DNSB Saral Loan

Scheme

DNS SARAL - PERSONAL LOAN SCHEME FOR ANY INDIVIDUAL AND BUSINESS PERSONS

Purpose

The purpose of the scheme is to meet the genuine personal needs of salaried persons as well as genuine personal needs/business needs of business persons.

The loan under the scheme may be granted for any bonafied purpose and amount of loan to be credited to respective Savings / Current deposit account.

Declaration of End Use to be obtained.

Limit

Maximum Up to Rs.5.00 lakh.

It is to be ensured that all unsecured loans of the applicant with our bank should not exceed Rs.5.00 lakh.

Loans should not be granted in respect of Inoperative Accounts

Limit of loan shall be decided as follows, 5 times of average balance during last Financial Year.

Margin

NIL (clean)

Repayment Period

Loans up to Rs.2.00 lakh – 60 months

Loans above Rs.2.00 lakh – 84 months

Rate of Interest

11.35% p.a.

Borrower`s Eligibility & repaying capacity.

      a) Account Holder maintaining average balance of Rs.10,000/- & above.

      b) Turnover in savings account, 5 times of average balance.

      c) CIBIL Score above 600

      d) 3 months Salary Slip/ IT Returns for 2 years

      e) Residual income after considering all deductions and proposed EMI should be Rs.12,000/-.

      f) For following branches, Residual Income Criteria is Rs.8,000/- p.m.
1. Angaon, 2. Kudal, 3. Mangaon, 4. Vikramgad, 5. Talasari, 6.Islampur, 7. Sangamner, 8. Narayangaon

      g) Loans to be sanctioned upon obtaining Standing Instruction from Savings account / Current Deposit account with our bank.

Documents Required of Borrower      

      1. KYC Papers

      2. I.T. Returns with Computation of Income for minimum 2 years to be obtained.

      3. In case the applicant/co-applicant is/are not filling Income Tax returns, applicant/s can submit duly notarized self- declared affidavit declaring his/her/their income. It should be accepted as income proof if annual income is less than or equal to Rs.2.50 lakh.

     4. In case the self-declared notarized affidavit is to be accepted as evidence then branch officials must inspect the place of business and detailed inspection report must be kept on record. Inspection Report must contain whether shop/ place of business is owned/ rented, whether Shop & Establishment Act Certificate is available (not mandatory), names of the main customers of the applicant-borrower, names of the main suppliers, approximate annual Sales Turnover, nature of activity and any other details which are relevant to the activity.

      5. In case of salaried persons last 3 months’ salary slip and or salary certificate and last 2 years Form 16 to be obtained on record. If income is Taxable then Form 16 along with duly filed Income Tax Returns to be obtained. Salaried person’s last 6 months’ statement of account where salary is credited to be obtained on record.

      6. Statement of operative business account (operative business account means any checking account where applicant is routing 60% or more sales turnover in that account) for last one year.

       7. Statement of Loan account/s (not repayment schedule) if any from the date of 1st sanction till date along with copy/ies of sanction letter/s.

Processing Charges

Rs.5,000/-.

Amount can be deducted from loan proceeds.

Service Charges.

Up to Rs.2.00 lakh – Rs.300/- + applicable taxes

Above Rs.2.00 lakh --Rs.750/- + applicable taxes

Guarantor

For Loans up to Rs.2.00 lakh no guarantor required. Spouse/ Close Family Member to be obtained as co-applicant. Above Rs. 2.00 Lakhs, One guarantor is required.

Membership

Mandatory for Borrower/ co-borrower, He/She/They should subscribe to linking shares @ 5% of the loan amount. Guarantors to become Nominal Members If they are not our regular members.

Amount of Linking Shares can be deducted from loan proceeds.