To provide hassle free cash credit facility to :
- Permanent Employees/ Central Government, Government / Semi-Government Undertakings & Autonomous Bodies drawing salary from our Bank.
The facility shall be revolving in nature up to the age of 52 years or 8 years before the age of retirement whichever is earlier. The drawing power (DP) will thereafter be reduced on borrower’s birthday every year on pro-rata basis by reducing the principal amount so that the facility gets, adjusted at the age of 59 or 1 year before the age of retirement whichever is earlier. The interest will be serviced by the borrower as and when applied.
Under this scheme the facility can also be sanctioned in favor of employees with age of over 52 years. However the facility will be sanctioned on dropline limit basis as under:
Age in years |
Maximum Limit |
Upto 52 |
6 times salary credited in the account or Rs. 6.00 Lakh, whichever is lower |
53 |
5 times salary credited in the account or Rs. 5.00 Lakh, whichever is lower |
54 |
4 times salary credited in the account or Rs. 4.00 Lakh, whichever is lower |
55 |
3 times salary credited in the account or Rs. 3.00 Lakh, whichever is lower |
56 |
2 times salary credited in the account or Rs. 2.00 Lakh, whichever is lower |
57 |
equal to salary credited in the account or Rs. 1.00 Lakh, whichever is lower |
Quantum of finance:
Minimum Finance: Rs. 50,000.00
Maximum Finance: 6 times average of previous three months’ salary credited in the account; or Rs. 6,00,000 whichever is lower.
the
Applicants shall be given an option to avail a portion of the limit arrived through Credit Card as per the following criterion:
S.No |
Maximum Permissible Bank Finance under the scheme |
Credit Card Variant |
1 |
Rs. 2.50 Lakh and above |
With a credit limit of Rs. 1.00 Lakh |
2 |
Rs. 1.25 Lakh to Rs. 2.49 Lakh |
With a credit limit of Rs. 0.50 Lakh |
3 |
Rs. 50 thousand to Rs. 1.24 Lakh |
With a credit limit of Rs. 0.25 Lakh |
- Minimum age of Applicant: 21 years.
- Maximum age of Applicant at the time of loan maturity:-59 years or one year less than age of retirement whichever is earlier.
Primary: NIL
Collateral: NIL