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Soneri Generator Finance

Purpose of Finance

  • For purchase of brand new Electric Power Generator to be installed at residential / commercial / industrial property owned by the borrower.

Eligible Borrowers*

  • Salaried Persons
  • Self Employed Professionals
  • Business Persons

Financing Amount

  • Minimum Amount of Finance:        Rs. 0.1 Million
  • Maximum Amount of Finance:      upto Rs. 1.0 Million

Down Payment

  • A minimum of 20% of price of the Generator (as per Quotation / Invoice) being financed shall be paid by the borrower

Tenure

  • Maximum repayment period is 3 years

Mark-up Rate **

  • 1 Year KIBOR + 4% p.a., to be revised on each anniversary of finance.

Processing Fee

  • Rs. 2000/- per approved application.

Service Length

  • Minimum 1 year of confirmed service with present employer in case of Salaried Person.

Age

At the time of Application for finance applicant’s age must not be more than;

  • 57 years in case of Salaried Persons
  • 60 years in case of Self Employed / Business Persons

Debt Burden

  • Monthly repayment installments not to exceed 40% of the net take home salary or 40% of declared monthly income (taking into account other financing facilities availed from other Banks/DFIs).

Pre-Payment Penalty

  • No prepayment penalty

Late Payment Charges

  • Rs. 500/- per installment per month

Insurance of Generator

  • Insurance Premium is payable up-front for each year during the life of the loan.

Charges

  • Documentation Charges at actual.
  • Income Estimation Charges (if applicable).

*     Subject to fulfillment of our eligibility criteria.
**   Subject to change and revised rates to be communicated from time to time.

For further details please call:
Consumer Finance Division # 111-567-890 ext 2435.