Unsecured Loans to Individual Members

Term Loan for Members

We offer Term Loans to individual members of the Bank to meet their genuine personal, social, educational and business-related financial needs.

Eligibility

Any individual member of the Bank.

Type of Facility

Term Loans

Loan Limit

Up to a maximum of ₹5.00 Lakh, subject to repayment capacity and not exceeding 24 times the applicant’s monthly income.

Purpose

  • Social / religious ceremonies due to customs / culture (e.g., marriage of self, dependent children, real siblings).
  • Medical treatment of self, spouse, dependent children, parents, or parents-in-law (for female borrowers).
  • Higher education expenses of spouse, dependent children, or siblings.
  • Repair / construction / addition / alteration of dwelling units owned by borrower / spouse / parents / parents-in-law.
  • Business needs of borrower / spouse / dependent children / siblings.
  • Any legitimate non-speculative financial need.

Rate of Interest

As per Bank’s rules from time to time.

Other Charges

As per Bank’s rules from time to time.

Repayment

Up to a maximum of 84 equal monthly instalments with interest.

Sureties

Minimum two satisfactory sureties of good means.

Note: Credit score of each surety must be ≥ 500 and there should be no overdue in any credit facilities.

Other Conditions

  • Proof of loan purpose must be submitted to the Bank’s satisfaction.
  • Income Proof Required:
    • Salary Certificate / Pay Slip / ITR / Affidavit (if income is below taxable limit).
    • For business / profession: Latest Financial Statements.
    • Income proof is also required for all sureties.
  • If borrower already has unsecured loans from other banks, total unsecured exposure (including proposed loan) must not exceed the permitted ceiling.
    Branch must verify this through a credit report.