DDY Loan Scheme

Eligibility for Loan:

 

• Applicant's residence and operated business should be within the scope of the concerned branch of Bank.
• Applicant has the income tax assessed in the last year and Permanent Account Number (PAN) is allocated to him.
• The applicant should not be defaulter of any bank or financial institution.
• The applicant and guarantor should be the A/c holder and nominal member of our bank.
• Credit Score of loan applicant should be 700 and more.

 

Maximum Amount of Loan:

 

• Maximum loan amount to the applicant will be Rs 2.00 Lakh, this loan can be sanction in the form of term loan and CCL both.

 

Term of Loan:

 

• In case of term loan the maximum term of the loan will be 60 months (5 years) and recovery of loans should be done on monthly basis.
• CCL will be sanctioned for the period of one year and should be renewed every year.

 

Security:

 

• Applicant will have to deposit a collateral security of 1.5 times the sanctioned loan amount and two people as guarantors.

 

Insurance:

 

• The insurance charges will be bear by the debtor, the insurance will cover all risks on collateral security up to the sanctioned loan amount.

 

Interest Rate:

 

• Upto 50 Thousand         - 10.00%
• Above 50 Thousand      - 11.00%
• The interest rate will be applied till the full payment period. Interest on the loan amount will be charged on a monthly basis and compounded.
• If the amount of the monthly installments are not paid timely, the due installment payment will be charged at the rate of 2% as penal interest.

 

 

** For more information please visit the nearest branch of District Co-operative Bank Ltd. Pilibhit.