Retail Loan Part-Payment Process – Effective & Uniform Handling
Important Update: Part Payment Facility for Retail Term Loans
We have introduced a new process for part payments to ensure better management of retail loans. This process brings uniformity and adds control measures for handling part-payment requests. Payments exceeding the specified threshold require Bank approval to ensure appropriate documentation.
Key Highlights
- Threshold: Part payments exceeding three EMIs in a single financial year will require prior approval from the Competent Authority.
- Applicable Products: Home Loans, Loan Against Property, Car Loans (New and Used) and Loan Against Car.
- Exceptions: Accounts classified as SMA/NPA and Overdraft accounts pertaining to Retail Loan schemes.
- Direct NEFT/RTGS into the loan account above the threshold is limited.
- Cheque Submission: Clear cheque submissions above 3 EMIs in the non-home branch will be restricted.
Customer Guidance
You may continue to make part-payments within the threshold limit (up to 3 EMIs per financial year) without any additional approval. For payments exceeding this limit, you are requested to approach your home branch for necessary assistance.
For any queries, please reach out to your home branch.