Overview
Beyond owning a home, equipping it with everyday comforts is something most households aspire to. This loan helps finance the purchase of consumer durables and utility items — fridges, washing machines, cooking ranges, computers, and similar goods.
Eligibility
Individuals, professionals, self-employed persons and businessmen.
Income
Net income of at least ₹5,000 per month for salaried persons, or annual income of at least ₹60,000 for others.
Loan Amount
The cost or invoice value of the items, subject to the required margin and a maximum of ₹2 Lac.
Margin
25% where the loan amount exceeds ₹50,000.
Security
Hypothecation of the items being purchased.
Guarantee
One or two solvent third-party guarantors, depending on the loan amount.
Period of Loan
Up to 60 months, repaid in EMIs.