District Central Cooperative Banks and through its Branches: For Consumer Durables T.V., Fridge and Two Wheelers Loan
At a Glance
Scheme Category
Banking,Financial Services and Insurance,Loan
Target Beneficiaries
Individual
Brief Description
A loan scheme provided by District Central Cooperative Banks for purchasing consumer durables like T.V., fridges, and two-wheelers. Loan covers 75% of the product cost at an interest rate of 14%.
Benefit Type
Cash
Eligibility Criteria
- The beneficiary should be a resident of Tamil Nadu. - Loans should be applicable only for Consumer durables such as T.V., Fridge and two wheelers. <br>
Application Mode
Offline
Application Process
Step-1: The interested applicant should collect the application form from the District Central Cooperative Banks or its branches. Step-2: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across, if required), and attach copies of all the mandatory documents (self-attest, if required). Step-3: Submit the duly filled and signed application form along with the documents to the concerned authority.. Step-4: Request a receipt or acknowledgment from the concerned authority to whom the application has been submitted. Ensure that the receipt contains essential details such as the date and time of submission, a unique identification number (if applicable).
Required Documents
- Identity proof (Aadhaar, PAN card, etc.).
- Address proof.
- Product cost estimate or invoice.
- Any other documents (if required).
FAQs
What is the objective of this scheme?
The scheme offers loans for the purchase of consumer durables, including T.V.s, refrigerators, and two-wheelers that covers 75% of the product cost at an interest rate of 14%.
What is the maximum loan amount a person can avail?
The loan covers up to 75% of the cost of the product.
Is there any ceiling on the loan amount?
No, there is no upper ceiling on the loan amount.
What is the rate of interest for the loan?
The interest rate is 14%, but it is subject to change.
What items can be purchased with this loan?
The loan can be used to purchase consumer durables such as T.V.s, refrigerators, and two-wheelers.
Who is eligible for this loan?
Any resident of Tamil Nadu can apply for the loan.
Is there a minimum income requirement for the loan?
There is no specific income requirement mentioned.
What documents are required to apply for the loan?
Applicants need to provide ID proof, address proof, income proof, and an estimate or invoice for the product.
Where can one apply for this loan?
The loan can be applied for at any District Central Cooperative Bank or its branches.
Is there any processing fee for the loan?
The details about the processing fee depend on the bank’s policy.
What is the repayment tenure for the loan?
The repayment tenure is decided by the bank at the time of loan sanction.
What happens if someone defaults on the loan?
In case of default, the bank may take recovery actions as per its policies.