Tuesday, July 23, 2019
Finance

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:

Salary Certificate duly authenticated by the employer and verified by branch.
Undertaking of the employer.

For more information: Website