Central Bank of India- Personal Loan to Teachers
Purpose of Loan:
In order to meet personal and domestic expenses of teachers and
employees of educational institutions.
Eligibility of Loan:
Permanent Teachers / Employees of
Schools / Colleges / Universities and other Educational and Research Institute
and whose salary routed through account maintained with this bank are eligible
for this loan scheme. The applicant should submit an undertaking from Employer
: To deduct the monthly installments and remit the same to bank and to recover
bank's dues from the terminal benefit of the employee in case of termination
of services for any reason including death.
Quantum of Loan:
Quantum of loan is 10 times of gross
monthly income or Rs.2,00,000/- whichever is lower. Total take home pay will be
the minimum 40% of Gross salary including installment of the proposed loan.
Rate of Interest:
Rate of interest for Central Bank
Personal loan to Teachers and Employees of Educational institution is BPLR -
1.25%.
Repayment of Loan:
48 Equated Monthly Installments or
within the left over period of service whichever is less is considered as
repayment period.
Processing Charges:
Processing charge for each proposal is
Rs.500/-.
Documents required for the loan:
For more information: Website
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