CONSUMER LOANS :

1. Eligibility (Salaried Employees of approved corporates) :

  • Confirmed employees with a minimum service of 3 years.
  • Age between 18 years to 55 years (the left over service should cover the loan period). Minimum gross salary – INR. 15,000/- per month.
  • Monthly EMI shall not exceed 40% of net monthly salary.

2. Purpose :

  • To meet financing requirements for house renovation, furnishings, medical treatment, children education, travel, holidays, purchase of vehicles & consumer durables and other items.

3. Type of Loan :

  • Term Loan
  • Minimum Loan Amount – INR. 50,000/-
  • Maximum Loan Amount- INR. 500,000/-
  • (up to INR. 1,000,000/- for specific purpose e.g. Housing Loan, education loan etc)
  • (holiday loans, max. amount INR. 2.00 lacs; repayment max. 24 Months)

4. Period :

  • Minimum - 12 months
  • Maximum - 60 months (special cases up-to 84 months with regard to quantum and purpose of loan)

5. Security :

  • Undertaking from the employer to deduct EMI out of employee’s salary and remit the same to the Bank.
  • Undertaking from the employer that employee’s terminal benefits shall be paid to the credit of employee’s account with the Bank.
  • Suitable guarantor.
  • Post dated cheques.

6. Interest Rate :

  • 14% Per Annum.

7. Fees / Charges :

  • 1% of the loan amount subject to a minimum of INR.750/- + taxes.
  • Documents charges is Rs.2000/-

8. Documents Required : Borrower / Guarantor

  • Last three months original salary slip.
  • Copies of last 6 months bank statement.
  • Proof of residence (Passport/Electricity Bill/ration card/gas bill/voter’s card).
  • Copy of the PAN card.
  • Copy of latest form 16 (income tax) from employer.
  • Credit Card statement for last 3 months.
  • Latest 2 passport size photograph.

9. Recovery Agents :

  • We have not appointed any Recovery Agents.

10. Direct Selling Agents (DSAs):

  • Presently we do not have any DSAs, and all marketing, processing etc are done by our own staff only.

* All the above is subject to terms and conditions.

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