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Consumer Loan


Sr.No.
Type of Loan Scheme
Present Rate of Interest
A
 CONSUMER LOANS SECURED AGAINST DIRECT DEDUCTION UNDER SECTION 49 of M.C.S Act

For consumer Loan where undertaking of Direct deduction from the salary of Borrower under section 49 of M.C.S Act from the Company of organized sector / Government / Semi Govt.
Undertaking / Public Sector Undertaking.( Employees Working in Private Ltd. companies, Proprietary and partnership concerns will not be considered under this scheme.)

 14.50 %
B
 UNSECURED CONSUMER LOAN i.e. LOAN OTHER THAN TYPE A 16.50 %



  • Maximum Loan Available : Rs.75,000 Thousand(depends on income)

  • Guarantors Required : Two                                                                                                                                                                 

  • Purpose : To Purchase various consumer durables items like Electronics,Furniture etc.                                   



    • 1. Documents Required of Applicant

    1. Loan Application duly filled in all respect.


    2. Four latest Passport size photographs.


    3. Proof of Identity - Photo Copy of PAN Card (must) and Any one from following; Photo Copy of ID        Card/ Passport / Driving License / Aadhaar Card etc.


    4. Proof of Residence - Photo Copy of Ration Card (must) and Any one from following; Latest        Telephone/Bill / Electricity Bill / Property Tax paid / Passport / Voters ID / Aadhaar Card etc.


    5. Bank A/c Statement for last one year.



    6. Income Proof:
             ● Salary earner
              *  last 3 months original authenticated salary slips.
              *  Copy of Form No.16 for last 2 years.
             ● Businessman
              *  Acknowledged copies of last three years I.T. Return with IT paid Challans.
              *  CA certified Trading and Profit Loss A/c, Balance Sheet with all schedules.
              *  Computation of Income statement.
              *  Business proof.


      7. 2. Other


    7. Proforma Invoice for consumer durables & articles to be purchased.


    8. In case of salaried person - Direct Deduction Letter U/s 49 of M.C.S Act. If applied under secured        consumer loan.


    9. ECS mandate copy, Post Dated Cheques(PDC), Standing Instruction (SI) for debiting monthly
            EMI from SB or CD A/c.


    10. Opening of Saving Bank A/c or business Current A/c is compulsory.


    11. Collateral securities as per condition.


    12. Process fees as per bank's rule.


    13. No pre-closer charges .


    14. Interest on reducing balance.



      15. 3. Documents Required of Guarantors

    15. Two Passport size photographs.


    16. Proof of Identification ... as above.


    17. Proof of residence ... as above.


    18. Proof of Business.


    19. Income proof ... as above for two months.



      20. PN: All photo copies must be self attested and bring the originals for verification

    * Conditions apply *


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    Address: 217, Raja Rammohan Roy Road, Girgaum, Mumbai- 400 004.