Prosperity Personal Account
It is a saving account for credit scheme that targets individual employees where they save a certain amount of money to get loan for purchase of a vehicle and a house.
TARGETS :Employees of different companies
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.
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.
All the requirements for account opening
and credit facilities stipulated in the Bank’s procedures would also apply.
The account holder should deposit
at least for one year to be eligible for the loan.
The assets acquired with the Bank’s
finance shall be used as collateral.