Vaish Cooperative Adarsh Bank Ltd. – Computer/ Consumer Loan

By | May 16, 2011

Vaish Cooperative Adarsh Bank Ltd is an urban cooperative bank that was established in the year 1936.

Purpose: This personal loan finances purchase of consumer durables.

Eligibility: The annual income of the applicant should not be less than 12 times the monthly installment of the loan. In case of salaried employees, the employers consent to deduct the EMI from the salary account need to be submitted. In case self employed applicants, they should be giving tax for at least the previous 3 years.

Quantum of Loan: 75% of the cost of the vehicle is granted as loan. The remaining amount has to be deposited at the bank and the payment to the dealer is done by the bank.

Security: One of the sureties must be a government employee. In case of a female applicant, one of the sureties must be a male member of the family. Hypothecation of the article proposed to be purchased from the loan amount is also required as security for the loan.

Repayment: The post dated cheques have to be submitted at the time of disbursement of loan to pay the EMI. The repayment has to be done within 36 monthly installments.

Other features: 0.5% of the loan amount is charged as the processing fee.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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