Purpose: This loan finances purchase of consumer items like TV, Washing Machine, Refrigerator, AC, etc.
Eligibility: Any salaried individual, professional, businessman or self-employed individual can avail this loan.
Margin: Up to a maximum of 70% of the total expenses will be granted as loan.
Rate of Interest: The rate of interest is 14% per annum.
Repayment: The repayment period is a maximum of 5 years. Interest is charged on actual reducing balance. One may prepay the loan with no penalty, or pay more than your stipulated monthly installment at any time, depending upon availability of funds. This would enable paying off the loan faster and reducing the interest burden.
Other features: Nominal processing charges for this personal loan. No prepayment penalty.
Documents Required:
- Latest 6 months Bank Statement (where salary/income is credited)
- Last 2 years ITR with computation of income / Certified Financials
- Proof of Continuity current business or industries (IT Returns / Certificate of business continuity issued by the bank)
- Proof of Identity (any one)Passport / Driving License / Voters ID / PAN card / Photo Credit Card / Employee ID card
- Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt
- Quotation.