NEW LOAN POLICY FOR ADVANCES OF COMPUTER / LAPTOP LOANS *

ELGIBILITY

Loan may be granted to Regular OR the Nominal Member subject to competency of the member to avail the loan and then execute the documents into a legally binding contract to purchase computer/ Laptop. Normally students who have completed 18 years of age and are eligible for such loan who are doing their higher studies.

Students studying in Primary,Secondary and Higher secondary are not competent to become parties to loan contract.Hence the loans may be granted to their parents or guardians(as per the Guardian and Wards Act 1956) of such students for the purchase of computer/laptop.

Loans may be granted to the students doing their graduation & post graduation , teachers,lecturers, professionals,faculty and businessmen.

One surety of a Member(shareholder) OR Nominal Member of the Bank who is a salary earner or self employed /businessmen with substantial income. In case the applicant is a student, surety of parents / guardian is a must.

Security:

Undertaking from the school or college where the student is presently studying will be compulsory, stating that no leaving certificate or Transfer Certificate or Passing out certificate of any such type will be issued to the student till the entire loan is fully repaid and with the written consent from the Bank. The prospective borrower will keep 5gms(Half Tola) gold ornaments in the Bank’s custody duly tested by Bank’s approved Valuer till the repayment of entire loan.

OR

The prospective borrower will keep the original RC of 2 wheeler / 4 wheeler  in the Banks custody till the close of such loan.

OR

The Bank will have its charge on household articles worth the loan amount and the original receipts of such articles  may be kept in the Banks custody. as a security.

Application:

The prospective borrower will submit an application in  the prescribed form duly filled in alongwith the prescribed  documents.

Photo:

1 Latest passport size photograph of both the applicant, student and surety.

HP Deposit

Rs.1500/- towards the purchase of  Computer and Rs.3000/- towards the  purchase of  Laptop.

Stationary:

Loan form charges Rs.50/-  and agreement charges be taken with HP Deposit.

Repayment Period:

EMI of 12,24, and maximum 30 months as per the request & repayment capacity of the Borrower.

Loan Limit:

RS. 50,000 /- only

Rate of Interest:

11.50 %

Process Fee:

No process and any hidden charges.