Purpose – Scheme a Scheme for purchase of consumer goods & computer Hardware & legal software.
Eligibility – All resident Indians salaried, professional, self-employed businessman
Quantum of Loan – Maximum amount Rs. 1.00 Lac (For salaried person: 10 times of net monthly emolument or Rs 1 lakh whichever is less)
Margin – Minimum 15%
Rate of Interest – Repayment period up to 36 months – 13.50%; Repayment period up to 60 months – 13.50%
(Subject to change as circulated by Bank time to time)
Relaxation in ROI – 1% lower loan covered by 100% security; 0.50% in case loan is availed for students; 0.50% lower if repaid as per schedule
In all benefits not more than 1%
Guarantee – Spouse guarantee must; Personal guarantee of one person of equal worth; Liquid security 100% no need of guarantee.
Service Charges – Up to Rs 25000/- NIL; Above Rs 25000/-1.1236% of sanctioned amount, minimum Rs. 600/-
Documents – Loan agreement cum Hypothecation, PDR and letter of Guarantee.
Requirements – For other than salaried persons IT Return for last 2 years and at least 12 post dated cheques.