CONSUMER DURABLE GOODS (CDG) LOAN
Now-a-days, customers frequently find new models, new specifications & updated versions of Electronic Goods / Consumer Durable Goods (Household Appliances) in the market. Sometimes customer’s dreams to own smart goods will not come true due to financial constraints. In such cases SUCO Bank will help such customers to purchase the goods of their dreams instantly through empanelled / approved dealers with whom a tie-up arrangement has been established with SUCO Bank.
In the background of this, our Management is pleased to launch a new loan product to cater the needs of the customers and this product will be operative WEF 13-10-2021.
Salient Feature of the Loan Product
b. Above customers who are aged above 21 years below 60 years.
QUANTUM OF FINANCE
Minimum Loan amount : Rs. 10,000.00
Maximum Loan amount : Rs. 1,00,000.00
Down Payment/Margin Money : 20% of the quotation value ofthe goods & it is to be collected by the Bank from the borrower.
Sanction of Loan amount : 80% of the quotation value of the goods Will be Bank Finance.
- Loan Application including DPN, TDN, Hypothecation Agreement and Income details of the borrower
- Quotation of the consumer Goods
- Adhar Card
- PAN Card
- Pass book of any other Bank
- Photo of the borrower & Co-obligant (if obtained)
- Hypothecation Agreement (furnish the details of goods)
LOAN PROCESSING, DISBURSEMENT & DELIVERY OF GOODS
- When a customer visits an empanelled store and selects a product which costs more than his budget, then the dealer will insist on contacting the nearest SUCO Bank’s Branch with KYC documents viz aadhar card,pan card, bank passbook.
- After receiving the loan request from the customer at Branch, the Credit officer should insist on producing the KYC documents along with the PAN Card to check the CIBIL Score for assessing the credibility. No charge will be collected for checking the CIBIL Score.
- After receiving the details, the credit officer/ credit department officials/ SBM will verify the aadhar card number and check Cibil rating.
- If the Cibil rating is more than 600, -1 or 0 loan requests can be considered for sanction.
- After confirmation of CIBIL rating, Branch/credit department has to follow the loan processing i.e.
- Collecting the Quotation
- Regular share Application
- Collecting the Loan Application and Income details
- NACH mandate
- Stamped Receipt / Original Invoice
- On production of above documents and verification by the concerned Manager may sanction the loan within 1 hour after consideration.
- After sanctioning the loan, loan proceedings will be transferred directly to the dealer account, and the branch has to issue a letter to the dealer to release the goods to the concerned customer. Also instructed to send a Delivery Note at the earliest.
b. If the Cibil rating is more than 600, -1 or 0 loan requests can be considered for sanction.
LED Television,Laptops & Ultrabooks, Refrigerator, Washing Machine, Modular Kitchen, Air conditioners,High End Camera and Lenses,UPS and battery,High End Audio and Home Theater System.
RATE OF INTEREST
If the customer is already a regular member of the Bank, there is no need to obtain regular shares. If the customer is new and not a member, then the regular membership is to be obtained. Regular Share charges to be collected as under.
One share – 100/-
Share admission Fee – 50/- + GST
Share Fee – 1/- + GST
Share application – 5/- + GST
- If the borrower is a salaried person, NACH Mandate is mandatory and no co-obligants required.
- If the borrower is a non salaried person and cannot give NACH mandate then co obligation is the must.
POST SANCTION VERIFICATION
REPAYMENT OF LOAN AMOUNT
(ii) If the customer is opted for ECS mandate, he has to ensure the loan installment
payment either on 5th OR 15th of the month.
(iii) If the borrower is ready to repay the loan by cash instead of ECS,he has to remit the cash at the end of the month before presenting the ECS.
ECS MANDATE RETURN CHARGES
- LCO / Credit Officer / ABM has to follow-up with the borrowers regularly for the recovery of each installment.
- If 2 EMIs have become due, the Recovery Manager / Cluster Manager / Recovery Department should take necessary actions to recover the entire overdue.