Personal Loan




Dreaming of a vacation, a perfect wedding, home renovation or a much desired gadget, you no longer need to wait to realize your dreams. Make life picture perfect with MDCCB Personal Loans.

A loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.

Who Can Apply:

The applicant must be a permanent salaried employee of any Government Sponsored Secondary/Primary School or Sr/Jr Madrsah / College whose salary is disbursed through our bank under salary disbursement arrangement. The scope to avail the benefit can be extended to employees of other Government Departments if there is any specific arrangement with concern department following the West Bengal Government e-Payment of Salary Scheme (ePS) (Finance Department Audit Branch Notification No 6621(F)YDated: 29th June, 2011). The scheme also include the Para Teachers / Part Time Teacher whose jobs are declared as permanent in nature by the Government of West Bengal subject to such restriction as described elsewhere in the policy.
KYC of Borrower:

Presently we are taking the certificate of Employer / DDO as identification proof. But many teachers / employees are now coming from outside of the district of Malda. So permanent address and home address of Spouse / Father / Mother are required for proper identification. Proper KYC may help to locate the address in case of need. The Voter ID, AADHAAR CARD, Ration Card, etc. and cross checking of address with the documents may be purposeful for identifying the borrower in case of need. So strict compliance should be ensured at the time of taking KYC.
Types of Salary Account Holders:

The classification of salary account holder DRAWING SALARY FROM THE BANK in terms of Government of West Bengal e-Payment salary scheme 2009 issued under Notification No 8301- F dated 26-08-2009 & 6621-F(Y) dated 29th June 2011 is given below:

A PARA TEACHERS residing in Malda District
B Teaching and Non-Teaching staff of School/Colleges whose services have not been confirmed
C Teaching and Non-Teaching staff of School Colleges whose service are confirmed and are below 50 years of age
D Teaching and Non-Teaching staff of School Colleges whose service are confirmed and are above 55 years of age
E Confirmed GOVT-EMPLOYEES Permanently residing at and having own house at Malda& Drawing Salary from Govt. of West Bengal ePS arrangements.
Quantum of Loan & Maximum Period of Loan:

The quantum of Personal Loan / Consumer Loan depends upon the need of customer, ability to repay the loan according to income group, life style, remaining period of service etc. As tangible assets may not be created or creation of charges on tangible assets may not be possible on personal loan careful assessment of amount of loan is highly essential.
[Note:Only One Account of Personal Loan is Allowed]

 

Nominal Membership:

Rs 0.50 per thousand subject to Minimum of Rs 50.00 and Maximum of Rs 5000.00 (As per bye-law of the bank) Provided that such membership fee as above shall be collected once only at the time of the first sanction of the loan and shall not be collected consequent upon enhancement of the loan component on subsequent occasions.
Purpose of Loan:

This loan may be granted for any consumption purpose, purchase of consumer articles except investment in any share market / gambling or similar nature of transaction.
Security of Loan:

The security of loan is the salary income, retirement benefit, personal property of the Borrower and personal guarantee of guarantors. Besides the primary security of personal income and guarantee the loan should be secured by Group Life policy (subject to condition of insurance company) or any like so arrangement of benevolent fund as per decision of the bank. Any collateral offered by the borrower should also be taken as security.
Documentation of Loan:

Form No Document Type Purpose of use
PL/CDL-01 APPLICATION FORM Application Form may be given to salary account holder on deposit of processing fees.
PL/CDL-02 KYC DETAILS OF BORROWER Part of Application Form
PL/CDL-03 VERIFICATION OF SERVICE, PAY, ETC OF BORROWER Part of Application Form
PL/CDL-04 VERIFICATION AND ASSESSMENT OF GUARANTOR Part of Application Form
PL/CDL -I LOAN PROCESSING & ASSESSMENT OF AMOUNT OF LOAN THAT MAY BE SANCTIONED Processing of Loan
PL/CDL -II SANCTION LETTER Processing of Loan
COMMON APPLICATION FOR NOMINAL MEMBERSHIP Processing of Loan
PL/CDL-05 LETTER OF AUTHORITY TO EMPLOYER* Part of Application Form
PL/CDL-06 LETTER TO DDO/EMPLOYER ABOUT LOAN AND CONFIRMATION* Letter to the DDO / Employer by the bank for consent on the basis of authority given by the Borrower
PL/CDL-07 CONFIRMATION FROM DDO / EMPLOYER* Confirmation from the DDO / Employer
• Form No. PL/CDL-05 / 06 / 07 are not compulsory in case of Loan to primary teachers.
PL/CDL-08 CONFIRMATION FROM DDO / EMPLOYER* Confirmation from the DDO / Employer
PL/CDL-09 SI/ECS INSTRUCTION As a part of loan documents
PL/CDL-10 AGREEMENT BOND To be executed on NDJ of Rs. 200
PL/CDL-11 LETTER OF GUARANTEE To be executed on NDJ of Rs 200
PL/CDL-12 LIEN OF LIFE POLICY Letter of lien and set-off
PL/CDL-13 TIME PROMISSORY NOTE Rs. 1 Revenue Stamp
PL/CDL-14 CLOSURE LETTER – Along with CTS Cheque. Closures letter to be obtained from the borrower whose permanent residence is outside Malda District. The blank CTS cheque(s)must be on other bank. This letter and cheque(s) can only be used if the borrower takes transfer in different district and / or defaulted in repayment of loan.

 

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.


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