Consumer loans are also made available to the needy customers by Grama Suraksha Integrated Foundation (GSIF) for the purchase of Household goods, Home appliances like the television sets , air conditioners , Home Theatre systems , laptops mobile phones , cameras , modular kitchens or any other electronic gadgets.
This type of loans are secured by assets or collateral submitted by the borrower which are mainly the documents of land owned by the borrower as well as the documents pertaining to his bank accounts.
Benefits of GSIF consumer loans:-
- a) Easy sanction of Loan.
- b) Easily payable EMIs.
- c) Repayment facility by means of NEFT, RTGS, Draft or bankers cheque.
- d) Comparatively greater repayment tenure.
- e) Simple documentation process.
Loan amount under GSIF consumer loans:-
The loan amount equal to 80% to 90% of the total cost of the product being purchased can be sanctioned as loan by GSIF. The remaining 10% to 20% of the cost needs to be paid by the customer through down payment.
Documents required to be submitted for consumer loan:-
- a) Certificate from the Section Head (In case of Govt employees).
- b) Income proof (For employed staff).
- c) Salary certificate (For employed staff).
- d) Address proof.
- e) 3 x recent photographs.
- f) Identity proof and signature proof of the Applicant.
For more details regarding the loan process like the loan sanction procedures and repayment process you are requested to contact any branch of Grama Suraksha Integrated Foundation (GSIF).
Penalty charge:-
In case of the borrower fails to re-pay the EMIs at the fixed intervals (weekly / monthly) as briefed to them at the time of loan disbursement , the borrower is/are liable to pay the penal charges along with the due EMI. It is generally a fixed charge.
Fore-closure charges of loans:-
In the case of a loan customer pays off the loan completely before the end of the repayment tenure, it usually invites some amount of charges known as fore-closure charges. It generally ranges from 0% to 3% of the principle loan amount previously paid plus the taxes applicable.
