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.