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CONSUMER LOAN

Its time to fill your dream home with smart gadgets like Consumer Durables. You can explore the electronics from the best brands. Select the electronics, appliance or any other product you want, talk to our representative, and convert the cost of your purchase into easy EMIs with consumer durable loans from CITO Nidhi Ltd and keep your cash flow untouched.

Rs. 10000 - 1 Lac

Rs. 10000 - 1 Lac

Loan Amount

1 Year

1 Year

Period

PF - 3% + GST

PF - 3% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals, Salaried / Self-employed concerns can avail
  • Simple Documentation.
  • Easy EMI payments Option.
  • Hypothecation in favor of CITO Nidhi Ltd.
  • Pre-Mature Closure is allowed, subject to applicable charges.
  • CIBIL deviation allowed on satisfactory justification

Interest Rate

Loan Amount Minimum Rs 10,000/-  Maximum Rs 1.00 lakh
Repayment Tenor 1 Years
Processing Charges 3.00% on Loan Amount + GST
Foreclosure Charges 4% on Loan outstanding.
Legal & Technical Rs 2000/- upto Loan Amount Rs 5.00 Lakhs and Rs 4000/- for Loan Amount above Rs 5.00 lakhs.
Primary Security Hypothecatin of Consumer  Durables in favor of CITO Nidhi.
Guarantee N.A.
Collateral Security N.A.
Co-Applicant Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Terms and Conditions
  • For Self-Employed:- Business vintage should be minimum  years and above and proof to be submitted
  • Latest 2 years ITR/Income Statement/ Purchase Bills/ GST/ Bank Statement or any other business income proof to be submitted. Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 20,000/- per month is mandatory.
  • For Salaried:- Minimum 2 years employment proof with 6 months salary slips along with Bank Statement
  • Borrower Minimum age at application - 25 years and maximum age at loan maturity - 65 years. 
  • Residential & Business stability- 3 years in the current residence & business place
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Mortgage Loan policy on delayed payments
  • Own House proof Mandatory (Borrower or Co-Borrower).
  • 3 PDC  Cheques should be submitted
  • Loan amount will  be paid directly to the Distributor / Supplier vide cheque or RTGS/NEFT
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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