2.5 times net annual income or 30 months net monthly income or Rs.20.00 Lakhs whichever is lower. Average of the income of the last two years to be considered. Gross Deductions including existing loan instalment (if any) & proposed loan instalment, Income tax and other compulsory / optional deductions not to exceed 60% of gross income.
Doctors , Engineers, Architects, CA’s , Lawyers etc Who are self-employed & earn their income by virtue of their profession, and are maintaining relationship with our Bank.
For loans upto 10.00 lacs: 3 rd party guarantee of two person having individual Net Worth of at least 200% of the loan amount.
For loans above 10.00 lacs: Equitable/ registered mortgage of Tangible collateral securities with realizable value equal to or more than110% of loan amount in addition to third party guarantee of 02 persons having individual Net Worth of at least 200% of the loan amount. or Extension of charge on Tangible collateral securities, already charged to bank under other facilities, having sufficient residual value (110% or above) to secure loans under Personal Consumption scheme along with Third party guarantee of 02 persons having individual Net Worth of at least 200% of the loan amount.However in deserving cases, based on merits of individual case, the sanctioning authority may waive off the requirement of mortgage and instead of it stipulate 3rd party guarantee of two or more persons having individual net worth of at least 200% of loan amount. However, it shall be ensured that, where ever such relaxation is granted, at least two of the guarantors have adequate recurring perpetual income to repay the loan in case the principal borrower fails to do so.
To be repaid in equated monthly instalments (EMIs) to be fixed as per tenor of the loan. Repayment to start one month after the date of disbursement of loan
