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Overdraft against Salary
 
Who can Borrow Individuals earning salary in reputed organization
Eligible Age 21 years to 58 years
Type of Loan Overdraft
Purpose Any personal use
Limit 75% of the average net salary for the last three consecutive months subject to Max. Limit Rs. 3.00 Lacs per individual 
Security  Company’s undertaking   -  to remit the salary
Collateral NIL  
Guarantor One guarantor  
Margin   25%
Repayment   Yearly renewal
Moratorium NA
Rate of Interest & Processing Fees     As applicable from time to time
Prerequisites / Documents
  • Minimum service of 2 years
  • Company/Organization where the individual is working should give an undertaking that the entire salary shall be remitted to the Bank and prior permission of the Bank will be required before changing the salary instructions.
  • Undertaking from the Company/Organization that, in case of the borrower being terminated from the company/organization the outstanding dues will be adjusted from the termination benefits payable to the Employee by the Employer.

*Conditions Apply

 
 
 
 
Monthly Payment EMI:

Rs.
* Conditions Apply
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