SCHEME APPLICABILITY

All Branches of The Panchkula Central Cooperative Bank Ltd.

ELIGIBILITY

Confirmed / permanent employees of Haryana State Govt / Central Govt. and their Boards/ Corporations / undertakings/School/Colleges/ universities(Only Accredited)/Banks/PSU.

NOTE:-  

(i) At the time of processing of loan the borrower’s place of posting should be in the branch area of operation or a Permanent Resident in the Branch Area of Operation or in the offices address located in the state capital Chandigarh.

(ii) The prospective borrower’s post should not be transferable outside to Haryana.

(iv) Employees who are placed under suspension are not eligible under the scheme during the period of their suspension.  

(v) The minimum length of service must be completed of  2 years and remaining period of service should be 2 year.

PURPOSE

To meet the urgent requirements of personal nature such as education, marriage of children, foreign travel, family functions, medical expenses etc.

MINIMUM NET MONTHLY INCOME 

Rs.20,000/- per month gross pay for eligible customers.

       OR

Subject to change from time to time by the Bank.

 Statement of salary account of prospective borrower minimum for last six months be obtained. This is to facilitate ascertaining general conduct of the account including other borrowings.

Last three months salary certificate/slip of prospective borrower be obtained showing details of salary/emoluments.  The salary certificate/slip be duly verified by the employer and should bear signatures of officer authorized to disburse salary and allowances.  Such official may also indicate the mode (i.e. cash or cheque or through bank account) of payment of salary/emoluments.

· Obtain last three years’ Income Tax Returns;

· Obtain all other loan account statements of prospective borrower of last 6 months.

· Repayment should be fixed on a realistic basis, of the borrower(s).  For this purpose, all deductions including the proposed Housing Loan installment should not exceed 50% of gross salary for employees.

NATURE AND AMOUNT OF LOAN

Term loan and overdraft with reducing D.P. basis Minimum and maximum amount of loan would be Rs.50,000/- and Rs.15,00,000/- respectively.

Extent of loan  :-   Maximum Rs.15.00 Lakhs or 15 times of the gross salary whichever is lower.

MARGIN :- NIL

REPAYMENT PERIOD.– 60 months or residual service period whichever is less.