Non-Corporate Personal Loan is to fulfil your domestic needs. Like for a tour you may need money, or you need to buy some household appliances or maybe its someone’s marriage in your family.
Eligibility for Non-Corporate Personal Loan:
If you are a permanent Employee of Railways, employee of Central and State Government institutions, schools, Hospitals etc. And if you have completed 5 years of service. Also, you are drawing salary through Central Bank of India. Then it seems like you are eligible for this loan.
Eligible Loan Amount:
You may get a Personal Loan equal to 20 times of gross salary upto maximum of Rs.500,000/- . Minimum net take home pay of 40% of gross salary will be left for your bread and butter. And from the remaining 60% of your gross salary after all deductions will decide your eligible loan amount. Deductions maybe LIC Premium, Fees for your kids, your house rent, etc.
Read : SBI Personal Loan
Security or Terms & Conditions:
- Your need to have your Salary account with the bank.
- Furthermore, you can not transfer your salary account to any other bank. during tenure of loan. For that you will have to give an irrevocable undertaking for the same. Such undertaking should be acknowledged by the employer.
- You also, will have to submit an authority Letter to debit the salary account for monthly installments.
- In case the salary is not routed through the Bank, then you need to submit the following undertaking for sanction of loan;
- Irrevocable undertaking from the employer to deduct EMIs from your salary. And pay the same directly to the Bank, till full adjustment of loan amount.
- Undertaking should cover deductions not only from your salary but also from bonus / ex-gratia payment / terminal dues in case of retirement, death, cessation of service for any other reason and any other dues from the employer.
Guarantee for Non-Corporate Personal Loan:
Also, you need to give a third party guarantee by a person who has worth at least equal to loan amount and acceptable to Bank.
Read : HDFC Personal Loans
MCLR+4.50%. In addition to this, please contact bank for the latest rate of interest.
Rs.500/- and Taxes per proposal. You can get a complete Waiver of Processing Charges if & only if salary account is with Central Bank of India.
You can repay your loan in 48 months in 48 EMI. Else, within the left over service whichever is less. Installments or EMI will start one month after disbursement of Loan. There is no prepayment charges.
Other Terms & Conditions:
Also, you will have to get your Salary Certificate and other Documents or Papers duly authenticated by the employer.
Read : Corporate Personal Loan
Also Read : Other options for personal loan.
For further details please contact bank