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Consumer Loans - Purchase of Consumer Durables
| i | Eligibility | Any Individual member. |
| ii | Purpose | For purchase of new Computers, Television Set, Refrigerator, Washing Machines and other consumer durables. |
| iii | Maximum Limit | Depending up-on the repaying capacity of the prospective borrower. |
| iv | Period of repayment | Up to maximum of 60 equal monthly instalments with interest. |
| v | Rate of Interest and other charges |
As per bank’s rules from time to time. |
| vi | Sureties | Two sureties of good means to the satisfaction of Bank, preferably an employee of Government or Semi Government department, or Autonomous body, or local bodies or Public Sector Undertakings and also of Public limited Co’s of high reputation. In case, the borrower is in the service of Private Sector or in business or profession, at least 2 sureties of good means who are necessarily be in the employment of Government or Semi Government department, or Autonomous body, or local bodies or Public Sector Undertakings and also in the employment of Public limited Co’s of high reputation. |
| vii | Other conditions | a) Payment be made direct to the Vendors for full cost of the goods / articles as per Performa Invoice, subject to recovery of margin money from the borrower. b) Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues. |
| viii | Insurance | Insurance of respective asset with Bank’s clause shall be obtained at every year. |