Purpose

• Purchase of consumer durables, computers, home furniture and fixtures, ornaments etc.

Eligibility

• Individuals (Salaried employees*/Businessmen)in the age group of 21yrs- 55 yrs.

*Salaried persons with a minimum salary of Rs 7000/-per month and confirmed service of at least two years

Loan Amount

• Maximum Rs. 2,00,000/-
• Minimum Rs10,000/-
• 12 times of net monthly salary for salaried individuals subject to the condition that the net take home salary should be 50% of the gross salary after EMI of the proposed loan

Margin

• Nil.

Repayment

• Maximum 60 months

Rate Of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Hypothecation of the items purchased.

Guarantee

• Two guarantors acceptable to the bank.

Processing Charges

• 1% of the loan amount + GST

Share Holding

• 1.5% of the loan amount.

Documents Required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
• Proforma invoice related to the article being purchased