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Information on Consumer Loan Scheme

Purpose Purchase of Consumer Durables / Computer .
Eligibility Permanent salaried / Professionals (must be IT assesses)
Age 21yrs 60yrs at Loan Maturity.
Minimum Employment For Service Persons Total 5 Yrs
Current 2 yrs
Professionals -3 years
Minimum Annual Income Salaried persons, permanent in service / professionals -Minimum income Rs. 3.00 lakh p.a.
(Teachers having salary a/c Rs.2.00 lac)
Maximum amount Rs.1.50 lac
Salaried - 6 times Gross Pay
Professionals - 50% of Gross Avg. Income of last 3 yrs IT return or last yrs inc. which ever is less
Margin 25%
Security Hyp. of Cons. Durables
Guarantor One Guarantor acceptable to Bank .
Deduction Limit 60% of Gross Pay
Repayment EMI - 60 mts (Max) or residual service which ever is less
Processing fee 1% of Loan Amt. Min. Rs.500.00
Insurance Not Compulsory
Group Finance 20 permanent Employees of same organization of repute -Margin Relaxation up to 10% by RMO
Others During the currency of the one consumer loan availed for lesser amount, another loan can be considered to the extent of diff. between Rs1.50 lac and quantum of earlier loan balance.