Purpose : For Purchase of Television, Refrigerator, Computer, Furniture and Other consumer items acceptable to the Bank and two wheelers.
Eligibility : Individuals over 18 years of age.
Loan Amount : 75% of the Invoice Bill of Article subject to maximum of Rs.50000/-
Margin : 25%
Repayment Period: Maximum 36 months in equated monthly installments.
Moratorium : Maximum one month from the date of sanction .
Security : Hypothecation of article purchased and third party guarantee of one Person having sufficient means to the extent of Rs.25000/- and above two guarantees.
In case of Govt.employee where Department has issued letter of undertaking one guarantee is required.
Processing Fee :
(i) upto Rs. 25000/- No charges
(ii) Above Rs.25000 upto Rs.50000/- Rs.450/-
Pre-Payment : Permitted without penalty.
2.5% of the advance made.
CHECK LIST (Consumer Loan):
Documents to be submitted by the Applicant(s), Guarantor(s)
For Proposal:
1. Consumer Loan Application form.
2. Personal statement of borrower.
3. Personal statement of guarantor(s).
4. Proforma Invoice duly verified and accepted by borrower.
5. Two coloured recent passport size photograph of borrower and guarantor(s).
6. Salary slip/Authenticated letter from employer certifying salary/Form 16.
7. Copy of latest Income Tax Return (if he is tax payee).
8. NOC from employer confirming as permanent employee with undertaking to repay monthly instalments of loan out of his salary in case of default.
9. Poof of age/address/PAN card/Mobile No./Telephone No./Passport/Driving Licence/Electricity bill(latest).
10. Post dated cheques.
Note: Penalty of Rs.500/- shall be charged in case any cheque returned unpaid.