PGB Sahayata Rin | ||
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 |
Maintaining his/her Saving Fund/ Current Account satisfactorily with ANY BANK for the last 2 years with minimum annual credit transactions in all saving/ current accounts of the customer in our bank/ other banks, in similar capacity, amounting to Rs 4.00 lac in the previous financial year. | |
Margin | NIL | |
Quantum of Finance | Up to 12 times of average Gross Monthly Income of last three years with a maximum of Rs.10.00 Lakh depending upon the repaying capacity. | |
Security | For loans upto 5.00 Lakh –
At least 5 undated Cheques of the Account having minimum of Rs. 2.50 Lakh annual credit transactions in the last year, to be obtained in favour of Punjab Gramin Bank. For Loans above 5.00 Lakh- e. At least 5 undated Cheques of the Account having minimum of Rs. 2.50 Lakh annual credit transactions in the last year, to be obtained in favour of Punjab Gramin Bank. AND f. Suitable third party guarantee acceptable to the Bank subject to the condition that the guarantor must be a confirmed/ permanent employee of either of Central/ State Govt.
PSUs or Defence Personnel having 2 years of regular service and minimum Gross monthly salary of Rs. 50,000/- OR the guarantor must be having minimum gross annual income (GAI) of Rs. 5.00 lakh for the last two years OR guarantor having minimum Net Worth of 200%* of the Loan amount.
*Note-Net Worth of 200% of the loan amount should be in the shape of Immovable property. Also, one guarantor will not stand as guarantor in more than two accounts with any Bank/FI. Cross guarantee not permitted. CIC score of guarantor shall be minimum 650 (CIC score of -1, 0, Nil and No Hit are also eligible). | |
Repayment | 1.Term Loan: The entire loan (principal & interest) shall be repaid upto 65 years of age of borrower or in maximum 84 (Eighty Four) equated monthly installments (EMIs), whichever is earlier. Note: Moratorium period is not allowed under the scheme.
2. Overdraft: The Overdraft Limit shall be adjusted up to 65 years of age of borrower or in maximum period of 84 (Eighty Four) months (whichever is earlier) by reducing Drawing Power (DP) equivalent to EMI amount at the beginning of every month. | |
Rate of Interest | ROI starting from 11.25% * | |
Processing Fee/ Upfront Fee/ Documentation Charges | Upfront Fee: 1.00% of loan amount +GST* Documentation Charges: 500/- + GST | |
