Collateral and Co-applicant Requirements

Co-applicant requirements for salaried individuals:
As defined by banks, salaried individuals are identifiable as those persons who are employee of selected public and private limited companies, employee of state governments, central governments, public sector undertakings, salaried doctors, salaried CAs etc.

Eligibility criteria:
1. Minimum Age - 21 years and maximum age at time of loan maturity should be less than 60 years.
2. Good employment record- with minimum 2 years of employment with 1 year of employment in current organization.
3. Minimum monthly income of Rs.7000/-

Documents required:
Identity proof, residence proof, bank statements and letters supporting income claims (generally the salary slip with Form 16)



Co-applicant requirements for self-employed individuals:
As defined by banks, self-employed individuals are identifiable as those persons who are sole proprietors, partners, or directors in business, manufacturing or trading activities. Professional like doctors, chartered accountants, engineers, consultants, architects, company secretaries and MBA's who have their own business entities also fall into this category.

Eligibility criteria:
1. Minimum Age - 21 years and maximum age at time of loan maturity should be less than 65 years.
2. Proof of continuity of business in future, total business experience and minimum time in current business clause.
3. Minimum annual income record of Rs.65000/- to Rs.1,00,000/-

Documents required:
Identity proof, residence proof, income tax return statements, bank statements, if professional (CA,Doctor etc.) then qualifications proof