Faq's

* What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. Normally you can avail a loan upto Rs.2.50 lacs. However, if in metros of NewDelhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata, salaried individuals or self-employed professionals can avail Personal Loan upto Rs.5.00 lacs. If the salary of a salaried individual is credited to his/her account with our Bank or a self-employed professional has been maintaining a satisfactorily conducted account with us, a Personal Loan of up to Rs.10 lacs can be sanctioned.

* Can my spouse’s income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
* What are the important documents that I need to provide?
You will need to furnish only the following documents if you are an existing customer of the Bank:

· Passport size photograph
· Proof of official address for self employed individuals and professionals. This can include shop and establishment certificate/Lease deed/Telephone Bill
· Latest Salary clip and Form 16, in the case of salaried persons
· IT returns for the last two financial years, in the case of self employed individuals and professionals

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

* Do I have to pledge some form of security?
No security is required.
* What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
* What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

* What is the processing fee? Are there any other charges?

Processing charges are 1 per cent of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
* Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium Term Lending Rate (SBMTLR).