Term Loan For Consumer Durables

Eligibility Criteria :

  • For purchase of Consumer Durables etc.
  • Maximum Loan facility @ 75 % of the purchase cost.
  • Amount of Loan will depend upon the repaying capacity.
  • Personal Guarantee of at least two persons having income / asset expectable to the Bank.

Primary Security                 : Hypothecation of Consumer Durables.       

Rate of Interest                    : 13.50 %  

Processing Charges          : Nil

Pre-payment Charges       : Nil.

Share Money Contribution : 2.5 % of the Limit Sanctioned.

Tenure For Repayment      :    Loan to be repaid in maximum 60 EMI .

How to apply :

  • An application in Bank’s Prescribed Form duly filled up having been affixed with the Photographs of the applicant/s and guarantors along with their signatures to be supported by the papers / documents detailed as under.

For the Applicant/s.

  • Quotation for the purchase of consumer durables.
  • Income Proof.
  • Copy of I.T. Pan card.
  • Residential Address Proof.
  • Present Bank A/c Statement for the last six months.
  • Statement of A/c for Loan / Advance facility availed from other Bank / F.I.

For the Guarantor/s.

  • Photo I.D.
  • Income Proof.
  • Residential Address Proof.
  • Proof of Residential Property owned in their name.

Note : Other supportive papers/documents/proofs to be produced, if further needed and asked by the Bank’s Advocate / Valuer / Bank.