Personal loan policy to ML and HL customers | TSCAB
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Personal loan policy to ML and HL customers

Eligibility

Personal loans can be sanctioned upto Rs.10.00 lakhs to the borrowers of Housing/Mortgage loans, where the repayment is regular/prompt for a minimum period of 3 years, preceding the date of request for Personal loan to the extent of surplus amount available in the value of property under Housing/ Mortgage loans subject to a maximum of Rs.10.00 lakhs.

Purpose

The loan could be considered to meet genuine credit requirement of the borrower for personal purpose and preferably for purchase of an asset, children education, marriage etc.

Repayment Tenure

The repayment period may be fixed depending on the repayment capacity of the borrower not exceeding 60 months – (EMI). However, the Bank reserves the right to call back the total loan with interest, penal interest etc., without assigning any reason therefor or if the repayments are not regular.

Rate of Interest

The Rate of Interest is presently at 15.00% per annum with monthly rests and shall be as decided by the Bank from time to time.

In case of default

Penal interest of 2% p.a. over and above the normal rate will be levied on the defaulted installments/ amounts.

Recovery

Required no. of post dated cheques shall be collected from the borrower with an undertaking to honour the cheques on presentation (In case depositing of cheques for total EMIs is not possible, remaining cheques may be collected within a month from the date of disbursement).

4 undated cheques shall also be taken from the borrower as a precaution and co-obligants.

Loan Agreement

The borrower shall execute loan agreement and DP note for the Personal loan as per the rules in force and also execute deed for extension of mortgage of the property already charged in favour of the Bank. A notarized affidavit shall be obtained from the borrower.

Processing fee

Processing fee is to be collected at 1% of the loan amount (+) applicable taxes.

CIBIL Eligibility

Borrower’s other credit particulars are to be verified with CIBIL for assessing the credit worthiness/eligibility. CIBIL score of the Borrower should be recorded and minimum score should be 700. The Managing Director may relax CIBIL score on case to case basis depending upon merits of the case. For first time loan takers CIBIL score is not considered.

Valuation

Fresh valuation of the property is to be done if the valuation is done 3 years back, as the property value will change after 3 years.

Sanctioning Authority

Loan application shall be processed at Head Office and sanctioned as under:

  1. DGM(CLPC) – upto Rs.5.00 lakhs

  2. GM(Bkg.) – above Rs.5.00 lakhs to Rs.10.00 lakhs.