Festival Loan

There was a growing demand for short loan for short term purpose mainly due to marriage, treatment, festival and payment of emergency need of teaching and non teaching staff of Government aided Secondary, Higher Secondary, Madrasaha, and Primary Schools.Worried about your employer denying you festival bonus this year, citing poor financial performance? Don’t fret. Festival loans offered by MDCCB can bring some cheer.MDCCB now offer festival loans to help customers meet expenses, such as purchasing clothes, gifts, sweets and groceries.

We have products to suit every budget, taste and need. Whether you are self-employed or salaried, want a floating or fixed rate, MDCCB will offer a loan that is just right for you.

The details features of the proposed loan may be as follows:

Who can apply for the loan

The teaching and non teaching staff of Government aided Secondary, Higher Secondary, Madrasha, Primary Schools and colleges those who are drawing salary through our bank may apply for this loan.

Purpose of Loan

The purpose of loan may be for festival, treatment, house decoration and similar purpose which required urgent money to serve the purpose.

Amount of Loan

Subject to the deduction criteria the maximum amount of loan for this purpose will not exceed Rs 60000.00

Period of Loan

Subject to period of service the period of loan shall not exceed 10 months. The period of loan shall also not exceed 59 years 6 month age.

Security of Loan

(a) Declaration of the employee U/S 58 of WBCS Act 1983.

(b) Execution of guarantee by one guarantor of equal or above status.

(c) Letter of authority for deduction of loan instalment from salary.

Reservation and Caution

Those who avail festival loan they will not be entitled for the Tatkal Loan. Since this loan is for two years it can not be covered under Group Insurance. In case death the only security is the death benefit and the attachment of guarantee in the remote case. So it is advisable that employee with 7/8 years of service may be the better choice of borrower for this category of loan. The lien of existing LIP may be the alternative to secure the loan for employees with lesser period of service.
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.