The “District Central Cooperative Banks and through its Branches: For Consumer Durables T.V., Fridge and Two Wheelers Loan” scheme is launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu. This scheme offers loans for the purchase of consumer durables such as televisions, refrigerators, and two-wheelers. Under the scheme, loans are provided for up to 75% of the product cost with no upper ceiling, and the applicable interest rate is 14% (subject to change).
Benefits
- Access to Loan:
Up to 75% of the cost of the consumer durable can be financed. - Interest Rate:
The loan carries an interest rate of 14% (subject to change).
Eligibility
- The beneficiary must be a resident of Tamil Nadu.
- The loan is applicable only for consumer durables including televisions, refrigerators, and two-wheelers.
Application Process
Offline
-
Collect the Application Form:
Interested applicants must collect the application form from the District Central Cooperative Banks or their branches. -
Complete the Form:
Fill in all mandatory fields, attach a passport-sized photograph (signed across, if required), and include copies of all mandatory documents (self-attested, if required). -
Submit the Application:
Submit the duly filled and signed application form along with the documents to the concerned authority. -
Obtain Acknowledgment:
Request a receipt or acknowledgment from the concerned authority. Ensure the receipt contains essential details such as the date and time of submission and a unique identification number (if applicable).
Documents Required
- Identity Proof (e.g., Aadhaar, PAN card, etc.)
- Address Proof.
- Product Cost Estimate or Invoice.
- Any other documents as specified by the authority.
Frequently Asked Questions
-
What is the objective of this scheme?
To provide financial assistance for the purchase of consumer durables such as TVs, refrigerators, and two-wheelers. -
What is the maximum loan amount a person can avail?
There is no upper ceiling on the loan amount; however, the loan covers up to 75% of the product cost. -
Is there any ceiling on the loan amount?
No, there is no upper ceiling. -
What is the rate of interest for the loan?
The interest rate is 14% (subject to change). -
What items can be purchased with this loan?
The loan can be used to purchase consumer durables like televisions, refrigerators, and two-wheelers. -
Who is eligible for this loan?
Only residents of Tamil Nadu are eligible. -
Is there a minimum income requirement for the loan?
There is no minimum income requirement specified in the scheme details. -
What documents are required to apply for the loan?
Required documents include identity proof, address proof, and a product cost estimate or invoice, among others. -
Where can one apply for this loan?
Applications must be submitted at the District Central Cooperative Banks or their branches. -
Is there any processing fee for the loan?
The scheme details do not mention any processing fee. -
What is the repayment tenure for the loan?
Repayment tenure details are subject to the terms provided by the respective bank. -
What happens if someone defaults on the loan?
Default procedures will follow the standard policies of the District Central Cooperative Banks.