- Should be an Indian National
- Permanent Employees of State / Central Government, Public Sector Undertakings, Semi government Organization, State / Central Govt. Corporations, Urban Development Authorities, Educational Institutions, Universities. Regular Employees of MNCs, Public Ltd Companies with minimum two years experience out of which minimum one year service with the present organization.
- Employees of Private Limited Companies, Regional head will permit on case-to-case basis.
Present gross annual emoluments / income of the applicant should not be less than Rs. 2.50 lacs.
Type Of Facility
Term Loan (Combo Pack)
- Purchase of Home Furnishings / Consumer Durable goods (includes color T.V., video camera / refrigerator / washing machine / music system / air-conditioners / cooking system etc).
- Purchase of vehicle i.e. two-wheeler / four-wheeler.
- Purchase of Laptop / PC.
- Purchase of any new electronic gadgets like Mobile, i-Pod, Handycam etc.
Working executives / professionals.
- Minimum 21 years
- Maximum 45 years
Maximum Loan Amount
Subject to maximum of:
- Furniture & Fixture / New Consumer Durables : Rs. 2 lacs
- New Vehicle (Four Wheeler) : Rs. 6 lacs (Two Wheeler) : Rs. 1 lac
- Old Four Wheeler (Not more than 3 years old) : Rs. 4 lacs
- New modern gadget/s : Rs. 1 lac
Aggregate loan amount should not be more than Rs. 8.00 lacs.
- 24 times gross Monthly income.
- Total deductions including EMI of proposed loan should not exceed 60% of the gross income.
- Furniture & Fixture / New Consumer Durables : 20%
- New Vehicle (Two wheeler / Four wheeler) : 15%
- Old Vehicle (Four wheeler only) : 40%
- New Modern Gadgets (Including Laptop / PC) : 20%
For detailed information on the benefits you can avail of, and terms and conditions to follow for the same,
Rate Of Interest
Applicable Interest rate as per retail products –purpose wise
Processing & Documentation Charges
Applicable processing charges as per retail products –purpose wise
- Furniture & Fixture/New Consumer Durables : 60 months
- New Vehicle (Two wheeler/Four wheeler) : 60 months.
- Old Vehicle (Four wheeler only) : 36 months.
- New Modern Gadgets (Including Laptop/PC) : 24 months.
Loan will be repaid in Equated Monthly Installments (EMIs). (12 post-dated cheques are to be obtained in advance every year, with undertaking to maintain adequate balance).
Applicants banking relationship either with our bank or other bank should be analyzed / examined by perusing pass book or statement of account of his main bank account of last six months to satisfy that the conduct of the account is satisfactory.
- Loan agreement - cum - Instrument of Hypothecation of Home Furnishings / Consumer Durable goods / vehicle / PC or Laptop / New Modern Gadgets.
- Hypothecation of vehicle, in case of loan for a car / two wheeler.
- Usual undertakings / documents as applicable to pledge of FDRs, NSCs, shares Bonds, Units etc., if stipulated.
- Personal Guarantee of one / two persons having adequate worth. The guarantee may be waived if loan is availed only for purchase of new vehicle.
- D.P. Note.
- Letter of installment with acceleration clause.
- Declarations cum Undertakings cum Authority
- In case of vehicle loan, Bank charge to be noted with RTO (Certified Xerox copy of the Registration Certificate having banks name as financier be kept on banks records with the documents.
- Blank TTO forms in duplicate.
- Hypothecation of Vehicle (LDOC-20) / PC / Laptop / New Modern Gadgets etc, if availed.
- Other documents to charge the liquid securities, if offered, as per bank rules.
- General form of Guarantee, if stipulated.
- Other securities, as stipulated.
- Adequate insurance of articles purchased out of bank loan with Bankers clause. The premium is to be borne by the borrower.
- Separate loan account for Home Furnishings / Consumer Durables, vehicle and PC / Laptop / New electronic gadgets to be maintained, if availed.
- Penal interest @ 2% p.a. on overdue amount for period of default.
- Loan is to be considered only for reputed brands.
- A stamped undertaking from the employee authorizing the employer to remit the salary every month to the bank for credit of specified SB / Current Account during the currency of the Loan facility and also to deduct from the retirement / terminal benefits, the outstanding overdraft amount with the interest in case of retirement / resignation / cessation of employment for any reason. A copy of the undertaking duly acknowledged by the employer has to be kept on branch.
- The payment will be directly made to the dealers in case of new vehicle/ other articles.
- In case of second hand cars, certificate about the value and residual life of the car to be obtained from a reputed garage.