Purpose – The scheme provides for financing of various consumer durables and utility articles like Two Wheeler, T.V, Refrigerator, air conditioner, CD/DVD, mobile phone, washing machine, personal computers, furniture etc.
Eligibility – Salaried Employees whose monthly income is Rs.5000/- per month (net salary), self employed whose annual income is Rs.100000 per annum
Repayment – Two-Wheelers-1yr to 5 yrs, others-1 yr to 3 yrs
Insurance – Insurance of all Consumer Loan Durables either two wheelers or Household articles to be borne by the borrower
Documents Required – Identity Proof such as voter’s identity card, driving license, Passport, Reputed Employers identity card etc. Address proof such as copy of Electricity Bill, Telephone Bill, Ration Card etc.
Documents required at the time of Disbursement:
- Three stamp papers of Rs.100 each
- 2(Two) Revenue stamps of Re.1 each
- Margin Money 15% of loan amount (Minimum)
Documents required after Disbursement:
- Original Bill/Invoice of goods
- Insurance cover note/policy with Bank clause and registration certificate issued by RRTO with Bank as hypothecate (in case of two wheeler loan).
Rate of Interest – Two wheeler-12%, Other than two wheeler-13%p.a unlike other personal loan.