Rinn Samadhan 2023-24 Scheme

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Rinn Samadhan 2023-24 Scheme

Rinn Samadhan 2023-24 Scheme

Scheme start date: 20.10.2023 Scheme end date: 31.03.2024

Sr. Applicability of Scheme / Eligibility Conditions
1 Eligible Non Performing Accounts with cut-off date & Amount a. Unsecured Education Loans with limit sanctioned up to Rs.7.50 Lacs, SME / AGRI loans with limit sanctioned upto Rs.10 lacs - classified as Sub-Standard on or before 31.12.2022.
b. All loans classified as Doubtful, Loss and AUCA as on 31.03.2023 with outstanding upto Rs.20 lacs.
c. NPA accounts of deceased borrowers as on 30.06.2023 subject to eligibility conditions. Maximum Borrower-wise / PAN wise outstanding not to exceed Rs.20 lacs   Exclusions: Cases of Fraud, Wilful Defaulters , Non-Co-operative borrowers, cases pending in NCLT, Malfeasance, Staff Accounts, Loan against Deposits & Specified Securities, Housing loans sanctioned under Govt. Schemes, Reverse Mortgage Loans, Gold Loans under all Segments, Loan sanctioned under Xpress Credit to Government employees, etc. are not covered under this Scheme.
2. Concessions available to Borrowers a. Waiver of notional interest from date of NPA, in respect of all eligible accounts.
b. Hair-cut / Concessions
c. Legal and any other out of pocket expenses shall be waived
3 Payment Terms a. 10% of the OTS Amount to be remitted as initial upfront amount at the time of submission of OTS application, failing which the application will not be processed (the upfront amount is mandatory).
b. Additional 10% of the OTS amount within 30 days from the date of sanction.
c. Balance OTS amount is to be paid within ninety days from the date of sanction of OTS. e. No refund/adjustment of any amount already paid under any of the earlier OTS schemes will be allowed.
4 Early Bird Offer Additional incentive for full payment of OTS Amount:
Full payment of OTS amount by Incentive on OTS Amount
31.12.2023 5%
5. Scheme Period Last date for receipt of acceptance along with upfront payment is on or before 31.03.2024.
Please contact the Branch for further details

Last Updated On : Tuesday, 31-10-2023

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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