Greater Convenience Loan Scheme
It is a simple personal loan to meet any genuine need of finance.
Confirmed employees of reputed PSUs, Limited Companies, Central / State Government Employees and Professors / Asst. Professors / Lecturers of College / Universities and Research Institutes having the latest net monthly salary (i.e. after all deductions) not less than Rs.10,000/-.
Maximum Loan Amount
Rs.3,00,000/-(Group Loan with Salary deduction under sec 49 of MCS Act,1960 or Salary credit by way of ECS )
60 months (Individual)
84 months(Loan above 2,00,000 Lakhs)
Rate of Intrest
List Of Documents Required
Loans with Salary Deduction u/s 49 of MCS Act,1960 and / or with salary credit by way of ECS
Under Group Tie up (with min. business exposure of Rs. 200.00 lakhs) for specific category of companies – confirmed employees of reputed PSUs, Limited Companies, Central / State Govt. Employees, Multi National Companies (MNCs), Large Corporates, Professionals etc. as approved by Corporate office.
Loans with Salary Deduction u/s. 49 of MCS Act, 1960 and / or with Salary Credit by way of ECS –
Under Group Tie up (with min. business exposure of Rs. 100.00 lakhs) for Medium Corporates as approved by Corporate Office.
Loans with Salary deduction U/s. 49 of MCS Act 1960 and / or with salary credit by way of ECS –
For Small Companies that do not fall in the above two categories.
| All other cases in which salary credit by way of ECS is not available but ECS credit of Loan instalment is available,Employees of Pvt. Ltd.Companies, Business Category etc
- Salary Slip for the last 3 months
- Form No. 16 for last 3 years OR Income Tax Returns for last 3 years
- Bank Statement of Salary Account for the last 6 months
- Employer’s Certificate for period of service with details of designation etc. (Minimum 1 year permanent employment)
- Photograph and address proof and Identity Proof
- Details of the collateral security (in case salary deduction sec 49 of MCS Act,1960 is not available) - only of the applicant
- Two guarantors /sureties.
a) Personal Surety –
i) Two Personal Sureties.
ii) Additional Surety of the spouse (if married) OR father / mother (if unmarried).
i.) Hypothecation of valuable items such as Television, Computer, Car, Refrigerator, Music System etc upto 100 % of the loan amount incase salary deduction incase of salary deduction Usec 49 of MCS Act,1960 or Salary credit by way of ECS.
ii.) In all other cases-100% by way of Pledge of tangible securities viz NSC,KVP,LIC etc /mortgae of immoveable property
Daily Reducing Balance
2.5 % shares of the loan amount by the applicant (regular membership) and the guarantors to become nominal member
You may please contact the Retail & Housing – Relationship Cell at:
Vishwakarma,Gate No-1, VMD Lotlikar Vidya Sankul,Opp.Lilavati Hospital,Bandra Reclamation,Bandra (W) Mumbai - 400050. Email id: firstname.lastname@example.org;