Purpose of the Loan:
-
To cover costs related to education, marriage, family functions, medical expenses, or other personal/social needs.
Eligibility:
-
Regular employees of the Government of India / Uttar Pradesh.
-
Permanent employees of semi-official, autonomous, or government-recognized educational institutions.
-
Self-employed or private-sector workers with collateral worth 1.5x the loan amount (e.g., FDRs, NSCs, KVPs) or immovable property worth 2x the loan amount willing to mortgage it to the bank.
-
Pensioners/retirees below 70 years with qualifying collateral or immovable property.
Maximum Loan Amount:
-
₹20.00 lakh
-
Alternatively, up to 15 months' salary/income or ₹5.00 lakh, whichever is lower (depending on case and policy).
Interest Rate:
-
11.00% per annum (interest calculated monthly).
-
Penal interest: 2% per annum for delayed installment payments.
Loan Tenure:
-
Maximum loan period: 60 months (5 years).
-
Monthly installments start from the month following disbursement.
-
Loan recovered in 60 equal installments including interest.
