For purchase of brand new Electric Power Generator to be installed at residential / commercial / industrial property owned by the borrower.
Eligible Borrowers*
Salaried Persons
Self Employed Professionals
Business Persons
Financing Amount
Minimum Amount of Finance: Rs. 0.1 Million
Maximum Amount of Finance: upto Rs. 1.0 Million
Down Payment
A minimum of 20% of price of the Generator (as per Quotation / Invoice) being financed shall be paid by the borrower
Tenure
Maximum repayment period is 3 years
Mark-up Rate **
1 Year KIBOR +4% p.a., to be revised on each anniversary of finance.
Processing Fee
Rs. 2000/- per approved application.
Service Length
Minimum 1 year of confirmed service with present employer in case of Salaried Person.
Age
At the time of Application for finance applicant’s age must not be more than;
57 years in case of Salaried Persons
60 years in case of Self Employed / Business Persons
Debt Burden
Monthly repayment installments not to exceed 40% of the net take home salary or 40% of declared monthly income (taking into account other financing facilities availed from other Banks/DFIs).
Pre-Payment Penalty
No prepayment penalty
Late Payment Charges
Rs. 500/- per installment per month
Insurance of Generator
Insurance Premium is payable up-front for each year during the life of the loan.
Charges
Documentation Charges at actual.
Income Estimation Charges (if applicable).
* Subject to fulfillment of our eligibility criteria.
** Subject to change and revised rates to be communicated from time to time. For further details please call:
Consumer Finance Division #(0213) 2434027, (0213) 2439562-67 ext - 325,
