Personal Loans

State of Punjab

Employees of this bank working in SADB & PADBs and employees of Punjab Govt. in the state of Punjab & Chandigarh.

To provide credit facility for meeting out socio-economic needs of employees or any other basic requirements without giving any purpose of the loan.

A person should meet the following conditions

• should be of minimum 21 years and maximum 57 years of age.
• should be a nominal member of the PADB.
• should reside/work in the service area of the PADB.

10 months gross salary or Rs. 4 lakhs (whicever is less).

Single Installment

Nil

Equated monthly installments in the form of post dated cheques. Total duration of the loan cannot exceed seven years in any case.

Pre-Sanction –

• Application Form
• 4 latest passport size photographs
• Bank account statement
• Proof of income (Salary Certificate duly signed and stamped by the DDO)
• Employer’s certificate of identity and proof of continuity of current job
• Proof of residence
• Nominal Membership Form
• Affidavit that Personal Loan from any other PADB/Department is not taken

Post-Sanction –

• Agreement
• Signature verification
• Post dated cheques
• Two guarrantors
• Promissory Note
• Letter of Waiver

NA

NA