Consumer Loan
Conveniences and small luxuries make life enjoyable. Consumer Loan is an easy finance option for purchasing household items.
ELIGIBILTY
GUARANTOR REQUIREMENT
General condition for guarantor applicable to all the eligible employee
| Sl. No | Eligible Borrower | Guarantor requirement |
| 1 | Regular employees | e-PEMs and Non-ePEMs (EMI remitted from the office) ✓ Guarantor is not required if the applicant is in service for more than 3 years excluding probation period. ✓ Guarantor is required if the applicant is less than 3 years in service excluding probation period. ✓ The guarantor should be equal or higher grade with 3 years or more in service. ✓ For senior officials and executive officials who cannot provide guarantor of same grade shall provide guarantor of one or two grades lower. |
| 2 | Contract employees | ✓ All the borrowers are required to provide Third Party Guarantee (TPG) of same or higher grade from the Civil Service/ DHI owned Companies/ State Owned Companies (SOEs). ✓ For senior officials and executive officials who cannot provide guarantor of same grade shall provide guarantor of one or two grades lower. ✓ The guarantor must be regular employee or their contract term should be equal or more than the loan tenure. Otherwise, the loan tenure should be equivalent to their contract tenure. |
| 3 | Private employees | All the borrowers are required to provide employer guarantee or TPG from a civil service/ DHI owned Companies/ SOEs. However, the private company should be in operation for more than 5 years. |
| 4 | BoB Corporate client employees (with Corporate Banking Department) | Irrespective of the requirement of PF, gratuity, and the number of years in service, the borrowers are required to provide employer guarantee. (To be consulted with the Corporate Banking Department) |
QUANTUM
1. Regular Employees
| In Service | Amount Eligible (Nu.) |
| Probation period | 100,000.00 |
| Upto 3 years (including probation period) | 500,000.00 |
| Above 3 years (including probation period) | 1,000,000.00 |
2. Contract Employees
| In Service | Amount Eligible (Nu.) |
| Less than 12 months, including probation period | 300,000.00 |
| Above 1 year | 1,000,000.00 |
3. Private Employees of Incorporated Companies
| In Service | Amount Eligible (Nu.) | Conditions |
|---|---|---|
| 1 to 2 years, excluding probation period | 200,000.00 | Required to provide an employer guarantee. |
| Above 2 to 3 years | 300,000.00 | |
| 3 years to 5 years | 500,000.00 | |
| Above 5 years | 1,000,000.00 |
Private Employees
| Loan Limit | Guarantor Requirement | |
|---|---|---|
| Private Employees | ||
| 1.5*PF accumulation or 1,000,000.00 whichever is lower | Required |
4. Executive Employees
| Loan Limit | Guarantor Requirement | |
|---|---|---|
| Executive Contract | ||
| 1,000,000.00 | Required |
INTEREST RATE
CLICK HERE to view the Floating/Prevailing interest rate.
TENURE
7 years maximum
REQUIRED DOCUMENTS