- PURPOSE:
To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday etc. of women professional.
- ELIGIBILITY:
Salaried and non-salaried Income Tax assessee women engaged in following professions and having annual Salary /Income of Rs.5.00 lakh & above are eligible under the scheme:
Women Professionals in fields of –
- Healthcare;
- Accountancy, Audit;
- Wealth Management/Financial Services;
- Engineering, Architect, Interior Designing;
- Fashion designing;
- Art & culture;
- Coaching, Counselling;
- Photography, Film making;
- Mass media, Communications, Publicity;
- Beauty & cosmetics;
- Event Management;
- Legal Services;
- Education & Research;
- Aviation;
Note:
- To ensure the above qualifications/profession, it is opined that valid Certificate & License shall be obtained wherever applicable.
- In case non-salaried applicants, it may be stipulated that at least 50% of sales turnover is routed through bank account for last two FY to be eligible under the scheme.
- AGE:
- Minimum entry age for salaried applicant should be 21.
- Minimum entry age for non-salaried applicant should be 23.
- Maximum exit age permissible for the scheme will be retirement age for salaried and 65 years for non-salaried.
- CREDIT SCORE:
- The credit history reports from credit information companies (CICs) such as CIBIL/Experian/Equifax/CRIF should be taken for the applicant & guarantors and should form the part of due diligence/appraisal.
- Minimum CIC score of the applicant/co-applicant/guarantor shall be 650 and above.
- NATURE OF FACILITY:
Loan will be sanctioned as Term Loan only
- QUANTUM OF LOAN:
The maximum quantum of loan per individual is Rs.50.00 lakh subject to repayment capacity.
- Reckoning of income for calculation of quantum of loan:
- For salaried individuals:
- Income to be taken as per the latest salary slip/latest ITR/Form-16 for arriving at eligible loan amount/repayment capacity.
- Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
- ITRs/Form 16 of last 2 years and the salary slip for the immediately preceding three months may also be obtained for corroborating the income as per the latest ITR/Form-16/salary slip.
- Regular income (salary/pension) only to be considered for arriving at the eligible loan amount. However, other income which is either appearing in the Salary Slip / Form-16 / IT Return such as bonus, variable pay, performance / production linked incentives, other allowances etc. may be included in the salary income on the basis of the average of the last two years’ Form-16 / IT Return for the purpose of calculation of eligible loan amount.
- For self-employed individuals:
- Income from capital gains, speculation income, one-time bulk receipts etc. cannot be considered for arriving at eligible loan amount as they are not of regular nature.
- ITR for the last three years to be obtained and scrutinized to ascertain the regularity/stability of income level. If the variation in year-on-year income is less than 25% then Latest income as per ITR of immediately preceding year to be considered for arriving at eligible loan amount/repayment capacity.
- However, if the variation in year-on-year income is more than 25% then average of income as per ITR of immediately preceding three years to be considered for arriving at eligible loan amount/repayment capacity.
- Supporting documents like P&L, Balance Sheet, and Computation of Income etc also to be obtained for assessment.
- MARGIN: NIL
- RATE OF INTEREST:
| Sr. No. | Quantum of loan | CIBIL Score | Rate of Interest(Salaried) | Rate of Interest(Non-Salaried) |
| 1. | Up to Rs.50.00 lakh | 700 & above | EBLR + 2.10% | EBLR + 3.00% |
| Below 700 | EBLR + 2.25% | EBLR + 3.25% |
- CHARGES:
| Sr.No. | Charges | Details |
| 12.1. | Processing charges | NIL |
| 12.2 | Overdues Charges | In case of default/delayed payment, penal interest should be recovered @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default |
| 12.3. | Prepayment penalty | There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources. |
- MAXIMUM REPAYMENT PERIODS:
The maximum repayment period will be 7 years (84 months) subject to the condition that repayment should be co-terminus with retirement.
- MORATORIUM PERIOD
No moratorium period is allowed. The repayment should commence from succeeding month of first disbursement of loan.
- SECURITY:
- Credit life insurance like “New Sampurna Loan Suraksha” up to the extent of sanctioned loan amount should be taken.
- Personal Guarantee of Spouse.
OR
- In case borrower is single/widow/divorced, then personal guarantee of one of the co-employee / persons having means equivalent to the loan amount and minimum CIC score of 700 & above to be obtained.
- INSURANCE:
Insurance is mandatory under the scheme. Insurance Premium may be included in quantum of finance.
**Conditions Apply**
**Contact our nearest Branch for more details**