| Particulars |
Bank’s Policy |
| Purpose/ Scope |
BOP Consumer Durable Loan is Personal Loan facility for the purchase of Consumer Durable goods to cater to their domestic consumption needs. |
| Products |
Products shall include all home appliances items to be used for individual consumer needs. |
| Target Market |
Salaried individuals were payroll with BOP should be at least 3 months will be processed at BOP counters. |
| Eligibility Criteria |
Age between 19 and 59 Years or retirement date; whichever is earlier (59 Years at maturity of facility).
Minimum six months service period required with existing employer
Minimum one month relationship with BOP
Minimum gross salary:
a. Permanent / Contractual/ TPC Employees - PKR.17,500 per month or as salaries paid by the Government
b. Adhoc / TTS - PKR.25,000 per month
|
| Tenure |
From 1 to 4 years |
| Finance of Facility |
Rs. 50,000 to Rs. 1,000,000 |
| Mark-up |
Flat 25% for all consumer durables |
| Security |
Durable shall be hypothecated through letter of hypothecation in the name of BOP and Personal Guarantee (PG) as per finance agreement |
| Documentation Requirement |
Copy of valid Computerized National Identity Card (CNIC/ NICOP)
Latest salary slip of applicant or employer’s certificate / employment letter if salary slip is not provided by employer
Bank Statement for last 6 months (Including where Salary A/C shifted from other banks)
For Contractual / TPC / Adhoc / TTS Staff*: Copy of Contract letter or any document evidencing employment/contract status
In case of existing exposure, account statement should be attached to evidence repayment behavior.
|
| Processing Fee (Including FED) |
Rs.2,500/- (non-refundable) |
| Down Payment |
Optional |
| Pre-Payment/ Early Termination/ Balloon |
NIL |
| Partial Payment |
NIL |
| Late Payment Penalty |
Re.1/- per thousand per day per installment, for overdue days |
| Insurance |
The Life assurance of borrower is mandatory from any insurance Company on bank’s Panel. In the unfortunate event of a customer’s death an amount equivalent to his/her outstanding loan recalled from the insurance company to settle the outstanding loan only.
Medicals records are not retrieve from the customer for this particular kind of insurance and hence a lower premium is charge from customers which is embedded in their EMI. |
| Debt Burden |
Facility must not be more than 40% of monthly income |