Banking Queries: Manju Srivatsa

I am looking for a personal loan of Rs 60,000. I have existing relationship with three banks. The minimum loan these three banks offered was Rs 1 lakh. Other banks informed that they provided loans only to their account holders. And, they look at the account entries to sanction loan. What do I do?
You may request your present bankers to give you a reduced amount of personal loan, deviating from their norms, based on your relationship with them. You may also explore the possibility of taking a loan against financial securities such as fixed deposits, RBI bonds, National Savings Certificate (NSC), Kisan Vikas Patra (KVP), LIC policy, dematerialised shares, mutual funds, etc, for the exact amount you require.

I had taken a credit card from a bank where I have a salary account. I have gone through conditions and documentation to look for a clause that would enable the bank to debit my account for card payments or freeze the salary account if I default. But I couldn’t find any. I have even taken caution to cancel all unnecessary options in the application form so that the direct selling agent could not tick any option on my behalf. Can the bank still use my salary account for payments without my consent or freeze the account? What can I do if this happens?
The bank has a right to set off dues against balances in your other accounts in case of default on your credit card payments. This would happen only in case of default. We would recommend that you use your credit card wisely and pay the amount before the due date to avoid any charges/ debits to your account.

Is it possible to transfer a public provident fund (PPF) account from one bank to other? What is the procedure?
A PPF account can be opened in any nationalised bank or post office and can be transferred from one bank/ post office to another. You need to fill up an account transfer form for the same (available at your bank/ post office) and submit the same with some mandatory documents.

Manju Srivatsa, President, Retail Banking of Axis Bank. Send your queries at yourmoney@bsmail.in