Divyangjyoti

Limits of Loans:

1. Maximum loan up to Rs.5.00 Lakh

Eligibility:

1. All specially-abled Individuals – both salaried and self-employed, All specially-abled Minors through their Parents. (No advances to middle-men and NGOs).
   Individual should be employed for a minimum period of 1 year

Basis of Advance:

1. Salaried: 20 times of average monthly net salary
2. Businessmen: 3 times of average Net cash accruals or latest audited gross cash accrual with justification.

Repayment Period:

1. Maximum 60 months

Rate of Interest:

1. Fixed @ 9.25% p.a.

Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:

1. Option to Switch ROI Type:
   Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.

1. Applicable Charges:
   A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.

Penal Charges:

1. Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Security:

1. Hypothecation of the current assets i.e stock and debtors / Hypothecation of Equipment purchased out of Bank Finance

Processing Fees:

1. Nil

Shareholding:

1. Rs. 500/-

Documents Required:

1. Duly filled prescribed application form.
2. Latest Photograph, Photo ID Proof and Residence Proof of the Applicant & Guarantor.
3. Salary slips for last 3 months and Bank statement for last 3 months or Form No.16 of the Applicant of last one year.
4. For Businessman ITR copies of last three years, 3-month Bank statement.