transfer to the account atleast for 6 months. Salary received in CASH shall not be considered. The total repayment of all loans (Existing and proposed] should not exceed 60% of the net take home income or net income as per ITR.
For maximum limit of rs. 5.00 lacs the minimum net monthly salary of Rs.25000/- and above. And Incase of borrower engaged in business/self employed then Average Gross monthly income as per ITR for preceeding 3 years should be Rs. 30000/- and above
CIBIL score of 650 and above.
Field Verification mandatory [For Local branches verification by Branch Manager/Official AND Other Branches by Agency appointed by bank.
Limit
Rs.10,000 to Rs.5,00,000/-
Security
NIL.
[However , Incase the borrower is enjoying any other secured loan extension of Banks charge shall be obtained continued on Primary as well as Collateral Security by way of Stamped Undertaking.
Margin
NIL
Rate of Interest
10.75% p.a [Fixed].
Repayment
No Repayment. However Monthly interest has to be serviced separately every month.
Standing Instructions from SB/CD A/c or ECS for servicing the monthly interest can be obtained.
Processing Fees
0.30% of the Overdraft amount to be sanctioned.
Basic Documents
KYC
Income proof [Salary Slips for the preceding 6 months and bank statement wherein the salary is credited for the last one year
In case the borrower is in business ITR along with financials for the last 3 preceding years.
Current A/c statement for the last one year.
Guarantors
Two Creditworthy guarantors.
Renewal
Yearly