Today there are a lot of technological advancements in our country. The technological development has reduced the burden of people, where it has replaced manual work by computers in every place. Computers have become very efficient in managing work. Each and every sector is dependent on the computers to get work done easily and efficiently. Today even school children are taught to handle computers and many of the houses in the country have personal computers at home.
The banks have started to offer computer loans which are a part of personal loan, in order to meet the needs of its customers. The maximum amount of loan offered is Rs 100000 for computer hardware and software. There are some banks that offer separate loans for software up to a maximum of Rs. 20000.
The interest rates are based on the prime lending rates and some banks charge an extra of 2%. The interest rates might vary taking the tenure of loan and the total amount of loan that is borrowed.
The eligibility condition for receiving a personal computer loan is that the person should either be salaried, self-employed, businessmen or professional. The processing fee of 1% of the entire loan amount is charged and the processing procedures are also simple.