PNB MATRITVA- PERSONAL LOAN FOR WORKING WOMAN DURING PERINATAL PERIOD

Eligibility

All confirmed/ permanent female employees of central/ State Govt./ PSUs and of all reputed* companies/Institutions including Schools, Colleges, Universities, autonomous bodies, Hospitals/Nursing Homes with minimum 2-year service including service with the previous employer(s), if any and drawing salary through accounts maintained with our Branches,

*Companies/ Institutions including Schools, Colleges, Universities, Autonomous bodies, Hospitals, Nursing Homes is to be termed as reputed only with the approval of Circle Head concerned considering the reputation and financial strength.

Bank is empowered to consider case of lesser service on the merit of individual case but not less than 12 months.

Note: Employees of all the above-mentioned categories who are placed under suspension are not eligible under the scheme during the period of their suspension.

Nature of loan

Term Loan

Amount of Loan

Minimum: Rs. 25,000/-
Maximum: Rs. 3,00,000/-
Subject to considering repaying capacity of borrower.
Working Women can avail Personal Loan under this variant, maximum upto 2 times only.

Repaying Capacity

Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Monthly salary/Income (GMS/I) of the borrower(s). For this purpose, all deductions including the proposed Personal Loan installment should not exceed the prescribed ceiling as under: GMS/I Max. Permissible Deduction of GMS/Income.

minimum take home after all deductions, including EMI of proposed Personal Loan should be Rs. 12,000.00 in all centers.

Regularity of Income

The regularity of income of the borrower over the entire span of loan should be clearly established before sanction of loan. Latest salary slip, Form16/ITR for the last 2 years be taken, perused and placed on record. Assessment of Loan/ Repaying capacity be arrived at on the basis of latest salary slip. Where 2 years ITRs/Form 16 is not available on account of lesser service period, the PLP Head may consider sanction of loan provided last 12 months’ salary is verified either from salary slips / form 16 or Statement of Account.

NOTE: Further, Specific CARE be exercised in respect of IT returns showing SUDDEN SPURT in the salary/ income levels. Recommending/ sanctioning authority to fully satisfy himself/ herself before considering acceptance of such income/ salary.Justification of the same be provided in the recommendation/ sanction note.

Margin

Nil

Repayment

Term Loan:
The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 72 (Seventy-two) equated monthly installments (EMIs).
Repayment to start from next month from the date of disbursement.
No Moratorium be granted under the scheme.

Rate Of Interest

Upfront Fee and Documentation Charges

Nil

Security

Personal Guarantee of Spouse to be taken, in cases where the same is not available, due to reason of death or separation, sanctioning authority may waive personal guarantee, subject to submission of appropriate document confirming the same.

Documents required

Self-declaration to be submitted by applicant confirming the pregnancy or childbirth to avail Personal loan under PNB MATRITVA scheme.

Documentation

Applicable as per existing scheme of PNB Personal Loan.