Have a look at Dena Bank Consumer Durable Loan
Last Updated : March 17, 2017, 12:51 p.m.
One can now purchase their favorite laptop to the best in-class refrigerator or air conditioners as the buying power has been given an impetus with consumer durable loan . This type of loan, as the name suggests, is provided by banks and non-banking finance companies (NBFCs) to buy consumer durable goods such as refrigerators, washing machines, air conditioners, laptops, LED television and others. As a customer, you must check the offering of different lenders and make a comparison so that you can opt for one that not only meets your requirements but also fit into your pocket. You can choose the consumer durable loan offering from a group of lenders such as HDFC Bank, ICICI Bank, State Bank of India, Bajaj Finserv and others for a period of 1-3 years. Loan can be financed at 80%-100% of the price of the product. Loan amount eligibility also depends on the repayment capacity of the individual. We, in this article, will highlight the consumer durable loan of Dena Bank, a popular public sector bank. First start with the features, fees and charges that apply on the bank's consumer durable loan.
Features, Fees & Charges
- Maximum Loan Amount- Rs 1 lac
- Maximum Loan Amount Eligibility-9 times of net monthly income
- Maximum Loan Tenure- 3 years
- Spouse's income can be added to increase loan amount eligibility
- Margin Money-20% of the loan amount
- Interest Rate -13% for corporate salary account holders
-14.5% for others
- Interest to get charged on daily reducing balance
- Processing Fee – Upto Rs 25,000-Rs 250
– Above Rs 25,000-Rs 500
- No prepayment charges
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | Minimum income of Rs 20,000 per month | Minimum annual income of Rs 2,00,000 |
| Job Experience/Business Continuity | Must have been working with the current employer for at least 2 years | Minimum work experience of 3 years in the same line of business |
Documentation
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Identity proof | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
| Age proof | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Income Proof | Salary slip of last 2 months, bank statement for last 3 months | Latest 2 year ITR with statement showing computation of income, CA Certified or auditied profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months |
| Signature verification | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
| Signed Application Form | Yes | Yes |
P roducts covered under consumer durable loan
- Laptop
- Personal Computer
- Washing Machine
- Refrigerator
- Microwave
- TV
- Air Conditioner
- Mobile Handset
- Cooking Range
- Fitness Equipment
- Music System
- DVD Player
(Updated on:5 November,2016)