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.
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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