Get a Salaried Personal Loan – This is the most encountered query anywhere. This is the simplest loan to get for fulfilling any personal consumption. Best for the salaried person but the Interest charged on such type of loan is maximum.
The rejection portion of such loan is also higher because of probability of slipping to NPA. Personal loan are demand clean loan which is not the obligation of bank to entertain. Personal loan are entirely based on the satisfaction level of bank term and condition.
Follow the below mention steps If someone is dire need of personal loan for proper and speedy documentation process.
- Personal Loan for Salaried Class :
Who are eligible: Permanent employees of State/ Central Govt / Public Sector / Reputed Private Sector Companies/Teachers/Professors /Pensioners?
Amount of finance: Where Salary is credited through the same Bank, the proposed finance would be Not exceeding 12 Months of Gross Salary with no maximum ceiling.
Where Salary is not credited through our Bank. The maximum permitted ceiling of finance not exceeding 12 Months Gross Salary with maximum of 3.00 lakhs (In many banks the ceiling may differ)
- For Salary Individual :
- Salary/ Pension credited at the bank branch level OR
- Irrevocable letter from the employer to deduct and remit the instalments and also terminal benefits/any amount that may become payable to the employee shall be obtained OR
- Post dated cheques can be accepted
- Irrevocable letter from the surety in case his salary is credited with us.
- In case of pensioners, pension shall be credited at the Branch.
Need of Guarantor: 3rd party acceptable to the Bank. Spouse having independent income and Sufficient Net worth can also be taken as guarantor.
For Pensioners: Suitable third party guarantee acceptable to the Bank. If pensioner is aged more than 65 years, Suitable third party guarantee who is not a pensioner, preferably family member shall be obtained.
Interest Rate: This is varying as per the different banks. Generally Base Rate of Bank Plus variance (differ from3.5 to 6%)
Cut Back: This is the maximum eligibility of loan amount to be given:
Cut back not to exceed 50 % of gross salary / 60% in case voluntary contributions like LIC premium, provident fund beyond statutory requirement, etc / 70% in case Spouse has separate income from regular employment
- Pensioners – 50%