Personal Loan Products

Personal Loans

  • Purpose Emergency Medical Needs, unforeseen commitments / contingencies and domestic purposes
    Type of Loan SBT Easy Gold Loan- Demand Loan
    Eligibility
    • All individual customers who have an account with full KYC compliance with the Bank.
    • In case the applicant, is not an account holder of the Bank, the branch to open savings account of the customer with full KYC compliance
    Loan Amount
    • Minimum : Rs.10,000/-
    • Maximum : Rs.10.00 lacs
    Period of Loan Demand Loan : 12 months
    Repayment
    • Interest will be debited at monthly intervals, but to be repaid along with Principal, on the due date of the loan.
    • The maximum tenure of the loan will be 12 months
    Security
    • Gold Jewellery (22ct.) Hall mark or non-Hall mark
    • Specially Minted Gold Coins ( Sold by Banks not exceeding 50 gms per customer)
    Interest Rate Click Here
    Processing Charge 0.23% of the loan amount with a minimum of Rs.50/- and a maximum of Rs.1000/-
    Penal Interest
    • The monthly interest debited should be repaid along with the Principal on due date ie; 12 months from the date of sanction.
    • In case of default, penal interest @1% will be charged on the outstanding amount from the date of debit till the date of payment.
    Pre-Closure Charges No pre-closure charges.
    Applicability of IRAC Norms In case the interest is not recovered for a period of 90 days from the due date, ie; 12 months from the date of sanction, the account will be classified as Non-performing asset and the branch to initiate appropriate action including auction sale of gold ornaments pledged for recovery of the outstanding amount.
    • Purpose

      Emergency Medical Needs, unforeseen commitments / contingencies and domestic purposes

      Nature of facility

      Overdraft

      Eligibility
      • All individual customers who have an account with full KYC compliance with the Bank.

      • In case the applicant, is not an account holder of the Bank, the branch to open savings account of the customer with full KYC compliance

      Loan Amount
      • Minimum : Rs. 1.00 lac
      • Maximum : Rs. 25.00 lacs
      Period of Loan

      36months ; subject to review after every 12 months.

      Repayment
      • Interest will be debited at monthly intervals, and has to be serviced within 7 days from the date of debit.

      • Principal may be paid in partial or full during the currency of the loan.

      • The loan should not be outstanding beyond 36 months.

      Review/ Renewal

        

      The Branch to review the overdraft limit at yearly intervals.

       

      On completion of 36 months, the Branch can sanction/ renew a fresh limit at the advance value as per the scale of finance prevailing on that date

      Security
      • Gold Jewellery (22ct.) Hall mark or non-Hall mark
      • Specially Minted Gold Coins (In the case of coins sold by Banks, security not exceeding 50 gms of gold per customer).

      Interest Rate Click Here
      Processing Charge

      0.23% of the loan amount with a minimum of Rs.50/- and a maximum of Rs.1000/-

      Penal Interest
      • The monthly interest debited should be serviced within 7 days from the date of debit.

      • In case of default, penal interest @1% will be charged on the outstanding amount from the date of debit till the date of payment.

      Pre-Closure Charges

      No pre-closure charges.

      Applicability of IRAC Norms

      In case the interest is not recovered for a period of 90 days from the due date, ie; date of debit of interest, the account will be classified as Non-performing asset and the branch to initiate appropriate action including auction sale of gold ornaments pledged for recovery of the outstanding amount.

    • Segment

      Personal

      Nature of facility

      Demand Loan

      Eligibility

      All individual customers who have an account with full KYC compliance with the Bank. In case the applicant is not an account holder of the Bank, the branch to open a savings account of the customer with total KYC compliance.

      Amount of Loan
      • Minimum : Rs.10,000/-
      • Max: Rs.40,00,000/-
      Primary Security
      • Gold Jewellery (22 ct.)
      • Specially Minted Gold coins (sold by the banks not exceeding 50gms per customer.)
      Scale of Finance / Valuation

      As advised by P&SB dept for Easy Gold loan, from time to time

      Margin

        

      Margin will be taken care while fixing the scale of finance

      Rate of Interest Click Here
      Period of Loan

      180 days (6 months)

      Repayment
      • The borrower can repay the amount partially or fully even before the maturity without prepayment penalty.

      • The loan amount together with interest has to be repayable within 6 months from the date of sanction with a grace period of One month.

      • The borrower can seek renewal of loan by adjusting the entire interest amount. Renewal to be treated on par with fresh sanction and scale of finance, interest rates etc. prevailing on the date of renewal only will be applicable.

      • No Loan should be outstanding after 7 months ( 6 + 1 ) from the date of sanction. In case of such loans outstanding beyond the stipulated period, branch to initiate necessary steps as advised by the bank for auction of Gold ornaments

      Processing charges

      0.23% of the loan sanctioned with a minimum of Rs.50/- and and maximum of Rs.1000/-

      Penal Interest

      Penal interest rate – From 8th month onwards- 1% penal rate of interest on the entire outstanding, till the date of repayment

    • Purpose For construction, purchase/ repair/ renovation/ alteration of a house or for purchase of a plot for the construction of a house, with or without bank finance.
      Eligibility
      • All Resident with regular monthly income with a minimum NMI of Rs. 12,000/- and Non-Resident Indians with a regular monthly income with a minimum NMI Rs. 15,000/-.
      • Spouses of Non-Residents, who are residents and receiving regular monthly income.
      • Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.
      • Minimum age of 18 years witha a steady source of income. The age should be such that the borrower is able to close the account before he attains the age of 70.
      No. of Co-Borrowers Maximum three (including spouse / children / parents/siblings)
      Approved Builders

      Approved Builders List   

      Loan Amount

      Maximum loan of Rs 500.00 lacs

      • Project cost less margin
      • Loan amount based on EMI/NMI
      • Loan to Value Ratio

      Whichever is lower

      Loan amount should be sanctioned by taking into account the above factors and lowest the above should be sanctioned

      Margin

      NIL Margin

      Subject to maintaining the applicable LTV ratio and EMI/NMI stipulation

      Furnishings 10% of the cost of the house or Rs. 6.00 lacs whichever is lower within the project cost of unit. If the borrower prefers for a modular kitchen in the house, an additional amount of Rs. 3.00 lacs can be considered towards furnishings within the project cost.
      Interest Rate Click Here
      Disbursement
      1. Construction of new building
        - In three stage, 30%, 40% and 30% of the loan amount. The last instalment will be disbursed three or four weeks prior of the completion of the building.
      2. Outright purchase
        - 100% to the seller, after payment of the margin by the applicant.
      3. Purchase of plot and construction of the building
        - The loan component for purchase of the plot will be 50% of the total project cost upto Rs.75 lac and 30% of the project cost above Rs.75 lac .
      Repayment
      • Upto 30 years subject to liquidation of the loan before the borrower reaches the age of 70 years.
      • Upto 45 years of age- Maximum 30 years(Not exceeding the age of the borrower beyond 70 years)
      • Above 45 years of age- Maximum 25 years (Not exceeding the age of borrower beyond 70 years)
      • It includes the repayment holiday of a maximum of 18 months. Repayment will begin on completion of the house or 18 months from the disbursement of the first installment of the loan, whichever is earlier.
      • No prepayment penalty on preclosure of floating rate housing loans w.e.f 31-10-2011.
      Processing Charge(inclusive of service tax)
      Upto Rs.25,000 Nil
      Rs.25,001 to Rs.2.00 lacs Rs. 500 /-
      Above Rs.2.00 lacs 0.50% of the loan amount plus service tax , with a maximum of Rs. 10,000/-
      Security Mortgage of property by deposit of title deeds.
      Insurance Insurance is to be arranged for the total cost of building.
      Papers to be submitted
      • In addition to the application form(in duplicate) and three passport size photographs, the following papers are to be submitted to the Bank.
         
      • PROOF OF INCOME
        1. In case of salaried persons:
          - Salary certificate showing deductions.
          - Authorisation to deduct monthly instalments from the salary of employee for credit of the loan account wherever available.
        2. In the case of self employed / professional / business men:
          - Audited accounts and Balance Sheets/ income tax assessment orders/ Returns/ Memo/ Statements of computation of taxable income filed for the last 3 years.
      • DOCUMENTS TO BE SUBMITTED FOR CONSTRUCTION / IMPROVEMENT OF HOUSES
        1. A copy of the plan inclusive of site plan approved by the Corporation/ Municipality/ Development Authority/ Panchayat as required.
        2. A copy of the building permit issued by the Corporation/ Municipality / Panchayat as required. In areas where building permit is not required a No Objection Certificate from the authority concerned.
        3. Estimate approved by licensed Engineers/Architects approved by local bodies.
        4. Original and prior title deeds.
        5. Latest tax receipts.
        6. Possession Certificate.
        7. Encumbrance certificate from the Sub Registrar for the last 31 years.
        8. Title clear certificate from the banks approved advocate.
        9. Valuation report from the banks approved valuator.
        10. An affidavit cum Undertaking from the person that he shall not violate the sanctioned plan.
      • DOCUMENTS TO BE SUBMITTED FOR PURCHASE OF HOUSES / FLATS
        1. A copy of the agreement for sale.
        2. A copy of the Title deeds of the present owner.
        3. A copy of the land tax receipt.
        4. A copy of the building tax receipt.
        5. Encumbrance certificate from the Sub Registrar for the last 31 years.
        6. Title clear certificate from the banks approved advocate.
        7. Valuation report of the property and building from the banks approved valuator.
      • NOTE :
        After the sale deed is executed, the original deed along with fresh encumbrance certificate and possession certificate should be submitted. For purchase of plot alone all the documents as above except the no. iv are to be submitted. After availing of the loan, encumbrance certificate for four months after the date of mortgage is to be produced.
    • Purpose To provide home loan with Central Government Subsidy to EWS/LIG persons for acquisition/construction of house/repair or extension of house.
      Eligibility
      By ownership
      By locality
      • Beneficiaries having no house in his/her name or in the name of his/her spouse or any dependent child or any member of his /her family in any part of India.
      • Beneficiaries own land but have no pucca house.
      • Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation.
      • Important scheme parameters for qualification under EWS and LIG should be as under:
      Income group Average annual household income@ Minimum size of the house Maximum permissible subsidised loan amount* Maximum loan amount eligible for subsidy
      EWS Upto Rs. 3 lacs 30 Sq.mts(323 Sq.ft.) Rs. 6 lac Rs. 6 lac
      LIG Rs. 3Lacs to Rs. 6lacs 60 Sq.mts(646 Sq.ft.) Rs.6 lacs Rs. 6 lac

      *Additional loans, if needed would be at unsubsidised rates.

      All 4041 statutory towns as per Census 2011 would be covered for the purpose of CLS (Credit linked subsidy) scheme

      Loan Term Maximum permissible period of the loan will be 15 years.
      Rate of interest At Base rate ie. 9.95%.
      Processing Charges Nil
      Stamp Charges and Cersai Registration Charges to be paid
      Subsidy Loans under this scheme will be eligible for GoI subsidy of 6.5% on the interest charged by the bank over the full period of the loan for amount upto Rs.6 lac.
      Others Registration of Property


      Recovery of Subsidy
      • In the name of the Adult female head OR jointly in the name of the adult female head and her husband.
      • In cases where there is no adult female member , house can be in the name of the male member of the family
      • Also unmarried son or daughter should be compulsorily coborrowers.

      Subsidy should be recovered and credited back to Government on account of two reasons – a) Non-completion of construction due to any reason b) if the account becomes NPA.

      Other Terms and Conditions
      • Moratorium period will be within the overall limit of 15 years.
      • Toilet should be compulsorily constructed, in case of new houses. In case of repair/extensions availability of toilet in the house to be ensured.
      • Disbursement to be completed in 36 months.
      Documents required

      Applicable for all applicants :

      List of papers/ documents applicable to all applicants:

      1. Completed loan application and Biodata
      2. 3 Passport size photographs
      3. Proof of identify :
        1. E KYC
        2. Any one of the following documents

        Photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card as CIBIL report cannot be accessed without one of these / Aadhar Card PAN card is mandatory.

      4. Proof of residence / current address : Any one of the following documents Recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/Voter ID card (only if contains the current address)/ Credit Card Statement/Income/Wealth Tax Assessment Order/Ration Card/Copies of Registered leave & license agreement/Sale Deed/Lease Agreement may be accepted as proof of address/ Letter from reputed employer) / Aadhar card
      5. Statement of Bank Account/ Pass Book for last six months
      6. Personal Assets and Liabilities statement on Bank’s standard format.

      Proof of Income : For borrowers below taxable limit

      1. Self affidavit Income certificate
      2. After 01.01.2016 income certificate issued by State Level Nodal Agencies . The identified SLNA will be advised separately.

      Additional documents required for salaried persons:

      1. Current pay slip ( Original Salary Certificate from employer when pay slip is not available)
      2. The last Two years TDS certificate or Form 16 or copy of IT Returns

      (*Relaxation may be permitted by the sanctioning authorityin the case of salaried persons, provided sanctioning authority is satisfied about the genuineness of source, amount and continuity of income confirming repayment capacity of the borrower over the loan tenor. In all such cases basis for income verification should be properly recorded in the loan appraisal.)

      (A) Additional documents required for Professionals/selfemployed/ Businessmen/ other IT assesses:

      1. Acknowledged copies of three years I.T. returns or Assessment Orders
      2. Property documents :
        1. Sale Deed, Agreement of Sale, Original share certificate(s) issued by the society. (Wherever applicable)
        2. Copy of approved plan (wherever applicable) *
        3. Permission for construction (wherever applicable)
        4. Estimate ( for new house) / Valuation Report ( for ready built/ second sale properties) from approved valuers in respect of the property to be financed (wherever applicable)
        5. Land and Building tax paid receipts and possession certificate if applicable
        6. Letter of allotment from Housing Board/Society/Private Builder
        7. Original receipts of advance payments towards purchase of flat
        8. Search report / Non encumbrance certificate for the last 15 years from Bank’s advocate.
        9. Original of land tax paid receipt and possession certificate issued by the revenue authorities.
        10. Original No objection certificate [NOC] from Housing Society/Builder
        11. Letter from the builder/society/Housing Board intimating their a/c number and name of their bankers, for remittance of instalments.

      For guarantor (wherever applicable):

      1. Personal Assets and Liabilities Statement
      2. 2 passport size photographs
      3. Proof of identification & Proof of Residence

      Other documents:

      1. Lawyer’s report as per the standard format approved by the Bank.
      2. Declaration by the borrower agreeing to construct the house within the stipulated period in case of loan granted for purchase of plot of land.

      Security documents :

      1. Memorandum of Term Loan Agreement for Home Loan
      2. Guarantee Agreement, if applicable
      3. Memorandum for creation of Equitable Mortgage.
      4. Mortgage Deed to be executed by the borrower (only in the case of Registered mortgage)
      5. Agreement to Mortgage, pending creation of mortgage.
      6. Documents in connection with pledge of other securities, wherever applicable.
      7. Arrangement letter
    • Purpose Construction/ purchase/ repair/ renovation/ alteration/ of a house/ purchase of plot and construction of house with or without bank finance
      Eligibility
      • Residents/ NRIs having regular income and 3 year experience.
      • Loan to be closed before the borrower attains the age of 70.
      Loan Amount
      • Overdraf Facility
      • Max Rs. 5 crores
      • Min No stipulation
      Margin 20 to 25%
      Interest Rate Click Here
      Repayment Maximum upto 30 years subject to liquidation of the loan before the borrower reaches the age of 70 years.
      Processing Charge
      • Upto Rs 25,000 /- NIL
      • Upto 2 lacs : Max Rs.500
      • Above 2 lacs : Max Rs.10000 (0.56 % of the loan amount)
      Collateral Security Equitable Mortgage (EM) of property/ house under construction.
      Papers to be submitted Proof of income, Tax receipt, Possession certificate, Title clear, valuation, estimate, plan, NOC, etc.
    • Purpose Any purpose other than speculative.
      Facility As Term loan or Overdraft with reducing Drawing Power
      Eligibility

      All existing Housing loan customers, whose accounts are regular and have taken possession of the house.

      Quantum of Loan

      Minimum Rs.50,000/- Maximum Rs.2.00 crores

      Permissible Loan amount

      75% of market value of property less present outstanding in Home loan account

      Interest Rate Click Here
      Tenure

      Maximum 120 months, subject to liquidation of the Loan before borrower attains the age of 70 years

      Repayment

      Term loan - Repayment starts one month after the disbursal of the loan based on Equated monthly instalments

      Overdraft – Repayment on reduced drawing power method based on Equated monthly instalments

      Processing Fee 0.50% of loan amount with a minimum of Rs.1000/ and maximum Rs. 10,000/-

      Availability of second loan

      After a gap of two years from the first loan.

      Security

      Extension of equitable mortgage of house property

      Switchover of existing Housing Loan borrowers who availed Suvidha Loan to Home Cash scheme

      The existing Housing Loan borrowers who have already availed Suvidha Loan by extension of equitable mortgage of the house property can switchover to Home Cash product by paying one time switch over fee as under:
      Upto Rs.25.00 lakh – Rs.,5000/- plus service tax.
      Above Rs.25.00 lakh – Rs.10,000/- plus service tax

      Prepayment of loan

      Prepayment of the loan is allowed without any penalty

    • Objective The scheme provides financial assistance to deserving meritorious students to pursue college education/ technical/ professional/ job oriented course in India/ abroad.
      Purpose
      1. To meet the tuition and other fees/ Examination/ Library/ Laboratory fee, cost of books/ purchase of Computers/ equipments/ instruments/ uniforms and the cost of passage for studies abroad.
      2. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee.
      3. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.
      Eligible Courses Studies in India

      • Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
      • Courses like ICWA, CA, CFA etc.
      • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
      • Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/ diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
      • Approved courses offered in India by reputed foreign universities.

      Studies abroad

      • Graduation : For job oriented professional/technical courses offered by reputed universities.
      • Post graduation: MCA, MBA, MS, etc.
      • Courses conducted by CIMA-London, CPA in USA etc.
      • Degree/diploma courses like aeronautical, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
      Eligibility
      1. The student should be an Indian National (NRIs not eligible).
      2. Should have secured admission to professional/ technical courses through entrance test/ merit based selection process conducted by a Govt Agency / University.
      3. A minimum mark of 60% in aggregate and for qualifying subjects in the qualifying examination is required for students who have qualified through entrance test and secured admission under management quota.
      4. Should have have secured admission to foreign university institution on the basis of merit.
      Borrower Student and parent/ guardian/ jointly
      Loan Amount
      • For studies in India : Rs. 10 lacs
      • For studies abroad : Rs. 20 lacs
      Margin
      • Upto Rs. 4 lacs : Nil
      • Above Rs.4 lacs :
        1. Studies in India : 5%
        2. Studies abroad : 15%
      Interest Rate Click Here
      Repayment
      • To commence 1 year after completion of course or 6 months after getting job, whichever is earlier.
      • The loan is to be repaid in 10-15 years after commencement of repayment.
      Processing Charge Education in India Nil
      Education abroad
      • Upto Rs.4 lacs : 0.5%
      • Above Rs.4 lacs : 0.4%
      • Refundable on availment of 1st instalment
      Collateral Security Loans upto Rs.4 lacs
      • Co-obligation of parent/ guardian/ spouse/ parent-in-law/ grand parents as the case may be.
      • No security.
      Above Rs.4 lacs and upto Rs. 7.5 lacs Co-obligation of parent/ guardian/ spouse as the case may be along with collateral in the form of a satisfactory third party guarantee required.
      For loans above Rs. 7.5 lacs Co-obligation of parent/ guardian/ spouse/ parent-in-law/ grand parents along together with tangible collateral security of suitable value preferably not less than 200% of the loan limit, along with assignment of future income of the student for payment of instalments and tangible security of suitable value.
      Security can be in the form of land/ building/ Govt. securities/ public sector bonds/ units of UTI, KVP, LIC Policy, gold, shares/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party with suitable margin.
      Accredited Institutes Know the Accredited Institutes
    • Eligibility Indian National
      Courses eligible Courses run by
      1. Industrial Training Institutes (ITIs)
      2. Polytechnics
      3. a school recognized by central or State education Boards
      4. a college affiliated to recognized university
      Training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF
      Course duration No minimum course duration
      Minimum Age No minimum age stipulation
      Minimum Qualification As required by the enrolling institutions/organizations as per NSQF
      Quantum of Loan
      • Minimum- 5000/-
      • Maximum -1,50,000/-
      Security No collateral or third party guarantee for the loan will be taken
      Margin Nil
      Processing Charge Nil
      Interest rate Click Here
      Moratorium Period
      • For Courses of duration upto 1 year- upto 6 months from the completion of the course
      • For Courses of duration above 1 year- 12 months from the completion of the course
      Repayment
      • Loans upto ?50,000 - Upto 3 years
      • Loans between ? 50,000 to ?1 lakh - Upto 5 years
      • Loans above ? 1 lakh - Upto 7 years
    • Purpose
      • Finance for the courses for training/ skill development, etc. in India/ abroad and other job oriented courses conducted by reputed universities.
      • Approved course by Bank will only be accepted.
      Eligibility Age
      • Min 18 years
      • Max 45 years
      Approved Courses Commercial Pilot Licence, Aircraft Maintenance Engineering, SAP training
      Loan Amount
      • In India : Max Rs. 10 lac
      • Abroad : Max Rs. 20 lac
      Margin 10%
      Interest Rate Click Here
      Repayment Maximum 60 months EMI
      Processing Charge
      • 0.56% of the loan amount
      • Max Rs.5000
      Collateral Security Equitable Mortgage (EM) of land/ building valued 150% of limit sanctioned.
      Papers to be submitted Papers necessary for EM, Proof of admission schedule of expenses.
    • Purpose Term loan for personal needs by collateral security of mortgage of immovable properties.
      Eligibility Individuals who are :
      1. Should be an existing customer(s) of the bank with a satisfactory track record of more than one year.

      2. Employees of Government, Quasi Government, reputed companies/establishments.

      3. Professionals, self employed and others who are income tax assessee.

      4. Engaged in agricultural and allied activities.

      5. Min. net monthly income of Rs.20,000 for salaried persons and min. net annual income of Rs.2,50,000 in the case of others.

      6. The income of the spouse may be added if he/she is a co-borrower.

      7. The age of the borrower should not exceed 65 years at the time of sanction.

      Loan Amount
      • 36 times the net monthly income for salaried persons or 3 times the net annual income in case of others.
      • Term Loan/ Overdraft-Minimum Rs.50,000 - Maximum – Need based (No maximum limit)
      Margin 40 % of the distress value of the property.
      Interest Rate Click Here
      Repayment
      • Term Loan- 120 months from date of sanction/ period of retirement whichever is shorter.
      Processing Charge
      • 1% of the loan amount, maximum Rs.50,000/- (service tax extra).
      Collateral Security Equitable mortgage of non encumbered Residential/ Commercial property in the name and possession of the borrower/ spouse/ close relatives (provided the property holders become guarantors for the relative loan)
      Insurance

      The property being mortgaged should be insured against the risk of fire/ riots/ earthquakes/ lightning/ floods etc. in the joint names of the borrower and the Bank for the full market value of the property.

       

      Papers to be submitted 1. Application form
      2. 2 passport size photographs
      3. Copy of the income tax return for last 2 financial years duly acknowledged by ITO.
      4. Latest salary slip showing all deductions.
      5. TDS Certificate - Form 16 in the case of salaried persons.
      6. If property offered is an agricultural land converted as non-agricultural, copy of the relative order should be made available.
      7. In the case of agriculturist a certificate of income issued by the village officer should be produced.
      8. In the case of individuals engaged in trade/industry etc. wherever latest IT returns are not available, the annual income can be assessed based on the IT return for the preceding year and the last balance sheet.
      Documents to be submitted 1. Title deeds of the property proposed to be given as security.
      2. Prior title deeds.
      3. Latest tax receipts (both building and land).
      4. Possession Certificate.
      5. Encumbrance certificate from the sub registrar for the last 31 years.
      6. After availing of the loan, encumbrance certificate for 4 months after the date of mortgage is to be produced.
    • Purpose Term Loan will be sanctioned by the Bank for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and Sports Utility Vehicles (SUVs).
      Eligibility
      • Salaried and regular income earners with a minimum 2 years standing /experience in their line of activity. (State/ Central Government, Public Sector undertakings, Corporations, Private sector companies, Insurance Companies and Banks and also pensioners). 
      • Commissioned Officers in defence services with a minimum 2 years of service. 
      • Professionals, Self-employed, Businessmen, proprietary/ partnership firms and others who are income tax assessee with a standing of 2 years can avail of the loan facility.
      Age
      • The borrower should be in the age group of 21 to 65 years. 
      • Loans can be granted by sanctioning authority to individuals who have sufficient, regular and continuous source of income for servicing the loan repayment, even beyond the age of 65 years. 
      • Loan must be fully repaid before the borrower attains the age of 70 years.
      Minimum Income Category 1 - for Salaried Persons and Pensioners:

      • Minimum Net Annual Income of applicant and/ or co-applicant, if any, together should be Rs.3,00,000/- and above per annum for all, whether or not maintaining Salary Package Account with us. 
      • Income from other sources like bank interest/ dividends of listed companies, rent, can be added.

      (Clarification: net monthly income will be equivalent to monthly Gross salary net of all statutory deductions like Income Tax and compulsory deductions like Employee Provident Fund etc. No other deductions should be deducted from the monthly Gross Salary to arrive at the NMI. Accordingly, NAI will be 12 times of NMI as defined above)

      Category 2 - for Self employed, Professional, Proprietory/ Partnership firms and Businessmen:

      • Net Profit or Gross Taxable income of Rs.4,00,000/- per annum as per ITR after adding back depreciation and deducting repayment of all existing loans. 
      • Business income from other sources like bank interest/ dividends of listed companies, rent, can be added.
         
      (Clarification: Regular income from all sources can be considered provided the sanctioning authority is satisfied with the proof of income. Income of spouse, father, mother, brother, sister, son and daughter may be included for arriving at the loan eligibility (any one). The person whose income is included will join as a co-borrower. The maximum number of applicants should be restricted to two)
       
      Where Loan is sanctioned in joint names, the vehicle can be registered in any one of the borrowers name and the borrower has the option for selecting the name to be registered.
      Loan Amount
      1. For Salaried:
        • Upto 48 times the net monthly income (i.e. net of all deductions including actual monthly tax deductions at source). Or 4 times of Net Annual Income. 
        • Net monthly income to be arrived at by taking average NET Salary of last six months.
      2. For others:
        • Upto 4 times the Net Profit or Gross Taxable income per annum as per ITR after adding back depreciation and deducting repayment of all existing loans.
           
      Car Loan as Term Loan
      Normal : Upto Rs.10.00 lakhs
      Premium car Loan : Rs.10.00 lakhs and above
      EMI / NMI Ratio
      • For Normal Car Loan (Loan amount below Rs.10 lakhs) EMI/NMI ratio should not exceed 50%. 
      • For Premium car Loan (Loan amount Rs.10 lakhs and above) 55% of Net Monthly Income. 
      • The EMI will include all EMIs towards existing loans and proposed loan and the NMI will be equivalent to the Total Gross Income after adding back depreciation (if applicable) less statutory and compulsory deductions like Income Tax, Employee Provident Fund etc.
      Margin For Normal Car Loan Below Rs.10 lakhs 15% of total cost of vehicle
      For Premium Car Loan of Rs.10 lakhs and above 20% of total cost of the vehicle
      • Cost of vehicle include Invoice price + life tax + insurance+ accessories. 
      • The maximum cost of accessories should not exceed 5% of the cost of vehicle or Rs. 50,000/- whichever is less. 
      • Any consumer offer or discounts announced by the manufacturers and dealers should be reduced from the on-road price of the vehicle. 
      • Any amount paid directly by the borrower while booking the car to the dealer may also be treated as margin provided the dealer issues the stamped receipt and mentions the same in the quotation. Alternately, Statement of account to be verified from which the cash has been withdrawn or cheque payment has been done for payment of margin in case of doubt.
      Repayment Maximum 7 years for all categories of borrowers. However, the repayment period will, in no case, exceed beyond 70 years of the age of the borrower.
      Interest Rate Click Here
      Processing Charge

      0.30% of loan amount with a minimum of Rs.1000/- and a maximum Rs.3,000/- .(Service tax extra)


       
      When loans are rejected: 25% of the Processing Fee will be retained if the application is rejected after pre-sanction survey subject to Minimum of Rs. 250/- plus service tax
      Security

      Hypothecation of vehicle :

      The person whose income is included for arriving at the loan eligibility should be made co-borrower instead of guarantor. Credit Score threshold limit for car loans is 60 marks.

      Insurance The vehicle purchased is to be kept comprehensively insured in the name of the borrower for the market value or at least 10% above the loan amount outstanding, whichever is higher, and the Bank's interest as a hypothecatee should be noted in the certificate of insurance and insurance policy. A copy of this is to be retained with the loan documents.
      Pre-closure Charges No pre closure charges
      Documents to be submitted FOR SALARIED INDIVIDUALS

      1. Statement of Bank account of the borrower for last 6 months.
      2. Proof of Identity: - (any one of the following) - Passport copy/ PAN Card/ Voters ID card/ Driving Licence etc.
      3. 2 passport size photographs of borrower.
      4. Income Proof: - Latest salary slip with form 16.
      5. Address Proof:- (any one of the following - Ration card/Driving Licence /Voters ID Card/Passport Copy/Telephone Bill/ Electricity Bill/Life Insurance policy/ PAN Card, Aadhar Card.
      6. I.T. Returns/Form 16 for the last 2 years. (It is not necessary to obtain both I.T return and Form-16 from the applicant).

      FOR SELF EMPLOYED, PROFESSIONALS, PROPRIETORY/ PARTNERSHIP FIRMS & BUSINESSMEN

      1. Statement of Bank account of the borrower for last 6 months.
      2. Proof of Identity: - (any one of the following) - Passport copy/PAN Card/ Voters ID card/ Driving Licence etc.
      3. 2 passport size photographs of borrower.
      4. Income Proof: - Latest ITR for 2 years.
      5. Address Proof: - (any one of the following) - Ration card/Driving licence/Voters ID Card/Passport Copy/Telephone Bill/ Electricity Bill/Life Insurance policy/ PAN Card , Aadhar Card.
      6. I.T. Returns/Form 16 for the last 2 years.
      7. Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate/sales tax certificate/SSI registered certificate/copy of partnership.

      PAN CARD to be obtained compulsorily in all cases. Apart from PANCARD, Branches should obtain another valid ID proof like Aadhar card or driving License also.
      Processing Time The maximum time schedule for receipt of application and sanction/disbursal of the loan is 2 working days from the date of receipt of the application.
      Place of availing loan Loan can be availed at the place of permanent residence or work. However, inspection and verification of asset would be done by an office located at the centre where the asset is maintained.
    • Purpose For purchase of two-wheelers.
      Age criterion

      21 to 60 years.

      18 years and above can be considered if co-applicant is available and above 21 years of age

      Eligibility
      • Salaried employees / executives of reputed companies/ establishments
      • Pensioners who are maintaining salary/pension accounts with us where recovery of instalments at source is possible
      • Agriculturists : Net annual income Rs. 450000/-. Branch Manager shall independently assess the income and certify the acceptability of the same. Proof of the land holdings to be obtained and kept with the documents.
      Quantum of Loan 15 times of NMI for salaried persons or 1.25 times of Net Annual income, maximum Rs. 1,50,000/-.
      Facility Term loan
      Margin

      Below Rs. 100000/- : 30% of the cost of vechile + insurance + life tax

      Rs. 100000/- and above : 20% of the cost of the vehicle + insurance + life tax. Minimum : Rs. 30000/-.

      Interest Rate Click Here
      Repayment of the loan

      48 EMI.

      Standing instructions / ECS mandate to be obtained.

      Security
      • Primary:Hypothecation of the vehicle.
      • Collateral :
      1. Personal guarantee of one person of sufficient worth. OR
      2. Any specified securities that can be taken as security to cover the entire loan amount.
      Processing Fee

      2.00% plus service tax for Loan upto Rs. 50000/-

      3.00 % plus service tax for loans above Rs. 50000/-.

    • Purpose A clean Demand Loan Scheme specially designed for Pensioners to meet their short consumption needs.
      Eligibility All Central, Civil, Defence, Railways, Telecom, PSU, State and Bank pensioners whose pension accounts are maintained at our branches.
      CPSU / SPSU pensioners (Central Public Sector Undertakings and State Public Sector Undertakings)
      • Pensioners of CPSU/ SPSU ( OTHER THAN THE ABOVE) with a minimum net monthly pension of Rs.15,000/- and drawing pension from our Branches are also covered.
      • To sanction a loan to a pensioner of CPSU / SPSU Branches have to obtain an undertaking from the pensioner stating that the pension account will not be shifted to other bank and also authorising the pension disbursing authority to remit pension to the account with the Bank.
      • The Branch has to send the undertaking to the pension disbursing authority and obtain a letter from the authority.
      Family Pensioner Family Pensioner i.e. spouse authorised to receive pension after the death of the pensioner, will be covered under the new scheme.
      Age Limit Normal Pensioner Age should not exceed 77 years at the time of sanction of the loan
      Family Pensioner Age should not exceed 70 years at the time of sanction of the loan
      Loan Amount Pensioners 12 months net pension with a Maximum of Rs.3.00 lacs
      Family Pensioners A maximum of 6 months net family pension with a Maximum of Rs.1,00,000/-
      EMI / NMI Ratio Pensioners EMI/NMI not exceeding 50% of the net monthly pension
      Family Pensioners EMI/NMI not exceeding 35% of the net pension drawn by the family pensioner
      Interest Rate Click Here
      Repayment
      • Repayment should be in Equated Monthly Instalments and commencing one month after disbursal of loan.
      • Instalment is deducted from the Pension savings account through standing instructions (auto-debit).
      Normal Pensioners Age Group Repayment in

      All age groups - Maxium repayment period of 60 months.

      Repayment should be completed before the pensioner attains the age of 80.

      Family Pensioners 36 monthly instalments (EMIs)
      Processing Charge 0.50% of the limit sanctioned with a minimum of Rs.30/-(Plus Service tax presently 12.36%)
      Collateral security Normal Pensioners
      1. In case of loans given to pensioner upto the age of 70 years,Third Party Guarantee of the spouse /person who is eligible for family pension alone is required.                                                                                                                    In case of non-availability of spouse/family pension nominee, suitable third party guarantee to obtained with minium net worth of 150% of the loan sanctioned.              
      2. In case of pensioner aged above 70 years ,third party guarantee of the spouse/person who is eligible for family pension.                                                                             AND                                                                                                                      Any other family member or any person other than family member, The aggregate net worth of the above two should be atleast 150 % of the loan amount .                           In case the net woth of the spouse is over 150% of the loan amount,second guarantee may be waived.                         
      Family Pensioners Third party guarantee of a person who has been maintaining a satisfactorily conducted account with the bank, preferably of the son / daughter of the family pensioner whose net worth is equal to 150% of loan amount.
      Other Conditions
      1. Pensioners will have to submit their PAN number or form 15H before availing the loan under the scheme.
      2. The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the Branch during the currency of the loan availed by him from SBT.
      3. Pension should be drawn through our Bank only.
      4. The legal heirs of the pensioner should intimate the Bank in the event of death of the pensioner.
      5. No other unsecured overdraft should be sanctioned to the same borrower during the currency of the loan.
    • Purpose Provide to meet personal needs of Elite Pensioners.
      Eligibility
      • All Central, Civil, Defence, Railways, Telecom, State and Bank pensioners whose pension accounts are maintained at our branches.
      • Age should not exceed 77 years at the time of sanction.
      • The monthly pension of the pensioner should not be less than Rs.20,000/-
      CPSU/ SPSU pensioners
      1. Pensioners of CPSU/ SPSU (Other than the above) with a minimum net monthly pension of Rs.30,000/- and drawing pension from our Branches will be covered.
      2. To sanction a loan to a pensioner of CPSU / SPSU, branches have to obtain an undertaking from the pensioner stating that the pension account will not be shifted other bank and also authorising the pension disbursing authority to remit pension to the account with the Bank; the Branch has to send the undertaking to the pension disbursing authority and obtain a letter from the authority as per the proforma.
      3. Branch should ensure that they have received the pension to the credit of the pensioner during the last three months uninterruptedly before considering the loan proposal.
      Loan Amount Maximum 18 months net pension with a Maximum of Rs.7.50 lacs for pensioners.
      EMI / NMI Ratio EMI not exceeding 50% of the net pension.
      Interest Rate Click Here
      Repayment
      • Repayment should be in Equated Monthly Instalments and commencing one month after disbursal of loan.
      • Instalment is to be deducted from pension savings account through standing instructions.
      • Maximum period allowed: 60 months and to be completed before the pensioner attains the age of 80.
      Processing Charge 0.50% of the limit sanctioned with a minimum of Rs.30/-(Plus Service tax presently 12.36%)
      Collateral Security

        1. In case of lonas given to pensioner upto the age of 70 years , Third party Guarantee of the spouse/person who is eligible for family pension alone is required.                                                    

      In case of non-availability of spouse/family pension nominee ,suitable third party guarantee to be obtained with minium net worth of 150% of the loan sanctioned.

      2. In case of pensioner aged above 70 years, third party guarantee of spouse/person who is eligible for family pension                          

      AND   

      Any other family member or any other than family member the aggregate net worth of the above should be at least 150% of the loan amount.                                                

      In case     the net worth of the spouse is over 150% of the loan amount,second guarantee may be waived.                                                                                                                

      Additional Conditions
      1. Pensioners will have to submit their PAN number or form 15H before availing the loan under the scheme.
      2. The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the Branch during the currency of the loan availed by him from SBT.
      3. Pension should be drawn through our Bank only.
      4. The legal heirs of the pensioner should intimate the Bank in the event of death of the pensioner.
      5. No other unsecured overdraft should be sanctioned to the same borrower during the currency of the loan.
    • Purpose To meet personal expenses of young Defence Pensioners.
      Eligibility Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces, Coast Guards, Rashtriya Rifles, CRPF, BSF, ITBP etc.
      Age Upto 50 years (On attaining 50 years of age, the Pensioner can avail loan under Prashanthi Scheme).
      Loan Amount 48 times of net monthly pension subject to a maximum loan of Rs.3.00 lacs.
      Margin Nil
      EMI/NMI Ratio EMI/NMI not exceeding 50% of the net monthly pension.
      Interest Rate Click Here
      Repayment Maximum 84 months, payable one month after disbursal of loan from the pension through SI, to debit the pension account for recovery of monthly instalments.
      Processing Charge 0.50% of the limit sanctioned with a minimum of Rs.30/- (Plus Service tax presently 12.36%).
      Collateral Security
      • Third Party Guarantee of Spouse eligible for family pension.
      • In the absence of spouse TPG of any other family member or a third party worth the loan amount.
      • Guarantee may be waived at the discretion of the sanctioning authority for loans upto Rs.25,000/-
      Disbursement By credit to SB account/Current account of the pensioner.
      Additional Conditions
      1. Pensioners will have to submit their PAN number or form 15H before availing the loan under the scheme.
      2. The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the Branch during the currency of the loan availed by him from SBT.
      3. Pension should be drawn through our Bank only.
      4. The legal heirs of the pensioner should intimate the Bank in the event of death of the pensioner.
      5. No other unsecured overdraft should be sanctioned to the same borrower during the currency of the loan.
    • Schemes

      For Government/ PSU employees:

      • Normal Personal Loan
      • Elite Personal Loan

      For Corporate employees:

      • Corporate Personal Loan
      Facility Demand loan/ Overdraft facility
      Eligibility
      • All permanent employees of Central/State/Quasi Government, PSU's, Defence Personnels, Central/state govt. schools, Colleges,Universities recognised by UGC with a minimum completed service of ONE YEAR.
      • All employees in Private Sector Companies whose salary account is maintained with us and with a minimum service experience of 3 years. ( The company should have entered in to a Tie-up for personal loans to their staff under a corporate Salary Package)
      Age of the Borrower
      • Minimum: 21 years
      • Maximum: 3 years before the date of retirement
      Income Criteria
      • Minimum NMI Rs.20,000/- for Government employees
      • Minimum NMI Rs 10,000/- for Corporates.
      Quantum of Loan
      • Normal- For persons with Net Monthly Income(NMI)
        upto Rs.40,000/- 12 times of NMI, maximum Rs.4.00 lakhs
      • Elite - For persons with NMI above Rs.40,000/- 15 times of NMI, maximum Rs.10.00 lakhs
      • Corporates- 15 times NMI, maximum Rs.10.00 lakhs
      Rate Of Interest Click Here
      Repayment 60 months
      Security- Primary Monthly salary to be credited to SB account with SBT
      Security guarantee One Employee of the same organization or any other person acceptable to the Bank.
      Processing Charge
      1.00% of the loan amount sanctioned ( Service Tax as per applicable rates should be collected separately)
      Penal interest If the irregularity exceeds EMI, then the penal interest would be charged @ 1%p.a. (over and above the applicable rate of interest rate) on the overdue amount for the period of default.
      Fresh Loan/ Renewal on closure of existing loan If the loan is closed prematurely after completion of 3 months  of the loan period, a fresh personal loan may be considered by closing the earlier loan
      Income proof to be produced Latest 6 months salary slip showing all deductions or latest Form-16 issued by the employer.
    • Purpose

      Contingency loans for persons affected by floods in Tamilnadu

      Age criterion 21 to 60 years (inclusive of 3 years repayment period)
      Co-appllicants Nil
      Eligibility Employers:
      1. Central and State Governments
      2. Quasi-Governments
      3. Profit making PSUs
      4. Central/State Government Schools , colleges, and Universities recognised by UGC
      5. All defence personnel
      6. Reputed Private Institutions
      7. Self employed/Professionals
      Employees:
      1. All permanent employees with a minimum completed service of ONE YEAR , and minimum Net Monthly Income of Rs.10,000/- ;
      2. Salaried employees whose salary is being routed through our bank and the transactions in the account are satisfactory;
      3. In case of Self Employed/Professionals should have been banking with us atleast for the past 1 year with satisfactory banking transaction
      The borrower should comply with Bank’s KYC norms.
      Income Criteria Min. Net Monthly Income – Rs.10,000/-
      Quantum of Loan 3 times Net Monthly Income
      • Minimum – Rs.10,000/-
      • Maximum – Rs.2,00,000/-
      Facility OD with diminishing balance
      Interest Rate Click Here
      Margin 40%
      Security
      • Primary:
        • Check Off A letter of undertaking should be obtained from the Drawing and Disbursing Officer (DDO) to the effect that they will not allow change of salary account to another bank without our Bank’s consent and terminal/ superannuation dues of the employee will be released to the credit of the salary account till such time the loan is outstanding with the Bank. A no-objection from the Bank must be obtained before shifting the salary account to any other Bank.
        • For Self employed/Professionals :Standing Instructions for auto debit of EMI/Post Dated Cheques to be obtained
      • Collateral : Employee of the same organization or any other person acceptable to the bank as guarantor to the personal loan.
      Processing fee
      Nil
      Repayment of the loan 36 EMI.
      Check off/Standing instructions / ECS mandate to be obtained.
    • Purpose
      1. Term loans for purchase of Certified Pre-owned Cars not more than 5 years old.
      2. The scheme is applicable only for purchase of high end cars. The minimum loan amount should be Rs.5.00 lakh and above.
      3. The Loan should be repaid within 7 years from the date of the original purchase of the vehicle.
      4. Financing of old vehicles on the basis of duplicate Registration Books should not be entertained.
      Eligibility
      1. Salaried and regular income earners with a minimum 2 years standing /experience in their line of activity.( State / Central Government, Public Sector undertakings, Corporations, Private sector companies, Insurance Companies and Banks and also pensioners)
      2. Commissioned Officers in defence services with a minimum 2 years of service.
      3. Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assessee with a standing of 2 years can avail of the loan facility.
      Age The borrower should be in the age group of 21 to 65 years.
      Minimum Income
      1. Category 1. for Salaried Persons and Pensioners: Minimum Net Annual Income of applicant and/ or co-applicant, if any, together should be Rs.3,00,000/- and above per annum for all, whether or not maintaining Salary Package Account with us. Income from other sources like bank interest/ dividends of listed companies, rent, can be added.
      2. Category 2 for Self employed, Professional, Proprietary/ Partnership firms and Businessmen: Net Profit or Gross Taxable income of Rs.4,00,000/- per annum as per ITR after adding back depreciation and deducting repayment of all existing loans. Business income from other sources like bank interest/ dividends of listed companies, rent , can be added.
      Loan amount
      1. Minimum Loan amount Rs.5.00 lakh and maximum Rs.25.00 lakh
      2. For Salaried: Upto 48 times the net monthly income (i.e. net of all deductions including actual monthly tax deductions at source). Or 4 times of Net Annual Income.Net monthly income to be arrived at by taking average NET Salary of last six months
      3. For others: Upto 4 times the Net Profit or Gross Taxable income per annum as per ITR after adding back depreciation and deducting repayment of all existing loans.
      EMI/NMI ratio 50% of net monthly income.
      The EMI will include all EMIs towards existing loans and proposed loan and the NMI will be equivalent to the Total Gross Income after adding back depreciation (if applicable) less statutory and compulsory deductions like Income Tax, Employee Provident Fund etc.
      Margin 35% of the certified value by a certified valuator or by a Chartered Engineer of an Insurance company for what value the car can be insured on re-insurance. The loan should be considered after maintaining adequate margin on such re-insurable value Margin for Housing Loan borrowers: If the applicant of Car loan has already availed a Housing Loan from the Bank and the Title deeds are still with the bank, Car Loan can be sanctioned with nil margin, provided the applicant agrees to extend the mortgage to cover the Car Loan also.
      Repayment The loan should be repaid within 7 years from the date of original purchase of the vehicle.
      Repayment cycle The repayment of the car loan commences after one month from the date of disbursement
      Rate of interest
      • Repayment upto 3 years :- 5.25% above MCLR, presently 15.10% p.a
      • Repayment above 3 years:- 5.75% above MCLR, presently 15.60% p.a
      Processing charge 0.30% of the loan amount with a minimum of Rs.1000/- and maximum Rs.3000/- plus service tax applicable from time to time.
      Security Hypothecation of vehicle and noting of hypothecation charge in the books of RTO. The person whose income is included for arriving at the loan eligibility should be made co-borrower instead of guarantor. A suitable Third Party Guarantee good for the value of Loan amount must be obtained.
      Insurance The vehicle purchased is to be kept comprehensively insured in the name of the borrower for the market value or at least 10% above the loan amount outstanding, whichever is higher, and the Bank’s interest as a hypothecatee should be noted in the certificate of insurance and insurance policy. A copy of this is to be retained with the loan documents.
      Pre- closure charges No Pre- closure charges
    • Purpose Housing loan product for Youth with higher eligible amount , longer moratorium period and flexible payment option with stepped up EMI
      Age criterion
      1. Min: 21 years
      2. Max: 45 years
      Co-appllicants As applicable for Housing loan, maximum -3
      Eligibility All salaried individuals with minimum 2 year experience.The borrower should comply with Bank’s KYC norms.
      Income Criteria No minimum NMI limit
      Quantum of loan
      • Minimum: Rs.20 lacs
      • Maximum :1.2 times the loan quantum calculated as per the normal EMI/NMI ratio method, subject to stipulated LTV norms.
      Facility Term loan only
      Margin NIL
      Security Mortgage of property by deposit of title deeds
      Processing fee
      • Upto Rs. 25,000/-- NIL
      • Above Rs. 25,000/- and upto Rs.2.00 lacs- Rs. 500/
      • Above Rs. 2.00 lacs-0.50% of the loan with a maximum of Rs.10,000/-
      Repayment of the loan During moratorium period- Only interest debited in the account is to be repaid
      Next 36 months- 100% of EMI
      Next 36 months- 105% of EMI
      Balance term- EMI which fully amortizes the remaining dues
      EMI to be arrived at after considering full loan tenor.
      Papers to be submitted As applicable for Housing loan

Against Scrips

  • Purpose To meet consumer needs
    Eligibility Individuals known to the bank and possessing securities in the name
    Loan Amount By pledge of Minimum Limit Rs.50000/- Maximum Limit
    LIC/SBILife Policies 95% of Surrender value.
    Max Rs.20.00 lacs.
    Govt Of Kerala Treasury FD/Post Office FD 70% of deposit + accrued interest.
    Max Rs.20.00 lacs.
    Indira Vikas Patra 75% of purchase value.
    Max Rs.5.00 lacs.
    Margin Nil
    Interest Rate 4.50% p.a. above the Base Rate presently 14.65% p.a.
    Repayment
    • Running account, payable on demand
    • Interest has to be recovered as and when debited.
    Processing Charge
    • Rs.6 / 1000
    • Min Rs.280
    • Max Rs.560
    Collateral Security Pledge Assignment of IVP, LIC Policy, SBI Life Policy, Treasury Fixed Deposit, Post Office fixed deposit and 7% Savings Bond 2002, 6.5% Savings Bond 2003, 8% Savings Bond
    Papers to be submitted
    • Original of the securities duly assigned to the bank.
    • Letter noting lien on POFD from PO & Treasury FD from Treasury.
    • Certified from PO for having issued IVPs.
  • Purpose To avail advance against National savings certificate/ Kissan Vikas pathra.
    Eligibility Individuals having NSC/ KVP in their name in joint names.
    Loan Amount Max Rs. 5 lacs
    Margin 20% of face value and accrued interest.
    Interest Rate OD - 5.00% p.a. above the Base Rate presently 15.15% p.a.
    DL - 4.50% p.a. above the Base Rate presently 14.65% p.a.
    Repayment 12 months and reviewed thereafter.
    Processing Charge Rs. 5 per thousand.
    Collateral Security NSC/ KVP certificate with item noted in favour of the bank.

Against Deposits

    • The most convenient method of obtaining advance against deposits.
    • Unlimited withdrawals permitted in a Current account upto 90% of the deposit amount and interest accrued.
    • Cheque book facility is available.
    • Interest charged on these loans will be 1% above the interest rate allowed on the deposit irrespective of the amount, rate of interest and period.

    Nature of advance against Term Deposits (Domestic/NRE/NRO) Interest Rate Margin
    When the deposit is in the name of borrower Staff Upto Rs.3 lakhs-Same rate as applicable on the deposit NIL
    Above Rs.3 lakhs 1% above deposit rate
    Public 1% above deposit rate 10 %
    Advance against bank's own Term Deposits / Special Term Deposits / Recurring Deposits to third parties in whose name the deposits do not stand a. Loans upto Rs.2 lacs - 2.00% over the rate allowed on deposit OR BPLR whichever is higher. 15 %
    b. Loans above Rs.2 lacs - 2% above rate allowed on deposit OR Rate of Interest applicable to the activity financed (SIB/AGRI) whichever is higher.
    If third party loan is granted in personal segment, rate of interest to be charged as applicable for the purpose/ activity financed, ie. purchase of car, House etc. For this purpose the declaration given by the customer should ordinarily be accepted.If no such declaration is given, the rate applicable for Clean Overdraft OR BPLR whichever is higher will be charged.

For Senior Citizens

  • Objective of the Scheme To provide a source of additional income for senior citizens of India who own self-acquired and self-occupied house property in India .
    Facility Non-renewable Overdraft
    Eligibility No of borrowers Single or jointly with spouse in case of a living spouse
    Age of first borrower Above 60 years
    No. of surviving spouses on the date of sanction of loan
    • Should not be more than one.
    • Borrowers will have to give an undertaking that they will not remarry during the currency of the loan.
    • If the borrowers choose to remarry, the loan will be foreclosed.
    Age of spouse Above 58 years
    Residence for security
    • Borrower should be staying at self-acquired and self-owned house /flat against which loan is being raised, as his permanent primary residence.
    • Borrowers owning an inherited property provided the title of the property is clear.
    • Commercial property is not eligible under the scheme.
    Title of the property and number of borrowers
    • Borrower should have a clear and transferable title. Title investigation & search report for a period of 30 years.
    • If the property is in single name and loan is availed jointly with spouse. Title holder should make a Will in favour of the other spouse. The Will should confirm that this is the last Will and that it supersedes all earlier Wills, if any.
    • The borrower to undertake that no fresh Will shall be made during the currency of the loan.
    Security By way of equitable mortgage of the residential property
    Disbursement By credit to an SB account in the joint names of the borrowers operated by E or S.
    Periodicity of availing loan Monthly / quarterly payments /Lumpsum payment
    Quantum of loan
    • Minimum: Rs.3.00 lac; Maximum: Rs.2 crore

    The loan amount would be 80% of the value of property. Loan amount would include  interest till maturity

    Tenor
    • When loan is availed jointly with the spouse age of the younger of the borrowers
      1. Above 58 and upto 68 years : 15 years (Max.)
      2. Above 68 years : 10 years (Max.)
    • When loan is availed in single name,as per the age of the borrower.
    1.  Above 60 and upto 68 years- 15 yrs(max)
    2. Above 68 years- 10 years(max)      
    Margin 20% of the value of the property.
    Interest Rate
    • Public- 1.85% above SBT base rate; presently 12% p.a
    • Retired staff- 1% below the rate applicable to public; presently 11% p.a
    Processing Fee 0.50% of the loan amount, minimum Rs.500/- and maximum of Rs.10,000/- plus service tax
    Foreclosure The loan shall be liable for foreclosure due to occurrence of the following events:

    • If the borrower(s) has/have not stayed in the property for a continuous period of one year.
    • If the property taxes are not paid.
    • Keep the house properly maintained, repaired and insured.
    • If borrower(s) declare himself/herself/themselves bankrupt.
    • If the property mortgaged to the Bank is donated or abandoned.
    • If the borrower(s) effect changes in the property that affect the security of the loan.
    • Due to perpetration of fraud or misrepresentation by the borrower(s).
    • If the government under statutory provisions, seeks to acquire the residential property for public use.
    • If the government condemns the residential property (for example, for health or safety reasons).
    • Re-marriage of the borrower(s).
    • Borrowers do not accept the revised terms on revaluation of property and interest reset at the end of every 5 years from sanction.
    • Any violation of the terms and conditions of RML.
    Pre payment charges NIL