Frequently Asked Questions: Covid 19 Union Personal Loan Scheme
Sr. Question Reply
No.
1. What are the eligibility There are 2 categories of eligible applicants under the
criteria to be eligible under scheme detailed hereunder:
the scheme?
Category I
All Government /Non-Government employees of
reputed private organizations in India drawing
salary through our Bank for last 12 months.
Category II
Existing standard Retail (Home, Vehicle, Mortgage,
Personal & Cash Loan) borrower/s.
Retail loan as mentioned above and availed by
applicant/s should not be under SMA-1 or SMA-2
category as on 29.02.2020 or anytime during past
12 months.
All borrowers/co-borrowers of Home, Vehicle,
Mortgage, Personal & Cash loan should
compulsorily join as applicant/co-applicant.
NRI are not eligible.
2. What is the maximum Category I
quantum of loan under the
scheme? Lower of A or B
A. Maximum Rs.5.00 lakh
OR
B. 6 times of last credited net salary / Pension
Last credited salary should not be older than one
month.
Regular salary income/Pension only will be
considered for arriving at eligible loan amount.
Bonus etc. will not be considered.
Regularity of income will be ascertained by
obtaining salary slips for previous three months.
No other income such as rent, agriculture etc. will
be considered for computation of loan eligibility.
Category II
Lower of A or B
A. Maximum Rs.5.00 lakh
OR
B. Difference amount of original sanction limit and
present outstanding amount of Home, Vehicle,
Mortgage, Personal & Cash loan.
3. Is there any minimum CIBIL Yes.
score requirement to be
eligible for the loan under Applicants with minimum CIBIL score of 650 and above
the scheme? will be considered eligible for the loan.
4. Whether the pensioners are Yes.
eligible under the scheme.
Pensioners drawing pension from our Bank are eligible
under the scheme.
5. Do I need to pay anything No.
during the moratorium
period of 3 months allowed 3 months moratorium period is allowed under the
under the scheme? scheme.
Monthly interest will be charged and debited to
the account but demand will be created after 3
months only.
On commencement of EMI, the total outstanding
of loan (Principle + 3 months interest) will be
recovered in 57 EMIs.
Accordingly, the revised EMI will be
communicated.
6. Whether employees on No.
temporary / contractual
basis are eligible under the Only permanent/conformed employees are eligible for
scheme. the loan under the scheme.
7. What do you mean by 60 Time period of 60 days permitted for execution of
days’ time available for documents / creation of extension of mortgage which
perfection of security? involves payment of stamp duty and registration.
8. Whether repayment period Not necessary.
under category II should be
co-terminus with the However, existing security will be released only full
existing retail loan? and final payment of loan under existing retail loan
and proposed UCPLS loan.
9. How can I take the Disbursement will be made by credit to salary account
disbursement of the loan in case of salaried borrower & operative account of
amount? retail loan borrower/s with our Bank.
10. Is there any processing fee There is no processing fee applicable for the
or any other charges scheme.
applicable? However, applicable stamp duty for the security
documents and CERSAI charges as per actual cost
to be borne by the applicant.
