Loans up to Rs.60000: Non-Priority

To provide finance for purchase of Mobile Phones (IOS, Blackberry, Android and Windows based) to:

  • Permanent Employees/Pensioners of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies drawing salary through our Bank and where letter of undertaking from employer is available.
  • Customers already availing seasoned credit facilities (aged more than 2 years) where in there have been no past dues of more than one month during the currency of the loan.
  • Minimum age of Applicant: 21 years.
  • Maximum age of Applicant at loan maturity:

For employees Date of retirement or 60 Years   whichever is earlier.

For others: 65 years.
  • Minimum Finance: Rs. 10,000.00
  • Maximum Finance: Rs.  60,000.00 or 12 months net income for purchasing upto three Smartphones or 90% of the invoice value of the Smartphone(s) whichever is lower.
In all other cases gross deductions including EMI should not exceed 50% of gross income.

Primary:

  • NIL upto Rs. 40,000.00
  • Hypothecation of asset / item purchased for loans above Rs. 40,000.00.

Collateral:
Nil

13% p.a. fixed rate of interest with monthly rests.

30 Equated Monthly Installments.

No penalty on prepayment or / and foreclosure of the loan.