|
|
Purpose |
Purchase of Consumer Durables / Computer |
|
Eligibility |
Permanent salaried / Professionals (must be IT assesses) |
| Age |
21yrs – 60yrs at Loan Maturity |
| Minimum Employment |
For Service Persons Total – 5 Yrs
Current – 2 yrs
Professionals -3 years |
| Minimum Annual Income |
Salaried persons, permanent in service / professionals - minimum income Rs. 3.00 lakh p.a. (Teachers having salary a/c Rs.2.00 lac) |
|
Maximum amount |
Rs.1.50 lac
Salaried - 6 times Gross Pay
Professionals -50% of Gross Avg. Income of last 3 yrs IT return or last yrs inc. which ever is less |
|
Margin : |
25% |
|
Rate of Interest |
13.50% |
|
Security |
|
| Guarantor |
One guarantor acceptable to Bank |
| Deduction Limit |
60% of Gross Pay |
|
Repayment |
EMI - 60 mts (Max) or residual service which ever is less |
|
Processing Fees |
1% of Loan Amt.
Min. Rs.500.00 |
| Insurance |
Not Compulsory |
| Group Finance |
20 permanent Employees of same organization of repute
-Margin Relaxation up to 10% by RMO
|
| Others |
During the currency of the one consumer loan availed for lesser amount, another loan can be considered to the extent of diff. between Rs1.50 lac and quantum of earlier loan balance. |
