Salary Overdraft

Who can Borrow :

  Individuals earning salary in reputed organization

Eligible Age :

  21 years to 58 years

Type of Loan :

  Overdraft

Purpose :

  Any personal use

Limit :

  75% of the average net salary for the last three consecutive months subject to Max

Security :

  Company’s undertaking - to remit the salary

Collateral :

  NIL

Guarantor :

  Two guarantor

Margin :

  25%

Moratorium :

  NA

Rate of Interest & Processing Fees :

  As applicable from time to time

Prerequisites / Documents :

  Minimum service of 2 years
  Company/Organization where the individual is working should give an undertaking that the entire salary shall be remitted to the Bank and prior permission of the Bank will be required before changing the salary instructions.
  Undertaking from the Company/Organization that, in case of the borrower being terminated from the company/organization the outstanding dues will be adjusted from the termination benefits payable to the Employee by the Employer.