Corp Personal
For all your personal financial needs
1. Eligibility
Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions, Pensioners drawing pension through our Bank and individuals with income other than salary/pension
2. Purpose
To meet any genuine personal expenses relating to family functions, education, travel, marriage, medical etc.
3. Loan Amount
i) For salaried persons the maximum loan amount shall be 12 times the take-home pay, where an undertaking letter has been obtained from the employer -
[a] to route the salary through our Bank till the loan is closed in full
or
[b] to deduct and remit the loan instalments to the Bank every month until closure of the loan in full.
ii) For salaried persons whose salary is routed through our Bank, but where no undertaking letter from employer is not available, the maximum loan amount shall be restricted to 6 times the take-home pay.
iii) In case of pensioners drawing pension through our Bank, the maximum loan amount shall be restricted to 6 months' pension.
iv) In case of individuals with income other than salary/pension, the maximum amount of the loan shall be 25% of the gross annual income.
4. Rate of Interest
15.25% p.a. w.e.f 11.08.2008
5. Security
Nil
6. Guarantee
Suitable Third Party guarantee to be obtained in all cases.
7. Repayment
Within a maximum period of 60 months in Equated Monthly instalments. Total deductions [including the deduction towards the proposed Loan ] not to exceed 50% of the take-home pay.
8. Service Charges
1.50% of the loan amount subject to a minimum of Rs.500/-
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Business Loan Singapore
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