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Information about Consumer Power Scheme Loan from Axis Bank

Axis Bank’s Consumer Power scheme will help you acquire the consumer durables you need. Because we know it takes a lot more than four walls to make a home. A new TV, a washing machine, a refrigerator or an AC.
Terms

You can apply for as little as Rs 25,000, or as much as Rs 2 lacs. The maximum loan amount cannot exceed 85% of the cost of the durable, or 12 times your net monthly salary (or equivalent of net annual income for self-employed persons), whichever is lower. You are charged a competitive interest rate, and you can choose to repay your loan in 12, 24 or 36 Equated Monthly Installments. If you are a salaried employee, your Equated Monthly Installments will be collected directly from your employer under the check-off facility. For others, post-dated cheques will be collected.

A) Salaried Individuals  Any individual who is in permanent service in government or reputed companies with a net minimum salary of Rs 7,500

B) Self Employed Individuals In case of self employed individuals, minimum net annual income of Rs 1 lacs.

The applicant in both cases should be above 24 years of age at the time of loan commencement and 55 years or less at the time of loan maturity.

Salaried

Proof of Identity

Passport or Voter’s Identity Card or Driving Licence and Photograph

Proof of Income
Latest salary slip showing all deductions or Form 16 along with recent salary certificate

Proof of Residence
Ration Card or Latest Electricity Bill or Latest Telephone Bill or Passport or Latest Credit Card Bill
Bank Statement or Pass Book where salary or income is credited
Last 6 months

Invoice
Guarantor Form

Others
Proof of Identity
Passport or Voter’s Identity Card or Driving Licence and Photograph

Proof of Income
IT Returns for the last 2 years and Computation of income for the last 2 years certified by a CA

Proof of Residence
Ration Card or Passport or Latest Electricity Bill or Latest Telephone Bill or latest Credit Card Bill
Bank Statement or Pass Book where salary or income is credited
Last 6 months
Invoice
Guarantor Form

Loan Amount
Minimum Loan amount: Rs 25,000
Maximum Loan amount: Rs 2,00,000

85% of the cost of the item or,
12 times of net monthly salary in case of salaried persons or equivalent of net annual income as per latest IT Assessment Order in case of others, whichever is less.

Margin

* 15% for Salaried Individuals
* 15% for self employed customers who have a previous banking relationship and/or combined deposit of at least Rs 50,000, for period of six months
* 25% for self employed customers who do not have a previous banking relationship.

Security

* Hypothecation of the article purchased
* 3rd party guarantee of a person of satisfactory means not belonging to the immediate family of the applicant
* In case of non-salaried, the branch will obtain collateral security such as units of UTI, NSCs, demat shares, bank deposits, LIC policy and such other investments that are acceptable to the bank for 25% of the loan amount
Sources : http://www.axisbank.com