1. Eligibility
| v | Individuals with minimum net annual income of Rs. 1,20,000/- |
| v | Loan restricted to salaried class & salary invariably routed through the Branch. |
| v | Employee must be confirmed in the service. |
| v | Close relatives having regular & independent income may join as co applicant/s. |
| v | In addition to spouse, maximum of one close relative may join as co applicant. |
To finance purchase of consumer durables such as Refrigerator, Cooking range, Food Processor, Grinder, Television, Electronic Audio System, Washing Machine, ACs, Microwave Oven, Lap Top/ PCs including accessories, Mobile Phone, Multi Media Kits, UPS, Digital Camera, Generators, Hand Video Camera and furniture, Yo-Bike, Electric Bike, Solar water heating, Solar electricity systems.
Note: Finance for more than one item available.
3. Loan Amount : Maximum Rs. 1 lakh.
4. Margin : Minimum 15 % of the invoice value
5. Rate of Interest : Floating rate of interest 13.50 % p.a. (w.e.f: 02.08.2010)
(Fixed rate option not available)
6. Security : Hypothecation of the item(s) purchased from Bank's finance.
7. Guarantee : Suitable third party guarantee mandatory.
For CHOME borrowers no guarantee, but continuity of security of EMG
8. Collaterals :
Collateral security obtained only where considered necessary, at the discretion of the sanctioning authority.
9. Repayment :
| v | Maximum of 36 months in EMIs. |
| v | Repayment period not to exceed retirement age. |
| v | EMI/notional interest of existing and proposed loan together as a % to net income shall be applicable as per guidelines as applicable |
10. Processing Charges : Rs. 500/- irrespective of the loan amount (Inclusive of service tax).
11. Prepayment charges : NIL
12. Other Conditions :
0.25% interest concession for existing borrowers of Corp Home loan discontinued.
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