Individuals /Business Concern having a net Salary/Income not less than 5000/- per month and professional/others who earn not less than Rs.75000/-per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan. For professional one year other income has to be evidenced by order of asst. of IT (or) as per the latest it return duly acknowledged by IT Department.                                               

The loan may be granted for the purpose of consumer durables such as Television , Refrigerator, Wet grinders, Furniture's, etc. but not for vehicle or jewels ( Loan is not to be made for the purchase of second hand consumer durables)

10 months net salary / income subject to maximum of RS.50000/- is permissible amount of loan. As already stated , for the purpose of computation of net salary , the salary of the spouse may be added subject to the condition that the spouse will stand as co-obligant to the loan.

10 %

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Hypothecation of articles to be purchased

Along with the applicant, the spouse / or may other individual fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.

Repayment is to be made within a maximum period of 36 months in equated monthly instalments. No moratorium period is to be allowed.

Insurance may be waived However if the borrower desires to get the articles insured the same may be done at the cost of the borrower.

Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks

1 In respect of employees, a letter of undertaking from the employer to deduct and remit the loan instalment from the salary of the employee needs to procured, wherever possible. In some Cases it may be waived as the discretionary of the bank.

2. In respect of employees whose salaries are being credited to their Savings Bank Accounts maintained at our branches, an authorisation letter to deduct the monthly installments from their Saving Bank Accounts every month till the entire loan is discharged in full to be obtained. In such cases , it is to be ensured that their is no change in the arrangement for credit of salary in to Savings Bank Account of our bank.

3.Post dated Cheques should be obtained. In some Cases it may be waived as the discretionary of the bank.

Disbursement of the loan is to be made directly to the seller or supplier.