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| Purpose |
To finance for the purchase of Household goods etc. |
| Eligibility |
Any Individual whose regular income is more than Rs. 75000/- with 2 years of service in the same organization. The age of the individual should be between 25-60 at the time of maturity of the loan. |
| Quantum of Loan |
90% of the cost of article subject to maximum of Rs. 25.00 lacs. |
| Margin |
10% on cost of the article. |
| Rate of Interest |
Retail Credit Interest Rates - (Click here) |
| Repayment |
Maximum Repayment is 12-72 EMIs
No Pre payment charges. |
| Security |
Loan upto Rs. 15.00 lacs: Hypothecation of purchase of articles purchased out of loan.
Loans above Rs. 15.00 lacs: Third party guarantee / Collateral Security along with Hypothecation of article which is purchased out of loan. |
| Processing Charges |
For up to Date Processing Charges, You are requested to kindly visit your nearest IOB Branch. |