The following borrower(s) shall be eligible for a resolution plan under this policy:
Individuals who have availed of personal loans (as defined in the Circular DBR.No.BP.BC.99/08.13.100/2017-18 dated 4th January, 2018, on “XBRL Returns – Harmonization of Banking Statistics”). However,
credit facilities provided to own personnel / staff shall not be eligible.
- Personal loans refer to loans given to individuals and consist of:
- Loans taken to purchase consumer durables
- Credit card receivables
- Auto loans taken (other than loans for commercial use)
- Personal loans secured by gold, gold jewellery, immovable property, fixed deposits (including FCNR(B)), shares and bonds, etc. (other than loans provided for business / commercial purposes)
- Personal loans to professionals (excluding loans for business purposes)
- Loans given for other consumption purposes (e.g., social ceremonies, etc.)
- Education loan
- Loans given for creation / enhancement of immovable assets (e.g., housing, etc.), and
- Loans given for investment in financial assets (shares, debentures, etc.)
Please note: Personal Loans will include only those loans, which are sanctioned for the purpose of Individual/ Personal consumption and not for business or commercial purpose.Individuals who have availed of loans and advances for business purposes and to whom the lending institutions have aggregate exposure of not more than INR 50 crore as on 31st March, 2021.
Small businesses, including those engaged in retail and wholesale trade, other than those classified as micro, small and medium enterprises as on 31st March, 2021, and to whom the lending institutions have aggregate
exposure of not more than INR 50 crore as on 31st March, 2021.