IB PROFESSIONAL
IB PROFESSIONAL
| Target Group | All professionals including Doctors, Engineers, Architects, Chartered Accountants, Company Secretaries, Designers, Management/ Financial Consultants, Cost Accountants etc. who are having work experience of at least two years with Valid Membership / Degree / License Holders and major part of their income is through profession | |
| Purpose |
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| Minimum Gross Income | 1) Professionals having Minimum AnnualGross Income of Rs.7.50 lakhs during last two years will be considered
2) Professionals should be taxpayers for the last two years. It should be ensured that ITR has been filed on regular basis for last 2 years (on yearly basis). |
|
| Age | Minimum Age- 21 Years
Maximum Age- 70 Years |
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| Margin | NIL | |
| Facility | Term Loan | |
| Eligibility | Maximum of 2.5 times of lowest Gross Annual Income during the last two years as per ITR subject to minimum NTHP (after proposed EMI) not less than 40%.
Ø Branch to ascertain from CIC and other sources that the applicant has a good credit history. Ø Applicants should have recognized qualification in their field and should have requisite permission/license to work, wherever necessary. Ø Branch to ensure that minimum 75 % of credit turnover to be routed through bank account. |
|
| Quantum of loan | Maximum loan ceiling is to be lower of the following
(i) 2.50 times of lowest Gross Annual Income during last two years (ii) Rs. 30.00 Lakhs |
|
| Security | Personal Guarantee of Spouse or a person having net worth equivalent to the loan amount | |
| Repayment | Term Loan- Maximum 84 equated monthly instalment. |
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