Purchase of Consumer Durables

i.

Eligibility

–

Any Individual member, including Nominal Member of the bank.

ii.

Purpose

–

For purchase of new Computers, Television Set, Refrigerator, Washing Machines and other consumer durables.

iii.

Maximum Limit

–

` 50,000/- or up to 10 times of monthly income of the borrower, which ever is less.

iv.

“Period of repayment

–

Up to maximum of 36 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 Cos. of high reputation with a continuous service of a minimum of three years.

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 Cos. of high reputation with a continuous service of a minimum of three years.

vii.

Other conditions

a)

b)

Payment direct to the Vendors for full cost of the goods / articles as per Performa Invoice, subject to recovery of margin money from the borrower.

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 the cost of the borrower.