NATURE OF THE FACILITY
• Term loan.
PURPOSE
• Purchase of Mobile Phones (IOS, Blackberry, Android and Windows based).
• 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.
AGE LIMIT
. Minimum: 21 years.
• Maximum age of Applicant at loan maturity: For employees Date of retirement or 60 Years whichever is earlier.
. For others: 65 years.
SCALE OF FINANCE
• Minimum Finance: 10,000. • Maximum Finance: 75,000 or 12 months net income for purchasing upto three Smartphones or 90% of the invoice value of the Smartphone(s) whichever is lower.
• Maximum finance (in case of individual small businessmen who do not file their tax returns and do not maintain the financial statements) is 10% of the credits in the operative account of the borrower during the last 12 months or 90% of the invoice value of the Smartphone(s), whichever is lower.
• For Govt. employees gross deductions should not exceed 60% of gross salary while as for others deductions should not exceed 50% of gross income.
MARGIN
• 10% of the invoice value.
SECURITY
Primary: NIL
• Collateral: NIL
PROCESSING CHARGES
• 350/- plus applicable GST
REPAYMENT
• 30 Equated Monthly Installments.
PREPAYMENT
NIL
RATE OF INTEREST (SUBJECT TO CHANGE)
• 1 Year MCLR + 3% (fixed)
