PURPOSE
To meet marriage expenses of an employee or his/her daughter/dependent sister.
ELIGIBILITY
Employee who is confirmed in service and has put in a minimum of 2 years of continuous service.
QUANTUM
An amount equivalent to 5 times of gross salary last drawn subject to a maximum of Rs.50000/only.
RATE OF INTEREST
Base Rate + 1% [compound] p.a.
REPAYMENT
60 monthly instalments.
OTHER TERMS & CONDITIONS
1. 40 % take home pay after all deductions including deduction of the instalment of the marriage loan.
2.Employee against whom disciplinary action/legal proceeding is/are contemplated/initied/ pending, marriage loan will not be sanctioned. In case of minor misconduct, the Bank, at its discretion, may waive his condition.
3.A member of staff availing overdraft facility will not be eligible for this loan.
Ref No. H.O Cir CHO/PMG/2010-11/48 DT 16.03.2011.