Consumer Durable Term Loan
This scheme is designed to help individual members of the Bank purchase computers, televisions, refrigerators, washing machines and other consumer durable goods.
Eligibility
Any individual member, including Nominal Member of the Bank.
Purpose
For purchase of new Computers, Television Sets, Refrigerators, Washing Machines and other Consumer Durables.
Maximum Limit
₹50,000/- or up to 10 times of the borrower’s monthly income, whichever is less.
Repayment Period
Up to a maximum of 36 equal monthly instalments with interest.
Rate of Interest & Other Charges
As per Bank’s rules from time to time.
Sureties
Two sureties of good means to the satisfaction of the Bank, preferably employees of Government / Semi-Government Departments, Autonomous Bodies, Local Bodies, PSUs or reputed Public Limited Companies with a minimum of 3 years continuous service.
If the borrower is in private service, business or profession, both sureties must be from the above categories with minimum three years continuous service.
Other Conditions
- Payment shall be made directly to the vendors for the full cost of goods/articles as per Proforma Invoice, subject to recovery of margin money from the borrower.
- Copies of Invoice and Receipt must be obtained and kept on record till liquidation of the Bank’s entire dues.
Insurance
Insurance of the respective asset with the Bank’s clause shall be obtained at the cost of the borrower.