Scheme for finance against salary to confirmed staff under tie up arrangement with Government/MNC’s/Corporate

Purpose
  • To meet personal/social/financial obligation
Eligibility
  • Confirmed permanent staff of the corporate under tie-up arrangement, salary account maintained at EBL & served for more than 3 years and eligible for gratuity & PAN holder.
  • Net income to be minimum 200% of the EMI obligation
  • Not more than 55 years or min 6 years remaining period of employment.
Limit
  • 25 times of net monthly income and maximum up to 15.00 Lacs.
Nature
  • Term Loan
Interest rate
  • Competitive rate (subject to change)
Repayment
  • 5 years
Security
  • Letter from the concerned Company certifying the employment and the income.
  • Authority letter for deducting of EMI & appropriating terminal dues addressed to the employer by the borrower.
  • Acknowledgment from the Company required for loan provided by our bank and they have to intimate us upon their resignation and employee to be relieved only after submission of No Due Certificate from the bank.
  • Undertaking from the Borrower for prior information to the bank regarding his /her transfer/resignation.
  • Acknowledgement from the Company that in case of borrower/employee leaving the organization for whatsoever, the company shall adjust the outstanding loans at the bank from the terminal dues available.
  • Any other security documents on case to case basis