ELIGIBILITY
: a) The individuals comprising of minimum 25 persons maintaining salary account with out bank
: b) The Salary should be received directly from the employer to the bank for crediting to their respective accounts.
: c) The individual should be confirmed employee of the organization/institution with minimum 5 years service
: d) The employment should be with Central/State GOvernment/Pvt-Public Limited Company/Educational Institution of repute
: e) Total deductions should not exceed 60% of Gross Salary of the individual
 
 
AMOUNT OF FACILITY
: 12 times of average net salary for previous three months. The employer shall have to furnish the salary slips duly authenticated by the disbursing authority for the previous three months
 
 
RATE OF INTEREST
: 13% p.a. on monthly compounding basis. Monthly interest shall be recovered every month from the salary credited to the account.
 
 
SECURITIES
: a) Two Guarantors from within the Group.
: b) Undertaking from the Employer that the salary account of any individual shall not be allowed to be shifted to any other bank without obtaining No Dues Certificate from our Bank. Further the Employer shall inform two months in advance before the retirement/resignation/removal/dismissal of the employee and shall send the terminal benefits to the bank to clear the outstanding balance in the overdraft account.
 
 
SHARE LINKAGE
: As applicable to clean advances presently 5% of amount of advance shall have to obtained
 
 
MAXIMUM AMOUNT OF ADVANCE
: Rs. 3,00,000/—
 
 
PERIOD OF LOAN
: The period may be from 3 to 5 years depending on the quantum of loan