Consumer Loan

Our low-rate Consumer Loans are a great alternative to high-rate personal credit cards, and we offer a variety of terms to meet your needs. You can purchase any amount of consumer goods or cover your personal expenses (purchase of gold and other speculative activities excluded).

Eligibility

Salaried individuals in permanent employment for minimum period of 3 years
Professionals & self-employed persons in business for at least 3 years

Quantum

UPTO Rs. 1 LAKH
100% of invoice value of items to be purchased

ABOVE Rs. 1 lakh and below Rs. 2 lakhs
85% of invoice value to be purchased

Maximum loan under the scheme is Rs. 5 lakhs

Repayment Period

3 years

4 years for staff of institutions banking with us

Security

Asset/s being financed/purchased to be hypothecated (where applicable)
Cheques from Business and Salary Accounts to be held on record / Salary Deduction to be registered
Surety of two individuals acceptable to the bank

Rate of Interest

PLR plus 1.00% i.e. 13.00%

Documents Required

PROOF OF IDENTTIY
Aadhar Card/Driving license/ Passport/ PAN card/Election card/Job card issued by Govt. agencies
PROOF OF RESIDENCE
Aadhar Card/Driving license/ Passport/ Election card/Job card issued by Govt. agencies
PROOF OF INCOME - SALARIED INDIVIDUAL
Form 16A, Latest Salary Slip for 3 months, Salary bank account statement of last 1 year
Proforma invoice of the article to be purchased