Eligibility Criteria
- Local vendors, petty shopkeepers, rickshaw pullers, vegetable sellers, auto drivers, and micro-entrepreneurs
- Resident of District Mahendragarh
- Branches with NPA over 5% in previous FY are temporarily restricted
Loan Details
- Purpose: For urgent personal or business financial needs
- Maximum Loan Amount: ₹50,000
- Type: Short-Term Loan
- Margin: NIL
Interest Rate
Fixed Interest Rate: 11.50% p.a.
| CIBIL Score |
Status |
| 800 and above |
Eligible |
| 700 – 799 |
Eligible |
| 600 – 699 |
Eligible |
| Below 600 |
Not Eligible |
| 0 to -1 |
Eligible |
| 1 to 5 |
Eligible |
Fees & Charges
- Penal Interest: 3% p.a. on default amount after 15 days
- Late Payment: ₹250 + taxes after 15 days
- Cheque Bounce: ₹250 + taxes per cheque
| Loan Amount |
Processing Fee |
| Up to ₹10,000 |
₹200 |
| Up to ₹25,000 |
₹250 |
| ₹25,000 – ₹50,000 |
₹300 |
Prepayment Charges: NIL
Repayment Terms
- Loan Term: 18 months
- 3-month Moratorium (no EMI)
- 15 EMIs of principal + interest or till age 70, whichever is earlier
Security & Disbursement
- Joint liability/guarantee from a family member or acceptable third party
- Amount will be credited to borrower's savings account
Other Guidelines
- Repeat loans only after full repayment of previous loan
- KYC compliance is mandatory for borrower and guarantor
- Affidavit on ₹5 stamp paper required stating no parallel loan under similar scheme
- Residence proximity to the branch is preferred
- 3 post-dated cheques must be submitted
- Loan sanction is at bank's discretion
- Loan must be disbursed within 10 days of sanction
CIBIL Defaulter Policy
- Default up to ₹1000 (credit card): Requires higher authority approval
- Default above ₹1000: Not eligible for loan
Required Documents
- Verification Report
- Sanction & Acceptance Letters
- Borrower & Guarantor Agreements
- Promissory Note (if applicable)
- Continuity Letter
- Affidavit (₹5)
- Associate Membership Application
