V Equip

A convenient finance scheme, the V-Equip loan can be availed to purchase consumer durables such as Computers, Refrigerators, Televisions, Air conditioners, equipments, domestic appliances, etc.

Purpose
For purchase of consumer durables like Refrigerator, Airconditioner, Furniture, Kitchen appliances, Vacuum cleaner, Electrical appliances, Home appliances, Solar water heater, Sound system, Television, CD/VCD Players, Personal computer, Portable generator, Electric motor etc. and Equipments required for professional and self employed persons.

Eligibility

  • Salaried persons satisfying the following conditions
    • Individual aged between 21 years and 60 years
    • He / She is a permanent employee of :
      • State / Central Government, the Defence / Police force or Autonomous Body.
      • A public sector / joint sector undertaking or a Corporation.
      • Reputed Public Limited Company.
      • An established education institution / aided college / school.
      • Any private establishment
    • He / She has a minimum service, so as to ensure that the entire liability is liquidated at least one year prior to his / her retirement.
    • He / She should have sufficient net take home salary to service the present the loan applied for.
      • The salary of the applicant should be credited to his / her account with the branch and he / she should give a letter in duplicate addressed to the employer undertaking not to revoke the Salary Mandate, without obtaining consent from the Bank. This letter should be sent by Registered Post by the branch to the employer and proof of despatch should be held on record. OR
      • Where the employer has no system of remitting the salary of his staff members for the credit of their bank accounts, loans can be granted by taking an undertaking from the employer to deduct the monthly instalments / interest from the salary and to remit the same to the Bank till they hear to the contrary from the Bank.
  • Pensioners drawing Service Pension (RPR, Family Pensions etc.) through our Bank.
  • Professionals & Self Employed Persons such as Doctors, Engineers, Architects, Chartered Accountants, Lawyers, Consultants, Agriculturists, Business-men etc. aged less than 70 years having independent income.

Quantum of Loan

  • Where the salary is being remitted by the employer for the credit of SB / C.A/c of the beneficiary and the mandate on salary is served on the employer with due acknowledgement OR where the employer has undertaken to remit the instalments till he will hear to the contrary from the Bank -- 100% of the invoice price, rounding off to previous hundred, subject to a maximum of Rs. 3.00 lacs
  • In case of pensioners:
    •   100% of the invoice price, rounding off to previous hundred, subject to a maximum of Rs. 1.50 lacs.
  • In case of Non-salaried persons
    •   90% of the invoice price rounding off to the next hundred, subject to a maximum of Rs. 2.00 lacs.

Repayment
Entire loan has to be repaid with interest in not more than 60 equated monthly instalments. In case of non-salaried borrowers repayment schedule may also be fixed at quarterly / half yearly / yearly intervals based on the type of the activity the borrower is engaged and periodicity of receipt of his / her income.

 Guarantor:

In case of salaried persons
a. Where salary is directly being credited or the employer has undertaken to remit the instalments One guarantor acceptable to the Bank
b.  Otherwise  
  Up to and inclusive of Rs. 1,00,000/=  One guarantor acceptable to the Bank
  Above Rs. 1,00,000/= Two independent guarantors acceptable to the Bank
In case of pensioners
 a.  Where the pensioner is not a Family Pensioner  Spouse or the dependent son/daughter, who is nominated for Family Pension
 b.  Where the borrower is a Family Pensioner  An independent guarantor acceptable to the Bank
 In case of Non-salaried persons  
 a.  One guarantor acceptable to the Bank 
 In case of others
 a.  One guarantor acceptable to the Bank 
 b.  Up to and inclusive of Rs. 1,00,000/=  One guarantor acceptable to the Bank
 c.  Above Rs. 1,00,000/= Two independent guarantors acceptable to the Bank

 Rate Of interest

If salary credited to our Bank BR+2.30=11.95 p.a (Floting)
Others BR+3.30=12.95 p.a.(Floating)


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