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Surety Loans to Employees of Government or Semi-Government Organisations
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Applicant must be
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Employee of Government or Semi-Government organisations
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Loan amount eligibility
Upto Rs. 1.00 Lakh
Above Rs.1.00 lakh up to Rs.2.00 Lakh
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Minimum amount of Take-Home Income/Salary after EMI
Rs. 9,000/- p.m.
Rs. 10,000/- p.m.
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Maximum amount permissible
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Rs. 2.00 Lakh
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Rate of interest
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9.5 % floating (linked to PLR) for six months
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Surety
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One surety (only Govt. employee or employee of reputed co. - may be a family member) with Net Take Home salary/income of Rs.15,000/- per month OR Two Sureties (out of which one must be a Govt. employee or reputed Co.) with Net Take Home salary/income of Rs.10,000/- per month.
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Period of repayment
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Up to 84 EMIs (Instalment to start from next month – due on 15th of succeeding month). No Holiday Period.
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Membership
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Nominal membership for loans up to Rs.1.00 Lakh
Regular membership for loans above Rs.1.00 Lakh-Share linkage 5 % of sanctioned amount.
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