HCL Infosystems and Central Bank of India today signed an agreement to offer ‘cent computer loan’ to consumer desiring to purchase computers and accessories.

The scheme is open to students, professionals and permanent salaried individuals. The loans will be extended at an interest of 12% per annum and there will be no processing charge. The loans will be offered for a 36 month period with upto 75% finance provided by the Bank subject to maximum of Rs 100,000/-

For the product, the warranty period will be 12 months from the date of installation or 13 months from the date of invoice whichever is earlier.

To start with, the scheme will be available across 91 branches of the bank.  

Commenting on the tie up Mr. George Paul, Executive Vice President, HCL Infosystems said, “Today computers have become one of the most essential requirements for everybody. India, being a growing economy needs to propel the growth of affordable computing devices inorder to increase IT penetration in the country. We are confident that our-tie up with Central Bank of India will give immediate benefits to the potential buyers. The idea is to reach out to customers across India, who needs computing devices but face problems with the unavailability of financial assistance.”

 “The strategic partnership with HCL Infosystems, pioneer in Indian IT Industry, will bring computing devices to masses.  The schemes which we have introduced collectively is an endeavor to assist the potential customers in acquiring computing equipments for their own professional and personal use at a very affordable price. We believe that this scheme will foster widespread adoption of computers in the country,” said a Central Bank of India spokesperson.

The scheme is open to individuals who do not have an account with the bank. The bank promises to process the loan in three working days. If an individual wants to close the loan before the completion of the loan tenure then there will be no pre payment penalty of loan repaid from own source.