Consumer Loan

Eligibility of borrower  Last 3 Years ITR with Balance Sheet or Last 3 months salary slip with form no. 16
Purpose of Loan          Purchase of  consumer durable articles like Freeze, TV, Washing Machine,  Flour Mill, Sewing machine, Water purifier, Solar heater, Room Air Conditioner, Furniture / Fixtures,  etc.
Quantum of finance        ·         Up to 75% of cost of the article to be purchased.·         However existing deduction plus EMI of proposed loan should not exceed 60% of annual income of the applicant.
Share Linkage           Purchase of Bank’s share is optional to the borrower.
Repayment period      Maximum 36  Months
Rate of Interest 13.00%  p. a.
Security Prime:·         Hypothecation of articles purchased by Bank finance.

Collateral:

·         Third party guarantee of two personal guarantor having good
Credit  worthiness and  financially sound   and member/ nominal  member of the Bank.

·         If loan sanction amount exceeds Rs.1.00 lac, equitable mortgage of title cleared immovable property of the borrower/guarantors.
Documents 1.       DP Note2.       Hypothecation of goods / articles purchased.

3.       General form of guarantee signed by two guarantors.

4.       Letter of instalments

5.       Acceptance letter of Loan Amount

6.       Letter of Lien & Set off

7.       Letter of Consent

8.       Letter of sanction duly acknowledged by the borrower and guarantors.