PERSONAL LOAN

SALARIED PERSON

SALARY NOT DISBURSED THROUGH BANK:

Eligibility:

a) Salaried persons shall mean employees of Govt., Govt sponsored, Govt. undertakings, Schools, Colleges, Panchayat, Para Teachers, Contractual.

b) Must have a savings deposit/ current deposit maintained with the branch satisfactorily at least for a period of 1 year. Transactions in the account must satisfy credit worthiness and credit need of borrower. He is not a member of ECCS/PACS.

c) Age group: - 18 to 58 years.

PURPOSE:

Loan for meeting personal expenses including purchase of consumer durables.

NATURE OF LOAN:

a) Term Loan which is repayable by monthly instalment subject to maximum 180 EMIs and to be liquidated before retirement from service.

CONDITIONS:

The applicant will apply to the branch where he resides permanently.
Xerox copy of Ration Card/ voter card/ PAN card/ Adhar card is to be submitted (Compliance to KYC norms).
No dues certificate or an affidavit on a non-judicial stamp of Rs. 10/- affirming that he has no dues from any institution and he will not avail any loan from any financial institution/ bank without referring to the NDCB.
If salary is paid from other bank/branch a No-Objection letter is to be obtained.
Members of ECCS are eligible to avail of the loan under this scheme provided they apply through their respective institution.
Self-attested passport size photograph to be attached with the loan application form.
No loan can be sanctioned if the left out service period is less than 2 years.
Date of birth, date of appointment and date of retirement are to be mentioned in the application form along with a salary certificate ( Mere Pay slip will not serve the purpose).
After all deductions including proposed EMI take home income of the borrower should not be less than 40% of Gross income.
In case of taking over loan from other bank statement of fore-closure and up to date statement of repayment are necessary.
NPA accounts from other Bank shall not be taken over.
Loanee must have S/B a/c at least 6 months old with NDCCB.
Loan will be disbursed whenever required against application and the amount will be credited to S/B a/c.
Authority to be obtained from the borrower to debit his deposit a/c with any Branch for adjustment of loan account.
A statement detailing the moveable or immoveable property/assets owned or having right to be obtained.

MAXIMUM AMOUNT OF LOAN:

Maximum loan amount will be calculated upto 40% take home of gross salary subject to a maximum Rs.15,00,000/-

REPAYMENT:

Maximum repayment period is 180 monthly instalments but the bank has the discretion to reduce the repayment period considering loan amount and the salary of the borrower. (EMI including Interest).
In case of salaried person entire loan in monthly instalments has to be repaid before 6 months of retirement. EMI to be deducted from salary. If the salary is not paid through the branch or if the borrower is a non salaried person undated signed cheques covering all the EMIs are to be obtained.
Declaration u/s 59 of the W.B. Cooperative Act 2006 for intimation to the salary drawing and disbursing authority to the effect that deduction of EMI from the employee and to remit to the bank shall be made.
0.5% penal charges shall be levied on the excess amount for pre-payment/ bullet payment of the loan.
Rescheduling/ re phasing of loan may be allowed on application by the sanctioning authority.

Rate of Interest:

As per H.O. guideline issued from time to time.

SECURITY:

i) Liquid cash security in the form creating charges on TDR, NSC, Surrender Value of LIP etc. to the extent of 40% of loan amount.

ii) Mortgage of house property to be accepted for the balance amount.

FOR SALARIED PERSON WHERE SALARY IS DISBURSED THROUGH NDCC BANK

Eligibility:

a) Salaried persons shall mean employees of Govt., Govt. sponsored, Govt. undertakings, Schools, Colleges, Panchayat, Para Teachers, Contractual and “A” class reputed Limited companies in private sectors.

b) The applicant must be a permanent resident of Area of Operation.

c) Loanee must have S/B a/c at least 6 months old with NDCCB.

d) Loan will be disbursed whenever required against application and the amount will be credited to S/B a/c.

e) Authority to be obtained from the borrower to debit his deposit a/c with the Branch for adjustment of loan account.

g) A statement detailing the moveable or immoveable property/assets owned or having right to be obtained.

NATURE OF LOAN:

Term Loan repayable within a definite period but not exceeding 10 EMIs.

PURPOSE:

Loan for meeting personal expenses including purchase of consumer durables, 60% of Gross salary, subject to maximum Rs 1500000/-. For other than Para Teachers and Rs. 500000/- for Para Teacher

CONDITIONS:

a) The applicant will apply to the branch where from his salary is being disbursed.

b) Xerox copy of Ration Card/ voter card/ PAN card/ Aadhar card is to be submitted (KYC Compliance).

c) An affidavit stating that he has No Dues and he will not avail any loan from any bank/ financial institution, during the tenure of the present loan has to be submitted along with the prescribed loan application.

d) Members of ECCS are eligible for loan under this scheme.

e) No loan can be sanctioned if the left out service period is less than 2 years.

f) Date of birth, date of appointment and date of retirement are to be mentioned in the application form along with a salary certificate (Mere Pay slip will not serve).

g) Loanee must have S/B a/c at least 6 months old with NDCCB.

h) Loan will be disbursed whenever required against application and the amount will be credited to S/B a/c.

i) Authority to be obtained from the borrower to debit his deposit a/c with the Branch for adjustment of loan account.

k) A statement detailing the moveable or immoveable property/assets owned or having right to be obtained. l) A declaration under Section 59 of the West Bengal Cooperative Societies Act, 2006 is necessary.

REPAYMENT:

i) Maximum repayment period is 180 monthly instalments (EMI)

ii) Entire loan has to be repaid before 6 months of retirement.

RATE OF INTEREST:

As per H.O. guideline issued from time to time.

SECURITY:

i) An undertaking from the applicant that the branch is authorised to recover the EMIs from his account, and that he will not switch over his salary account to any other bank/branch during pendency of the loan.

ii) An affidavit stating that he has not taken / will take any loan from any bank/ financial institution during pendency of the loan.

Contractual Employee of the Bank

Maximum Amount CDL 200000/-

Repayment period – 180 months

PERSONAL LOAN TO EMPLOYEES OF CO-OPS WHERE THE SALARY IS NOT PAID THROUGH THE BANK:

ELIGIBILITY:

The applicant must be a permanent resident of Nadia District and permanent employee of the Society.
Must have a Savings Deposit Bank account maintained satisfactorily with the branch/respective society for at least 6 months and the transactions in the account must satisfy the credit worthiness and credit need.
Loan amount will be disbursed whenever required, against application forwarded and recommended by the respective society, and the amount will be credited to either by the bank or by the society to his S/B a/c.
Authority to be obtained from the borrower to debit his deposit a/c with the Branch for adjustment of loan account.
A statement detailing the moveable or immoveable property/assets owned or having right to be obtained.