Consumer /Computer Loan

1.        He should be a major but not more than 55 years of age.

2.        Proof of address of the borrower and sureties.

3.        Atleast one to the sureties should be a Govt. employee. In case of female borrower one of the surety should be male member of her family.

4       One passport size photograph.

5.        Income: Annual income should not be less than 12 times of the equated     monthly installments of the loan.

6.        a) For salaried person -

           i) Latest salary certificate of the borrower and sureties

           ii) Undertaking from the employer of the borrower and sureties to the  effect that he would deduct from the salary and remit to the bank amounts as demanded by the Bank in case of default.

            iii) applicant should have completed five years of service and the remaining period of service left should not be less than 5 years.

     b) For self employed -

            i) Latest Income Tax return of last three years of the  borrower/sureties

            ii) Affidavit , in case not filing the income tax returns.

7.         Post dated cheques for all installments (EMI) at the time of disbursement of the loan.

8.        Share money i.e. 2.50 % of loan amount which is refundable

9.         Processing fee i.e. 0.50 % of the loan amount non-refundable at the time of advancing of the loan.

10.        Loan up-to 75% of the cost of article (as per pro forma invoice issued by the vendor) against hypothecation of the article. Difference amount to be deposited by the borrower and the total amount will be paid directly to the vendor.

11.      Period of loan       : Repayable in 36 equated monthly instalments.

                                                                         
Last modified: 02/02/09