Personal Loan

Unsecured

Co-applicant Mandatory for loans above Rs. 1 L. Spouse / Family Member / Co-worker can be a coapplicant / Guarantor

To be decided by the Committee
Interest type: Fixed

3% + GST (Minimum Rs. 300/-)

1. Late Payment fee: 2% month (24% per annum) for the defaulted amount for the defaulted period.
2. Pre-closure charges: 4% of principal outstanding
3. Penalty for cheque / NACH bounce: Rs. 500+ GST
4. Change of Bank Account: Rs. 400 + GST

Disbursement to the Customer bank account given at the time of application. No disbursement is allowed to third party bank account. It is not mandatory to disburse the amount to the salary credited account. Can disburse to any bank account in the name of applicant.

Field visit required if applicant not staying in the address mentioned in Aadhar or staying in a rented house.

CLI shall be insisted

1. Loan application
2. KYC documents (AADHAAR mandatory)
3. Copy of ID card issued by Employer.
4. Professional membership Proof (ID Card or Membership Certificate.
5. Identity Proof: Aadhaar Card / PAN Card / Driving License / Voter’s ID / Passport
6. Address Proof: Aadhaar Card/ Passport / Bank Account Statement / Lease / Property purchase Agreement / Utility Bill (not more than 3 months old) / Driving License

Income documents:

1. Salaried – Latest form 16, 3 months' pay slip / Bank account statement for 6 months into which salary credited, Salary certificate
2. Self Employed / Non-Salaried- Last 2 years ITR (with minimum 6 months gap between 2 filings), 6 months account statement with a monthly credit of Rs. 15K. Business Proof (for self-employed applicants): GST Registration and Filing Documents / Partnership Deed / Certificate of Practice / MOA & AOA / Shop Act License.
3. In the case of pensioners: Pension book, Pensioner’s ID Card, and Bank account statement showing monthly pension credit

Loan agreement, DPN
2 Security cheques- and NACH

To be decided periodically

1. Customer can either apply for a personal loan online through the LFS website or visiting our branch office by submitting a duly-filled loan application form along with the necessary documents.
2. Cibil Report / Equifax Report / CRIF Highmark reports to be generated in all cases. (Cibil+ Any one of the others)
3. Repayment capacity to be calculated using the FOIR Method by taking into the monthly obligations. Maximum FOIR 60% to be insisted.

Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

1. Loan amount shall be restricted up to five times of the monthly Net salary of the employee, subject to compliance of FOIR norms
2. This policy applies to all full-time employees who are on the regular / permanent rolls of the Company / Group company who have completed two years unblemished service regardless of rank and position.
3. The total deductions from the monthly salary including the instalment of the staff loan availed shall not exceed 60% of the net take home salary.
4. At the time of applying for advance, there shall not be any loan / advance pending in the name of the applicant. Where there is outstanding balance against advance already granted, as a very special case and purely on merits, fresh loan will be granted but the amount remaining after adjusting the outstanding balance against existing loan / advance will only be paid.
5. There should be good credit score of above 650 (CIBIL)
6. There shall be minimum 3 years of service left in the Company for retirement.
7. Repayment in 60 monthly instalments through salary deduction. (Deferring of instalments is not permitted unless approved by competent authority in special circumstances such as Loss of Pay due to long leave on account of accident / sickness and any genuine legitimate reasons).
8. The applicant shall furnish an Irrevocable Letter of Authority in favour of the Company to deduct monthly instalments of the loan from the salary and also adjust any other payments / dues payable towards monthly instalments / repayment of the loan.
9. The employee shall in the event of his / her leaving the service of the Company either by resignation / retirement / termination during the currency of the loan period full repay / settle the outstanding balance if any before being relieved.
10. The applicant shall also authorize the Company to adjust other benefits including permissible terminal benefits, bonus, other payments due and payable to him / her against balance outstanding if any and also furnish an undertaking to repay / settle fully such balance advance amount immediately on leaving.
11. If the employee leaves the service of the Company without settling the dues, compounding interest calculated @ 22% will be levied on the balance amount due to the Company instead of the normal interest.
12. The employee will be relieved from service only after settling the loan account fully and satisfactorily.
13. The applicant’s Spouse / Parent shall join as co-applicant if the loan amount is above Rs. 1 L

This is a special category of personal loans, also known as instant personal loans offered to existing Gold Loan customers with minimal to no documentation and quick disbursal of the loan amount, subject to noting of lien on the gold pledged.

Personal loan balance transfer is the process by which the principal outstanding of an existing loan with another lender is transferred to us. This is permitted within the above parameters

Top up of personal loan is permitted subject to compliance of the overall norms of the scheme.