It is a saving account for credit scheme that targets individuals particularly employees where they save a certain amount of money to get loan for purchase of a vehicle and a house.
Features and Benefits
For purchase of a vehicle the customer should deposit 10% of the value initially,
and additional 15% within the first six months and the remaining 15%
in the next six months.Then after, the Bank provides loan for the remaining
60% of the value.
• For purchase of a house the customer should deposit 10% of the value initially and additional 10% within the first six months and the remaining 10% in the next six months.Then after, the Bank provides loan for the remaining 70% of the value.
• The interest rate is calculated as per the Bank’s terms and tariffs.
• The maturity of the loan for a Vehicle is 7 years and 10 years for acquisition of a House.
• The assets acquired with the Bank’s finance shall be used as collateral.
• The account holder should deposit at least for one year to be eligible for the loan.
• All the requirements for account
opening and credit facilities stipulated in the Bank’s procedures would also apply