Purpose – For purchase of new Computers, Television Set, Refrigerator, Washing Machines and other consumer durables
Eligibility – Any Individual member, including Nominal Member of the bank similar to any other personal loan
Maximum Limit – Rs. 50,000/- or up to 10 times of monthly income of the borrower, whichever is less.
Period of repayment– Up to maximum of 36 equal monthly installments with interest
Rate of Interest – As per bank’s rules from time to time.
Sureties – Two sureties of good means to the satisfaction of Bank, preferably an employee of Government or Semi Government department, or Autonomous body, or local bodies or Public Sector Undertakings and also of Public limited Co’s of high reputation with a continuous service of a minimum of three years.
Other conditions – Payment direct to the Vendors for full cost of the goods / articles as per Performa Invoice, subject to recovery of margin money from the borrower.
Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues
Insurance – Insurance of respective asset with Bank’s clause shall be obtained at the cost of the borrower.
The other loans offered by the bank includes home loan, car loan, personal loan , educational loan etc.