Purpose: This loan finances purchase of home appliances like TV / VCR / VCD, washing machine, music system, refrigerator, AC etc.
Eligibility: Professionals, businessmen, salaried employees and self employed are eligible to get this housing loan. The applicant or borrower must open Savings Bank / Current Account with the bank. The borrower should have exclusive banking with the bank. The applicant must be income tax assesses for at least 2 years.
Quantum of Loan: The maximum amount of loan is Rs. 1 lakh. 10 times the net salary will be granted as loan for salaried employees with income of Rs. 5000 or lesser and 15 times in case of salaried employees with an income more than Rs. 5000. In case of businessmen a maximum of 10 times the net income could be granted as loan. The disbursement of the loan will be made by the bank directly to the seller / vendor.
Repayment: The maximum period of repayment is 36 months i.e. 3 years.
Guarantee: Two sureties / guarantors with adequate means in relation to loan amount and paying income tax should be provided and they should be shareholders / nominal members.
Documents Required: Last three years income statements / financial papers duly certified / audited.