|Facility||Overdraft in Saving Account.|
- Salary account holders with the bank’s branch
- The customer should be in permanent employment with total minimum 1 year of Service, with Corporate concern of repute, Central Government / State Govt. Department / undertakings (including Government and Government Aided Educational Institutions) /Co-operative Societies.
|Minimum Annual Income||Minimum Take Home salary of the applicant should be Rs.25000/-p.m. (average of last 3 months’ salary credited in the account)|
|Purpose||To meet personal needs of the customers who are salary earners.|
|Loan Quantum||3 times of monthly take home salary or Rs. 3.00 lakh, whichever is lower|
|ROI||Click here to view the Interest Rate|
|Deduction||Should not exceed 60% of gross monthly salary|
|Processing fee||0.50% of the OD Amount per annum, subject to minimum Rs. 500/- p.a.|
- Eligible amount to be decided on the basis of last 3 months take home salary, repayment obligations, Regular credit of salary.
- In case of change in take home pay existing limit can be adjusted.
- Interest on credit balance if limit is not availed. Interest on debit balance be charged on monthly basis.
- An irrevocable written mandate by borrower to employer to route all payments/salary & allowances due to him including terminal benefits through the account maintained with the bank, and a confirmation from the employer that the mandate shall be complied with.