To provide hassle free cash credit facility to :

  • Permanent Employees/ Central Government, Government / Semi-Government Undertakings & Autonomous Bodies drawing salary from our Bank.
Non-Priority.

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

Drop-line method: 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 every quarter 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.
  • 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.
Stipulation of minimum take home salary of 40% shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

Primary: NIL

Collateral: NIL
0.2% of limit amount.
1 year MCLR+3.50%, presently 12.85 % P.a. fixed rate of interest with monthly rests

Click here for rate of Interest

No penalty on prepayment or / and foreclosure of the loan.
The facility shall be valid up to age of 59 or 1 year less than age of retirement whichever is earlier. Sanction will be one time for whole life. However, for accounts within Union Territories of J&K and Ladakh documents shall be executed after every 6 years and for accounts outside Union Territories of J&K and Ladakh documents shall be executed after every 3 years