0.50% Concession on Interest rate for women borrower.
Repayment: Up to 60 months.
Pre-Payment Charges: Only 2% (If taken over by another bank/FI)The most affordable in the market.
Purpose
Secured personal loans provide a flexible way to meet various financial needs while offering potential cost savings.
Purchase of Consumer durables and furniture/ fixture/ computers
Repairs / renovation of flat / house
Purchase of 2 wheelers
Marriage & other religious ceremonies
Domestic / Foreign tours & travels
Repayment of existing debt
Medical expenses for self / family members
Any purpose which is acceptable to bank.
Security
Collateral Security: Collateral security for a secured personal loan may include assets such as real estate, fixed deposits, vehicles, gold, life insurance policies, stocks, or other valuable property owned by the borrower.
Guarantor:
Minimum Two guarantor acceptable to bank.
One must be salaried person employed with reputed organization.
Eligibility
For salaried person
Permanent Salaried employees having a fair repaying capacity to justify servicing of monthly installments. AND Minimum Take home Salary/Income after EMI amount:- 35% of Gross Salary/Income per month.
For Businessmen / Professional / Self employed
10 times of Gross monthly income OR 15 times of Net monthly income. (Net yearly income or profit should be average of latest three years Net yearly income or profit.)
Credit Score: Minimum 650+ (varies by lender).
Repayment History: Clean credit history with no defaults.
