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Pre-Sanction Requirement

These requirements/formalities shall apply to all types of loans and advances in addition to those prescribed specifically for a particular type of loan/ advance):

1. The borrower should be of sound mind and solvent.
2. The borrower should be resident of National Capital Territory of Delhi or employed or having business activities in National Capital Territory of Delhi.
3. KYC norms such as photo/ID Proof/Address Proof/PAN etc. have to be essentially complied with prudently.
4. Only members are eligible to obtain loan from the bank. Loan against term deposit and recurring deposits facility is available to non members also.
5. For getting membership of the bank it will be necessary to obtain at least 1 share of Rs.100/- each or as many numbers of shares of such document as may be decided by the bank from time to time.
6. For becoming a member the applicant shall also have to maintained with the bank a compulsory deposit of Rs.1000/- on which interest rate as decided by the bank from time to time will be paid.
7. Borrower shall contribute 2% of his borrowing in compulsory deposit.
8. Processing fee at present in case of secured loans & advances i.e. Housing, LAP, CCL is @0.50% and for unsecured loans & advances it is @1.00% of the loan amount, which is subject to change from time to time, as it will be charged at the time disbursement of loan.
9. Business proof:
a.) MSME Certificate/GSTIN/License issued by authority.
b.) In the loan cases upto Rs.50000/- branches may consider affidavit duly notarized for the purpose of income proof in the absence of ITR.
c.) Recovery from member should not have been routed through Arbitration/Recovery Cell proceeding in the previous loan if availed.
d.) The salary certificate (borrower/sureties) should not be more than 3 months old.
e.) In case of service copy of Form 16, if issued by the employer for the last two years be taken along with the latest salary slips and copy of latest Income Tax return.
f.) In other case Income tax return for the last 3 years should be accepted.
g.) At least six security cheques and debit ECS mandate for repayment.
h.) The borrower will give the declaration that he will obtain the NOC from bank before availing any loan from any financial institution.
i.) In case of new borrower, bank A/c statement of saving/current A/c for one year as the case may be should be obtained.
j.) An undertaking preferably be obtained with the loan application from the employers of borrower/sureties regarding repayment of loan from salary deduction or from superannuation benefits on account of retirement or cessation of service whichever is earlier, in case of default in repayment of loan for govt. servant.
10. The branches will obtain a declaration from the prospective borrower whether they had been enjoying any credit facility from any other bank and if already availing then bank will obtain a No Objection Certificate (NOC) and ascertain credit worthiness from the existing financing bank. If a response is received within a fortnight, branch should assess the situation with reference to information received in respect of the prospective customer from the Bank/s concerned and act accordingly and if no response is received then loan will not be processed by the branch.

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