PGB Sahyog Rin
                                                      Personal Loan Scheme for Public/LIC Agents

Objective

To make available Financial Assistance to the salaried for their personal needs.

Purpose

To meet all types of personal needs (e.g., for medical treatment of self or a family member, marriage of self, son/daughter, defraying expenses on education of wards, expenses for  domestic or foreign travel etc.)

Eligibility

Drawing salary from our bank: All Confirmed/ permanent employees of Central/ State Govt./ PSUs minimum 2 years of service, including service with the previous employer(s), if any, all reputed* companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals/Nursing Homes who are drawing their salary through accounts maintained with our branches.*

Check off Facility: Others minimum 3 years of service, including service with the previous employer(s), if any.* LIC Agents are also eligible for this scheme*

Margin

No margin is prescribed under this scheme.*

Quantum of  Finance

For Public: Up to 24 times of gross monthly salary with the maximum of RS. 20.00 Lakh depending upon the repaying capacity 

For LIC Agents: Up to 15 times of gross monthly salary with maximum of Rs. 10.00 Lakh depending upon the repaying capacity.

Security

Suitable third party guarantee acceptable to the Bank.*

And for LIC Agents:

Suitable third party guarantee acceptable to the Bank and assignment of LIC policy of self, with sum assured equivalent to loan amount.

OR

Tangible Collateral Security of the value of 100% of loan amount.

Repayment

For Term Loan: The entire loan (principal & interest) shall be repaid within remaining period of  service or in maximum 72 (Seventy – Two) equated monthly installments (EMIs). Repayment to start one month after disbursement of the loan.*

Overdraft: The Overdraft Limit shall be adjusted within remaining period of service or in maximum period of 72 (Seventy – Two) months by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month.*

**For LIC agents upto 72 EMIs or 65 years of age whichever is earlier.*

Rate of            Interest

ROI starting from 12.25% *

Processing    Fee/ Upfront Fee/ Documentation Charges

Upfront Fee: 1.00% of loan amount +GST*

Documentation Charges:

Upto Rs. 2 Lakh- Rs.270 + GST *

Above Rs. 2 Lakh- Rs.450 + GST*

*** For Defence Personnel upfront fee and documentation charges will be NIL.