Retail Loan Products

SALARY LOAN

PURPOSE

Financial assistance to Salaried class to meet educational expenses, marriage expenses for self and children/ dependents, to purchase consumer goods etc.

QUANTUM OF LOAN

10 month’s Gross salary OR Rs.5.00 lakh whichever is less. However, employee’s net take home salary under any circumstances should not be less than 25% of gross salary after deducting proposed loan installment.

REPAYMENT

4 years in 48 EMI

Eligibility / Security / Margin etc

Please visit your nearest branch.

UDYAM LOAN

PURPOSE

For purchase of equipment, machinery, repairing or renovating the existing equipment and / or acquiring and repairing business premises or for purchasing tools, vehicles, durable utility articles and / or working capital relating to profession / activity only.

QUANTUM OF LOAN

The quantum of loan shall be in accordance with the requirement or as per eligibility norms whichever is less depending upon the merits of individual case.

REPAYMENT

• Working capital (Single transaction) = 36 to 60 months
• Working capital in OD/OCC form = Tenability period – one year
• Term loan assistance = 5 to 7 years

Eligibility / Security / Margin etc

Please visit your nearest branch.

VEHICLE LOAN (FOUR WHEELER)

PURPOSE

For purchase of four wheelers / Car / Jeep etc.

QUANTUM OF LOAN

For new vehicles: = 80% of on road price or 24 times of monthly net take home salary - Whichever is less
For used vehicle: = not older than 3 years = 50% of value of vehicle or 2 years net income - whichever is less

REPAYMENT

Within 84 months in EMI for non-agriculturists & 12 Equated Half yearly installments for Agriculturists.

Eligibility / Security / Margin etc

Please visit your nearest branch.

DOCTORS’ CHOICE LOAN

PURPOSE

• For purchase of Equipment / machinery.
• For setting up of Clinic / X-ray lab, nursing homes etc.
• Expansion / renovation / modernization of existing clinics / nursing homes owned by doctors.
• Purchase of vehicle/ ambulance / computers & other essential equipment.
• Meeting working capital needs.

QUANTUM OF LOAN

In accordance with requirement or eligibility norms whichever is less.

REPAYMENT

• In case of term loan - 5 to 7 years
• In case of working capital - 60 months

Eligibility / Security / Margin etc

Please visit your nearest branch.

HOUSING LOAN

PURPOSE

• For purchase of ready built house / flat
• For construction of house on already owned site
• For purchase of site & construction of house thereon
• For taking over housing loan liability with other recognized Housing Finance Companies / Boards / Cooperative & other Banks
• For expansion / renovation / upgradation / creation of additional amenities to the already owned houses.

QUANTUM OF LOAN

For salaried class :- 72 times of last drawn gross salary subject to ensuring net take home salary after deducting all existing loan & proposed loan should not be less than 25% of gross salary
For non-salaried class :- 6 times of, 3 years Average of Gross Annual income subject to ensuring net profit afterdeducting all existing loan & proposed loan should not be less than 25% of gross Income

REPAYMENT

Entire loan with interest shall be repayable in EMI/EHI with maximum period of 30 years

Eligibility / Security / Margin etc

Please visit your nearest branch.

MORTGAGE LOAN

PURPOSE

To provide loans against the security of Mortgage of fixed assets like residential & commercial property (land & building) to the professionals, businessmen, salaried persons, individuals for meeting genuine needs like marriage, education, Hospitalisation expenses, family expenses etc

QUANTUM OF LOAN

50% on the Forced sale value of the property proposed to be offered as security as per the valuation report given by the panel valuer of the Bank OR Rs.500 lakhs, whichever is less

REPAYMENT

Entire loan to be repaid in 180 EMI WITH NTH should be 25% or Rs.20,000/- whichever is higher.

Eligibility / Security / Margin etc

Please visit your nearest branch.

HOME LOAN SECURE

PURPOSE

For funding the one time insurance premium payable to M/s Canara HSBC OBC Life Insurance Company Limited for availing their Group secure life insurance term plan to cover risk under life and for existing as well as new home loan borrowers.

QUANTUM OF LOAN

Equivalent to the one time premium of life insurance to cover under Group secure plan of CHOICe

REPAYMENT

• Minimum loan tenor of the KAGB Home Loan secure is 2 years.
• The maximum tenor of the KAGB Home Loan Secure is 15 years or tenor of the HL whichever is less.
• Existing HL accounts – Tenor of the CHLS is 15 years or residual tenor of the HL whichever is less
• The repayment to commence from next month after disbursement of loan

Eligibility / Security / Margin etc

Please visit your nearest branch.