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, whichever 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, Autonomous body, local bodies, Public Sector Undertakings or Public limited Companies of high reputation with a continuous service of minimum three years. In case the borrower is in private sector service, business or profession, at least two sureties of good means who must be employees of Government, Semi Government, Autonomous body, local bodies, Public Sector Undertakings, or Public limited Companies of high reputation with minimum three years continuous service.
vii. Other conditions	a) 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. 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 the cost of the borrower.