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Loan to Individuals for Computer and Peripherals

Type of loan
Medium term loan – Non-agriculture.
Method of Repayment
Non-EMI
Purpose   
Purchase of Computers & Peripherals.
Eligibility criteria
Individuals
Scale of finance    
Not applicable.
Limit of loan 90% of the quotation up to a maximum of Rs:50000.
Margin                                 
10%
Holiday period
Not applicable.
Repayment period
72 Months.
Rate of interest
As per interest structure.
Penal Interest 2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.
Charges
1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000 it is    @ 0.5%.this is credited under the head HO Miscellaneous income.
2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.
Subsidy/Re-finance
Nil
Security
Personal / collateral security.

Insurance of stock in the joint name of bank and the loanee should be submitted.
Hypothecation of stock

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