BGVB Personal Loan

Providing loans to the salaried and professional and self-employed persons to meet their personal expenses which are temporary in nature arising out of domestic and social requirements like marriage, social ceremonies, tour, medical treatment or any other purpose except hoarding and speculative activities.

• Salaried Confirmed/ permanent employees - Drawing salary through accounts maintained with our Branches.
• SSK/MSK/PARA Teachers, ASHA/ANGANWARI Workers - whose consolidated pays are disbursed through our branches.
• Salaried Persons - Not Drawing Salary through our Branches.
• Professional/Self-Employed Individuals/Business Persons - Maintaining Savings/Current Account satisfactorily with us for the last 2 years.

• Confirmed/ permanent employees - Drawing salary through accounts maintained with our Branches:
  Up to 24 times of Gross Monthly Salary with a maximum of ₹20.00 Lakh.
• SSK/MSK/PARA Teachers, ASHA/ANGANWARI Workers - whose consolidated pays are disbursed through our branches:
  Up to 18 times of Gross Monthly Salary with a maximum of ₹3.00 Lakh
• Salaried Persons (Not Drawing Salary through our Branches), Professional/Self Employed Individuals/Business Persons (Maintaining Savings/Current Account satisfactorily with us for the last 2 years)
  Up to 12 times of Gross Monthly Income with a maximum of ₹5.00 Lakh

10.00% p.a. onwards as per CIC score. (Linked with Bank’s yearly MCLR).

• Primary
  • There shall not be any primary security for loans under these schemes.
• Additional

  Sl No.	Cases covered under para	Securities stipulated
  1	1.3.1, 1.3.2, 1.3.3, 1.3.4,1.3.5 & 1.3.6	No additional securities should be insisted on
  2	1.3.2	At least 20% of the loan amount.
  3	1.4	Loan amount shall be secured by surrender value of LIP or NSC/KVP or Relief Bond or any other government securities or bank's term deposits of adequate face value after applying 15% margin or mortgage of immovable property of adequate value after applying 50% margin.

1.18% of loan amount.

• Regular employees of Central and State Governments, Government/Semi-Government undertakings, reputed corporate houses, educational institutions, corporations and municipalities.
• Professional and/or self-employed persons.

• Demand Promissory Note along with general Letter of Lien from the loanee.
• Letter of Assignment for assigning LIP or NSC or KVP or other securities in favour of the Bank and authorizing the Bank to realise the matured proceeds of assigned LIP or NSC or KVP or other securities from respective authorities (wherever applicable) and Letter of set off for Bank's own TD.
• Memorandum of deposit of title deed for creation of equitable mortgage, search, marketability and valuation report of the property in case the loan is secured by mortgage of property.
• The loanee shall deposit post-dated cheques of other bank for all the instalments of the loan along with irrevocable letter of commitment not to stop the payment of such cheques.

• The loan shall be repaid within a period not exceeding 60 months by equated monthly instalments (EMI) so that net take home salary of the applicant after all deductions, including instalment of proposed loan and loans granted by his/her employer, is not less than 40% of his/her gross salary/Income. It should be ensured that adequate length of service shall remain to cover the proposed repayment schedule.
• If the wife is co-borrower, the repayment period may be extended upto 72 months at the consent of the applicants provided net take home salary of the applicant after all deductions, including instalment of proposed loan and loans granted by the applicant's employer, is not less than 40% of gross salary of the husband or gross income of the couple when the wife is a working lady or professional. It should be ensured that adequate length of service shall remain to cover the proposed repayment schedule.

No penalty should be charged for early repayment of loan.

Suitable third party guarantee acceptable to the Bank