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Education Loans

IGNOU Guess > Education > Educational Loans > State Bank of Indore

PERSONAL LOAN SCHEME

PURPOSE

General Purpose Loan for Individuals viz. purchase of new consumer durable articles such as computers, televisions, refrigerators, air-conditioners, music systems, kitchen appliances, furniture, carpets etc.

Also for meeting customer specific needs like expenses on marriage, family functions, medical treatment, education, travel etc.

ELIGIBILITY

Employees of Govt./ PSUs / reputed profit making public limited companies/reputed educational Institutions with minimum 2 years service.
Self-employed engineers, doctors, architect, CAs, MBAs, with minimum 2 years standing. They should be 60 years of age or less.
Pensioners of Govt. / PSUs. Public Sector Banks who have taken VRS and are of 60 years of age or less.
MINIMUM NET MONTHLY INCOME Rs. 5,000/- per month or Rs.60000/ per annum.

LOAN AMOUNT

Minimum Rs.24000/-
Maximum 12 times of NMI with a ceiling of Rs.5.00 lacs (Rs.1.50 lacs for pensioners.)

SECURITY

NIL (Minimum Score on a credit scoring model required)

REPAYMENT

Maximum 48 months.

INTEREST

For salaried - 2% above BPLR i.e. 15.25% p.a.

For others - credit score 60 or above 2% above BPLR i.e. 15.25% p.a.

credit score 50-60 3.50% above BPLR i.e. 16.75% p.a.

PREPAYMENT

No prepayment penalty.

FESTIVAL LOAN SCHEME

PURPOSE

For meeting expenditure related to festival.

ELIGIBILITY

Employees of Govt., PSUs, profit making public/private limited companies, Institutions, etc. with a minimum of 2 years service.
Self employed persons with minimum 3 years standing/experience.
Persons having regular source of income from verifiable channels like Pensions and interest from TDRs/NSCs/Govt.Securities etc.

MINIMUM INCOME

Net monthly income (NMI) of Rs. 3000/-

LOAN AMOUNT

Minimum Rs. 5000/- Maximum Rs. 50,000/-

Maximum amount of loan is restricted to four times of Net Monthly income (NMI).

SECURITY

Personal guarantee of the spouse or any other persons of adequate worth, where check-off facility is not available.

REPAYMENT

Maximum 12 months

INTEREST RATE

% above BPLR i.e. 13.50% p.a.

PREPAYMENT

No prepayment penalty.

TWO WHEELER LOAN SCHEME

PURPOSE

For purchase of new Two Wheeler of reputed make.

ELIGIBILITY

Permanent employees of State/Central Govt. PSUs Corporations, Private Sector Companies, reputed establishments.
Professionals, self-employed and others who are income tax assessees.
Persons engaged in agriculture & allied activities.

MINIMUM NET

Net Monthly Income of Rs.5000/- for salaried persons or
INCOME Net Annual Income of Rs.60000/- for others

LOAN AMOUNT

The maximum loan amount is restricted to :
6 times of Net Monthly Income for salaried persons or
Half of Net Annual Income for other.

SECURITY

  • Hypothecation of the vehicle and noting of hypothecation charge in the books of RTO and Registration Book.
  • Guarantee of spouse, if his/her income has been taken into account for computing eligibility of loan amount.
  • Check-off facility or third party guarantee or tangible assets to cover atleast 35% of the loan amount.

MARGIN

  1. For Loan amount up to Rs.50, 000: 10%
  2. For Loan amount above Rs.50, 000: 20%

INTEREST RATE

1.25% above BPLR i.e. 12.75% p.a.

REPAYMENT

Maximum: 36 months

PROCESSING FEE

1.11% of loan amount.

PREPAYMENT

No prepayment penalty.

EDUCATION LOAN (SARASWATI YOJANA)

PURPOSE

To extend financial assistance to deserving meritorious students for pursuing higher education in India & abroad.

ELIGIBILITY

Should be an Indian National.
Secured admission to professional/technical courses in India or abroad through Entrance Test/Selection process.
Secured admission to foreign university / institutions.

LOAN AMOUNT

Need based finance subject to repaying capacity of parents / students.
Studies in India: Max. Rs. 10.00 lacs
Studies Abroad: Max. Rs.20.00 lacs

MARGIN

Up to Rs. 4 lacs : Nil
Above Rs.4 lacs :
Studies in India : 5%
Studies Abroad : 15%

INTEREST RATE

Currently

Up to Rs. 4 lacs 1.00% below BPLR i.e. 12.25% p.a.

Above Rs.4 lacs 0.75% above BPLR i.e. 14.00% p.a. .

MORATORIUM/ Course period + one year or 6 months after getting the Job, whichever is earlier.

REPAYMENT PERIOD

1. For Loans
a) Upto 7.50 Lacs for studies in India and
b) upto 15 Lacs for studies abroad.
The loan to be repaid in 5-7 years after commencement of repayment.

2. For Loans
a) Above 7.50 Lacs for studies in India and
b) above Rs. 15 Lacs for studies abroad
The loan to be repaid in a maximum of 5-10 years after commencement of repayment.

SECURITY

A. STUDIES IN INDIA

  1. Up to Rs. 4 lacs: No security.
  2. Above Rs. 4 lacs and Upto Rs. 7.50 lacs: Collateral in the form of a suitable third party guarantee.
  3. Above Rs. 7.50 lacs and Upto Rs. 10 lacs: Tangible Collateral security for full value of loan

B. STUDIES ABROAD

  1. Up to Rs. 4 lacs: No security.
  2. Above Rs. 4 lacs and Upto Rs. 7.50 lacs: Collateral in the form of third party guarantee.
  3. Above Rs. 7.50 lacs and Upto Rs. 15 lacs: Tangible Collateral security of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of installments.
  4. For Loans above Rs. 15 lacs and upto Rs. 20 lacs: Tangible Collateral Security for full value of the loan.

LOAN AGAINST MORTGAGE OF IMMOVABLE PROPERTY

PURPOSE

General purpose loan/Line of credit

ELIGIBILITY

Individuals who are
Employees
Professionals, self-employed and others who are income tax assessees.
Engaged in agriculture and allied activities.

INCOME

Minimum Net Monthly Income Rs.12000/- for salaried persons or Net Annual Income of Rs.150000/- in case of others & self employed.

AGE LIMIT

Maximum – 60 years.

LOAN AMOUNT

Minimum – 1,00,000/-

Maximum – 24 times Net Monthly Income or 2 times Net Annual Income subject to a ceiling of Rs. 50 lacs.

SECURITY

Mortgage of property.

MARGIN

40% of the market value of the property.

REPAYMENT

Maximum – 60 months.

INTEREST

For term loan 0.25% below BPLR i.e. 11.25% p.a.

For Overdraft at par with BPLR i.e. 11.50& p.a.

PREPAYMENT

No prepayment penalty.

 

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