| This is a term Loan to the employees of Primary Agricultural Credit Societies (PACS) for meeting any legitimate purpose of the Borrower. |
| Loan limit |
Maximum of Rs. 5 lakh on personal guarantee and Rs. 10.00 lakh with the surety of one co-obligant in addition to the borrower. |
| Repayment period |
Maximum 120 months in equated monthly installments (EMI). |
| Eligibility |
- All permanent employees of profitably running PACS in Kerala
- The Borrower must have successfully completed his/her probation period.
- The applicant and guarantor must be a permanent resident of Kerala.
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| Nature of facility |
Term Loan |
| Security |
- Up to Rs. 5 lakhs – On the basis of personal surety of the borrower and spouse/parents
- Above Rs. 5 lakhs –Personal surety of the borrower along with one co-obligant and spouse/parents
- In all cases Spouse should be made as a guarantor to the loan account. In case of un married employee, parent or siblings as the case may be admitted as a surety to the loan.
- The salary certificates together with recovery undertakings signed by the Secretary/President of PACS in respect of the Borrower and the co-obligant will form the security. The Borrower and co-obligant should have sufficient years of service to cover the entire period of the loan. The Bank is at liberty to call for additional security at any time if found necessary.
- The board resolution entrusting the Secretary to deduct the monthly EMI from the salary of the employee (borrower/co-obligant) and remit the same in the loan account.
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