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DEPOSIT AND LOAN FACILITIES
PROVIDED BY STATE BANK OF
TRAVANCORE TO NRI’s
Who is an NRI?
A Non Resident Indian (NRI) as per India’s Foreign
Exchange Management Act 1999 (FEMA), is an
Indian citizen or Foreign National of Indian Origin
resident outside India for purposes of employment,
carrying on business or vocation in circumstances as
would indicate an intention to stay outside India for
an indefinite period. An individual will also be
considered NRI if his stay in India is less than 182
days during the preceding financial year.
Who is a PIO?
A person who is not a citizen of India is deemed to
be of Indian origin if he is not a citizen of Pakistan
or Bangladesh and if
he at any time held an Indian passport; or
he or either of his parents or any of his
grandparents was a citizen of India by virtue
of the Constitution of India or Citizenship Act,
1955.
A spouse (not being a citizen of Pakistan or
Bangladesh) of an Indian citizen or of a Person of
Indian Origin is also treated as a Person of Indian
Origin for the purpose of NRI deposits if the
accounts are held jointly with the NRI/PIO spouse.
PIOs are extended the same facilities for bank
account maintenance in India as NRIs and are also,
for such purposes, called by the generic name as
NRIs.
Procedure for Opening a Non-Resident (NRI)
Account in India
Non resident Indians have been extended the facility
to open an NRE/FCNR account from overseas, by
downloading the form from the website of the bank
of their choice.
Generally, the account opening form must be
accompanied by
A passport copy,
The visa or residence permit of the country the
NRI is residing in, and
A set of 2 photographs
The signatures on the form have to be verified by
either officials at the Indian Embassy or consulate in
the country of his residence or the Notary public. In
case the particular bank has an overseas branch in
the applicant’s city, documents can be verified at
that office.
The initial remittance must be sent along with the
documents.
NRIs can empower a local citizen to operate their
domestic accounts through a Power of Attorney or a
letter of authority. NRIs can appoint nominees,
resident Indians or otherwise, to their account.
Deposit facilities provided by State Bank of
Travancore to NRI’s
What is a deposit account?
A deposit account is a current account, savings
account, or other type of bank account, at
a banking institution that allows money to be
deposited and withdrawn by the account holder.
These transactions are recorded on the bank's books,
and the resulting balance is recorded as a liability for
the bank, and represent the amount owed by the
bank to the customer. Some banks charge a fee for
this service, while others may pay the customer
interest on the funds deposited.
Savings Bank Accounts
Repatriable NRE (Non Resident
External) Savings Bank Accounts
Running accounts - Frequent credits and
withdrawals allowed [ can also be opened as
Current Account]
Maintained in Indian Rupees
Cheque book facilities
Current income of NRIs such as rent,
dividend, interest, pension etc net of
applicable taxes can be credited to this
account.
Can be opened with drafts, travelers
cheques/currencies issued from abroad. Drafts
issued in approved foreign currencies can also
be converted into Indian Rupees.
Balance can be repatriated abroad.
Nomination Facilities available. Nominee can
be resident or non-resident
Eligible for tax concessions. Interest earned
exempt from Income Tax
Can be opened jointly with another Non-
Resident Indian
Can be operated by a resident, duly authorised
by the NRI Account Holder
Non-Repatriable NRO (Non Resident
Ordinary) Account
When an existing resident goes abroad, his
resident Savings Bank Accounts are to be
termed as Non resident (Ordinary) Savings
Bank Accounts.
Balance in the account can be repatriated upto
US Dollars 1 million per calendar year for any
purpose. This includes sales proceeds of
immovable property credited to NRO accounts
subject to payment of applicable Taxes.
Interest earned is subject to deduction of
Income Tax at source.
The NRI's local funds generated in India can
be credited to these accounts.
Interest earned in NRO A/C repatriable
Nomination Facilities available
Joint account with a resident permitted
Operation by resident [Power of Attorney
holder permitted]
NATURE
RATE OF
INTEREST %
MINIMUM
BALANCE
Normal Senior Rural Semi Urban
ACCOUNT Citizen Urban
Savings
Bank A/c
A.
Domestic /
NRO
a. With
Cheque book
facility
3.50 3.50 1000
1000 1000
b. Without
Cheque book
facility
3.50 3.50 500
500 500
c. No Frills
Account 3.50 3.50 NA
NA NA
NRE 3.50 3.50 No minimum balance
stipulation. If the
average balance per
month is above Rs.
5000/- the services are
not charged.
A. Savings Bank Deposits
(Domestic/NRO)-3.50% per annum (w. e. f.
01.03.2003)
B. Term Deposits (Domestic/NRO) (w. e. f.
09.12.2010)
Interest Rates for Bulk Deposit Rs. 1 Cr. and above.
PERIOD RATES
15 days to 45 days 5.00
46 days to 90 days 5.00
91 days to 179 days 7.00
180 days to less than 1 year 7.25
1 year to less than 3 years 8.25
500 days 8.50
1000 days 8.60
3 years to less than 5 years 8.60
5 years to less than 8 years 8.60
8 years and upto 10 years 8.60
PERIOD (FROM 13.03.2010)
BULK DEPOSIT RS.1 CR. AND
ABOVE1 year and above 6.00%271 days to less than 1 year
5.50%
181 days to 270 days
4.50%
91 days to 180 days 3.50%46 days to 90 days 3.00%31 days to 45 days 2.25%15 days to 30 days 2.00%7 days to 14 days 1.50%
Fixed Deposits
Repatriable NRE Fixed Deposits
NRE Rupee fixed deposits can be opened with the
option of interest being payable once in a quarter or
compounded at quarterly periods and payable along
with principal on maturity. The minimum period for
which an NRE term deposit can be opened is 12
months and the maximum period is 60 months.
These deposits can be:
Ordinary Term Deposits-Interest amount can be
credited to the depositor's account or an account of
his choice, normally once in a quarter. Monthly
interest payment permissible conditionally.
OR
Special Term Deposits-Interest earned on the
deposits is added to the principal and compounded at
quarterly intervals. The principal amount together
with interest is repaid on maturity of the deposit.
No interest is payable if the deposit is prematurely
closed before the minimum period of 12 months.
Premature closure attracts penalty of 1%
Loans can be granted against these deposits subject
to a maximum of Rs.100 lakh as per RBI Guidelines.
NRE Thrift deposits
Fixed sums can be depoited every month for a
fixed period
Deposits maintained in Indian Rupees on
repatriable basis
Compound interest at same rates as applicable
to other term deposits
Periods from 12 months to 60 monthhs
Eligible for tax concessions
NRE Super surplus scheme
Same as above but monthly deposit amounts can be
varied according to availability of funds, subject to a
minimum of core amount.
Non Resident Ordinary Term Deposits
(NRO)
When an existing resident goes abroad, his
resident fixed deposits are to be termed as Non
Resident (Ordinary) Term deposits
New accounts can also be opened.
The NRI's local funds generated in India can be
credited to these accounts.
Periodicity from 15 days to 10 years
Balance in the account can be repatriated upto
US Dollars 1 million per calendar year for any
purpose. This includes sales proceeds of
immovable property credited to NRO accounts
which has been held by the NRI.
Earn Interest at domestic deposit rates
Interest earned is subject to deduction of Income
Tax at source.
Interest earned in NRO A/C repatriable
Nomination Facilities available
Can be held jointly with a resident
Non Resident Deposits
NRE Savings Bank - 3.50% per annum (w. e. f. 18-
11-2005)
Interest Rates for NRE Fixed Deposits
( w. e. f. 02-12-2010 )
PERIOD OF
DEPOSIT
PERCENTAGE OF
INTEREST
1 year to less than 2
years2.54 %
2 year to less than 3
years2.51 %
3 years above and upto 5
years2.79 %
Accounts in Foreign Currency
FCNR Account
Accounts can be opened in six major currencies
viz., US Dollar, Pound Sterling, Japanese Yen,
Euro, Australian Dollar and Canadian Dollar.
Accounts are opened for periods ranging
between 12 months and five years. Interest is
compounded on half yearly basis under the
reinvestment plan if opened for 366 days or
more.
On maturity, payment shall be made in foreign
currency/Indian rupees, as desired by the
depositor.
Affords protection against fluctuation in
Exchange rates.
Interest is payable at half yearly intervals only.
Interest can be compounded under the
reinvestment plan.
Interest rates offered are higher than the interest
rates for these currencies for the same maturities
in international markets.
These deposits are repatriable
Nomination Facilities available
Eligible for tax concessions
Repatriation of maturity proceeds to 3rd party
outside India permitted subject to conditions.
Interest Rates For FCNR Deposits
(w.e.f. 02-12-2010)
PERIOD OF USD GBP EURO AUD CAD JPY
DEPOSIT
1 year to less than
2 years
1.79
%
2.49
%
2.49 % 6.66
%
2.89
%
1.59
%
2 years to less
than 3 years
1.76
%
2.37
%
2.59 % 6.29
%
2.77
%
1.40
%
3 years to less
than 4 years
2.04
%
2.71
%
2.84 % 6.41
%
3.02
%
1.45
%
4 years to less
than 5 years
2.36
%
3.04
%
3.10 % 6.65
%
3.28
%
1.52
%
5 years 2.73
%
3.37
%
3.33 % 6.76
%
3.51
%
1.61
%
Resident Foreign Currency Account (RFC)
Facility for returning Indians.
To maintain outside earnings in convertible
foreign exchange.
All NRIs who had been resident outside India
for a continuous period for 1 year eligible
Funds in NRE/FCNR, foreign exchange brought
in the form of remittances, travelers cheques,
foreign currency from abroad may be credited
into RFC account.
Maintained in US$ in Savings Bank / Current
account or Term Deposit of 6/36 months
duration
Interest payable in US$ - can be drawn in India
rupees on conversion
Can be held jointly with other eligible residents
No cheque book issued for RFC(SB)
account/Current Account
Pension or other monetary benefits including
interest / dividend on assets held abroad can be
credited into RFC.
Remittance abroad for bonafide purposes can be
effected from RFC.
RFC can be converted into NRE or FCNR if the
account holder goes abroad again and attains
NRI status.
RFC Accounts (in USD)W. e. f. 02-12-2010
RFC Savings Bank account 0.50 %
RFC Term Deposits - 6 months to less than 1 year
1.00 %
RFC Term Deposits - 1 year to less than 2 years
1.79 %
RFC Term Deposits - 2 years to less than 3 years
1.76 %
RFC Term Deposits - 3 years only
2.04 %
Loan Facilities provided by State bank of
Travancore to NRI’s
What is a loan?
A loan is a type of debt. Like all debt instruments, a
loan entails the redistribution of financial assets over
time, between the lender and the borrower.
In a loan, the borrower initially receives
or borrows an amount of money, called
the principal, from the lender, and is obligated
to pay back or repay an equal amount of money to
the lender at a later time. Typically, the money is
paid back in regular installments, or partial
repayments; in an annuity, each installment is the
same amount.
The loan is generally provided at a cost, referred to
as interest on the debt, which provides an incentive
for the lender to engage in the loan. In a legal loan,
each of these obligations and restrictions is enforced
by contract, which can also place the borrower under
additional restrictions known as loan covenants.
Although this article focuses on monetary loans, in
practice any material object might be lent.
Acting as a provider of loans is one of the principal
tasks for financial institutions. For other institutions,
issuing of debt contracts such as bonds is a typical
source of funding.
Bank’s Base Rate has been fixed as 7.75% per
annum with effect from 1st Jul 2010, in tune with
the methodology suggested by RBI. All categories
of loans and advances [including Bills],
sanctioned/renewed on or after 1st Jul 2010, other
than those specifically exempted, will be priced with
reference to Base Rate.
Benchmark Prime Lending Rate (BPLR):13.25 %
p.a.
(with effect from 01.12.2010)
The maximum spread over PLR will continue to be
4% for all advances other than consumer credit,
clean advances, export credit and other exempted
categories as per RBI directives.
In the case of interest rate for loans with floating
rates linked to BPLR/Base Rate, the interest rate is
subject to change, with every increase or decrease in
BPLR/Base Rate. Such change will be restricted to
the extent of increase/decrease in BPLR/Base Rate.
Cash Key facility
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.
Gold Loans
Conventional
Loans against Gold ornaments.
Rs.1350 per gram of gold for all types of jewellery
(including hall marked jewellery).
Amount of Loan - Maximum 10 lacs
Period of loan - 6/12 months and can be further renewed
Simple easy documentation.
Liquid gold-SBT Gold overdraft
Overdraft facility against pledge of Gold ornaments,
operated as a running account with facility of cheque
book.
Rs.1350 per gram of gold for all types of jewellery
(including Hall marked jewellery)
Amount of Loan - Maximum 10 lacs
Loans are granted for 6/12 months and can be further
renewed.
Mitra Varsha -Loan against shares & securities
A single over draft limit against the pledge of various
types / combination of securities viz. IVP,LIC Policy,
SBI Life Policy, Treasury FD, Post Office FD.
BY
PLEDGE
OF
MINIMUM
LIMIT
RS.50000/-
MAXIMUM
LIMIT
LIC/SBILife Policies
Govt Of Kerala Treasury
FD/Post Office FD
Indira Vikas Patra
95% of Surrender
value Max
Rs.20.00 lacs
70% of deposit +
accrued interest.
Max Rs.20.00
lacs
75% of purchase
value Max
Rs.5.00 lacs
Sahaya Varsha
A clean demand loan to meet your short term funds/
financial needs for various purchases/emergent
requirements such as marriage, family functions,
travel, education, expensive medical treatment,
operation etc.
1. Persons Eligible:
i. Salaried employees having net monthly income
exceeding Rs.5,000/- and maintaining salary
account with us
ii. Pensioners drawing pension from our Branch
having known sources of regular net monthly
income exceeding Rs.2,500/-
2. Amount of Loan:
15 times of the net monthly salary / income,
Minimum Rs.10,000/- and Maximum Rs.2,00,000/-
3. Margin: Nil
4. Repayment:
6 to 60 months in Equated Monthly Installments.
5. Security:
Primary - Nil
Collateral -
i. Equitable Mortgage of property having value not
less than 200% of the loan amount. OR
ii. Third party guarantee of two or more persons of
sufficient worth acceptable to the Bank
OR
iii. a) Check off facility with one personal guarantee
for loan amount upto Rs.1 lac.
b) Check off facility with one or two personal
guarantee of sufficient worth for loan amount
above Rs.1 lac.
6. Processing Charges:
Loans upto Rs.25,000/- = Rs.100/-
Above Rs.25,000/- = Rs.250/-
7. Papers To Be Submitted To The Bank:
i. Application form (in duplicate) and two passport
size photographs
ii. Proof of income
In the case of salaried persons
i. Salary Certificate showing deductions.
ii. Authorisation to deduct monthly installments
from the salary of the employee for credit of the
loan account where check-off facility is
available.
iii. Standing instruction to transfer monthly
instalments from the salary account.
Pensioners
i. Authorisation to deduct the monthly installments
from the Pension account.
ii. Proof for the other income.
8. For mortgage of property
Original and prior title deeds.
Latest tax receipts
Possession Certificate
Encumbrance certificate for the last 15 years
from the Sub-Registrar.
Valuation report from the banks approved
valuator.
Suvidha Loan
Loan against mortgage of immovable property for
personal needs such as marriage related expenses,
foreign travel, medical expenses etc.
1. Nature of Loan:
Term Loan
2. Purpose:
Consumer needs – General Purpose Loan
3. Eligibility:
Individuals who are :
a. employees of Government, Quasi Government,
reputed companies/establishments.
b.Professionals, self employed and others who are
income tax assesses.
c. Engaged in agricultural and allied activities.
d.Net monthly income of Rs.12,000 for salaried
persons or net annual income of Rs.1,50,000 in
the case of others.
e. The income of the spouse may be added if
he/she is a co-borrower.
4. Age Limit:
The age of the borrower should not exceed 60 years
at the time of sanction.
5. Amount of Loan:
24 times the net monthly income for salaried
persons or 2 times the net annual income in case of
others. Minimum Rs.50,000 - Maximum 1 Crore
6. 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)
7. Margin:
40 % of the market value of the property.
8. Repayment:
Equated monthly installments within a maximum
period of 120 months with a check off facility in the
case of salaried persons/60 months where check off
facility is not available.
9. Processing Fee:
2% of the loan amount. Max Rs. 50,000/-
10. 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.
11. Papers to be submitted:
Application form
2 passport size photographs
Copy of the income tax return for last 2 financial
years duly acknowledged by ITO.
Latest salary slip showing all deductions.
TDS Certificate – Form 16 in the case of
salaried persons
If property offered is an agricultural land
converted as non-agricultural, copy of the
relative order should be made available.
In the case of agriculturist a certificate of
income issued by the village officer should be
produced.
In the case of individuals engaged in
trade/industry etc. wherever latest IT returns are
not available, the annual income can be
assessment based on the IT return for the
preceding year and the last balance sheet
12. Documents to be submitted:
Title deeds of the property proposed to be given
as security.
Prior title deeds.
Latest tax receipts (both building and land)
Possession Certificate
Encumbrance certificate from the sub registrar
for the last 15 years.
After availment of the loan, encumbrance
certificate for 4 months after the date of
mortgage is to be produced.
Prasanthi
A clean Demand Loan Scheme specially designed
for Pensioners
1. Pensioners:
All Central Civil, Defense, Railway, Telecom,
KSRTC (Kerala State Road Transport Corporation),
KSEB, KWA,Kerala Agricultural University, State
and Bank Pensioners
whose pension accounts are maintained at our
branches. Pension accounts include
those accounts to which Bank acts as the Pension
Disbursing Officer and those
accounts to which pension amounts are received
from DPDO.
2. Age limit:
Should not exceed 75 years at the time of sanction of
loan.
3. Eligibility and Amount of Loan:
Age of pensioner upto 60 years - A maximum of
15 months pension with a ceiling of Rs.1,50,000.
Age of pensioner over 60 years upto 65 years -
A maximum of 12 months pension with a ceiling
of Rs.1,25,000.
Age of pensioner over 65 years upto 75 years -
A maximum of 10 months pension with a ceiling
of Rs.1,00,000.
4. Guarantee:
The spouse/nominee for family pension eligible for
family pension should guarantee the loan or any
other family member or a third party worth the loan
amount.
5. Margin: Nil
6. Repayment:
Age upto 60 years - 54 equal monthly
installments
Age above 60 years and upto 65 years - 48 equal
monthly installments
Age above 65 years and upto 70 years - 36 equal
monthly installments
7. Security:
The nominee to the pension should be a guarantor.
8. Processing charges 0.5% of the limit, Minimum
Rs.20/-
9. Papers to be submitted to the Bank
Application form and two passport size
photographs.
10. Documents to be executed
i. Demand Promissory Note in favour of the
spouse/nominee for family pension and endorsed
by the latter in favour of the Bank.
ii. DP Note Delivery Letter executed jointly by the
borrower and the spouse/nominee.
Computer Loan
1. Purpose:
For purchase of home computers/PCs and other
accessories like Printer/UPS etc.
2. Persons eligible:
Salaried and other regular income earners with a
minimum of 3 years standing/ experience in their
line of activity and spouses of NRIs, based on the
monthly income of NRI.
3. Amount of loan:
15 times of Net Monthly Income (Maximum of
Rs.1,00,000)
4. Margin:
20% of the cost of items purchased
5. Disbursement:
Amount of the loan will be paid directly to the seller.
6. Repayment period:
Maximum 72 months
7. Security:
i. Primary:
Hypothecation of computer and the accessories
purchased out of Bank Finance.
ii. Collateral:
a. For Loans upto Rs.50,000
Wherever check-off facility is available – no
collateral.
Personal guarantee of one or more persons of
sufficient worth where check off facility is not
available.
b. For Loans above Rs.50,000
Equitable mortgage of property of value not
less than the loan amount or any other tangible
securities of sufficient value or personal
guarantee of one or two persons of sufficient
worth.
7. Insurance:
Insurance for loans above Rs.25,000
8. Processing charges:
LOAN
AMOUNT
S
RURAL
BRANCHE
S
OTHER
BRANCHE
S
upto
Rs.10,000Rs.40/- Rs.50/-
above
Rs.10,000
Rs.4 /- per
thousand
Rs.5/- per
thousand
9. Papers to be submitted to bank:
i. Application form in duplicate with two passport
size photographs.
ii. Proof of income
a. In the case of salaried persons :
Salary Certificate showing deductions.
Authorisation to deduct monthly
installments from the salary of the employee for
credit of the loan account where check off
facility available.
b. In the case of business men/self
employed/professionals :
Audited accounts and balance sheet for the last
three years.
Statement of computation of taxable
income/Income tax returns filed.
i. A proforma invoice of the items proposed to be
purchased.
ii. Details of the guarantors wherever applicable.
10. Documentation:
i. Hypothecation agreement
ii. Guarantee agreement
11. General:
i. Check off facility letter (if applicable)
ii. Certificate from the borrower on the reverse of
the bill confirming the receipt of items in good
condition.
iii. Stamped receipt from the seller/supplier.
12. For mortgage of property:
Original and prior title deeds.
Latest Tax Receipt
Possession Certificate
Encumbrance Certificate for last 15 years
Title Clear Certificate from the Banks approved
Advocate
Valuation Report from the Banks approved
valuator.
FOLLOWING RATES ARE APPLICABLE FOR NEW LOANS SANCTIONED FROM THE
EFFECTIVE DATE
Interest Rates - P&SB (resident) & NRI
Advances linked to SBT Base Rate Base Rate as on 11.10.2010 is 8%
LOAN SCHEME
EXISTING LOANS
LINKED TO PLR
NEW LOANS SANCTIONED FROM 01.07.10
LINKED TO SBT BASE RATE
Gold Loan 0.25% below PLR
4.25% above Base Rate
Liquid Gold 0.75% above PLR
5.25% above Base Rate
NSC Loan
OD 0.50% above PLR
5.00% above Base Rate
DL At PLR 4.50 % above Base Rate
Advance against shares
3% above PLR7.50% above Base
Rate
Akshaya At PLR 4.50% above Base
Rate
Sowbhagya Loan
At PLR4.50% above Base
Rate
Clean overdraft
4% above PLR8.50% above Base
Rate
Sahaya Varsha
With check off facility/Corporate guarantee/ Equitable mortgage - 2% above PLR
6.50% above Base Rate
Other than above - 3.50% above PLR
8% above Base Rate
Prasanthi/Jai Jawan Scheme/Prasanthi Elite ( Loan for Pensioners)
At PLR4.50% above Base Rate
Computer Loan
With check off facility/Corporate guarantee/ Equitable mortgage – 1.50% above PLR Other than above – 2%above PLR
6% above Base Rate
6.50%above Base Rate
LOAN
SCHEME
EXISTING
LOANS
LINKED TO
PLR
NEW LOANS
SANCTIONED
FROM 01.07.10
LINKED TO SBT
BASE RATE
Suvidha Loan TL – 1% above
PLR
5.50% above Base
Rate
OD – 2%
above PLR
6.50% above Base
Rate
Education Plus At PLR4.50% above Base
Rate
Subha Yatra0.50%above
PLR
5% above Base Rate
Mitra Varsha At PLR4.50% above Base
Rate
Nurses
Suvidha At PLR
4.50% above Base
Rate
Purchase of
House SiteAt PLR
4.50% above Base
Rate
Loans upto
Rs.2 lacs in
Personal
4% above PLR
8.50% above Base
Rate
Segment Clean
Overdraft
Loans upto
Rs.2 lacs in
Personal
Segment Term
Loan
4.5% above
PLR
9% above Base Rate
NRI Housing Loan
1. Purpose:
For construction, purchase/repair/renovation/alteration
of a house or for purchase of a plot for the construction
of a house for self occupation on return to India.
2. Persons Eligible:
a) All Non Resident Indians holding Indian Passports
with a regular monthly income of not less than Rs.
10000/-
b) Spouses and close relatives of Non-Residents, who
are residents jointly with the non-resident Indian.
3. Amount of Loan:
60 times the Net Monthly Income (NMI) / Average
Monthly Income (AMI) for persons upto 45 years and
48 times for persons above 45 years of age. However,
the repayment obligation is restricted to Maximum 60%
of the NMI/AMI.
4. Margin:
Upto Rs.30 lacs - 20%
Above Rs.30 lacs and upto Rs.3 crore - 25%
5. Interest:
Housing Loan Interest Rates w. e. f. 01-07-2010
Scheme Period
Revised Floating Rate (%) for new
loans sanctioned on or after
01-07-2010
Upto 30 lacs Above 30 lacs
Existing
loans
linked
to PLR
New loans
sanctioned
from
01.07.10
linked to
SBT Base
Rate
Existing
loans
linked
to PLR
New loans
sanctioned
from
01.07.10
linked to
SBT Base
Rate
Housing
Loan
Upto 5
years
3.0%
below
1.50%
above
2.25%
below
2.25%
above
PLR Base Rate PLR Base Rate
Above
5 - 15
years
2.75%
below
PLR
1.75%
above
Base Rate
2%
below
PLR
2.50%
above
Base Rate
Above
15-25
years
2.50%
below
PLR
2% above
Base Rate
1.75%
below
PLR
2.75%
above
Base Rate
6. Disbursement:
i. Construction of new building.
ii. In three stages, 30%, 40% and 30% of the loan
amount. The last installment will be disbursed three
or four weeks prior to the completion of the
building.
iii. Outright purchase 100% to the seller, after payment
of the margin by the applicant.
iv. Purchase of plot and construction of the building.
v. The loan component for purchase of the plot will be
only 30 % of the total project coat.
7. Repayment:
180 months including 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. Repayment can be made either
through remittance from abroad or transfer from
NRE/FCNR/NRO A/c or by resident relatives.
Rental income if any received should go towards
repayment of loan. Repayment can be from local
sources after returning to India permanently.
Premature closure of loan permitted subject to
conditions/penalty
8. Security:
Mortgage of property by deposit of title deeds.
9. Processing Charge:
Limit upto Rs.25,000/- Nil
Limits above Rs.25,000
to Rs. 2 lacs
0.55% of the loan amount
(Max. Rs.500/-)
Limits above Rs.2 lacs 0.55% of the loan
amount (Max.Rs.10,000/-
)
10. Insurance:
Insurance is to be arranged for the total cost of the
building.
11. Papers to be Submitted to Bank:
In addition to the application form (in duplicate) two
copies of the passport and two passport size
photographs, a declaration-cum-Affidavit in the Bank's
approved format, the following papers are to be
submitted to the Bank.
11.1 Proof of Income:
In the case of salaried persons:
i. Salary certificate issued by the employer and duly
attested by an embassy official
ii. Average monthly remittance into NRE A/c. in case
of others.
iii. Authorisation to deduct monthly installments from
NRE/NRO A/c.
11.2 Documents to be submitted for
construction/improvement of houses:
i. A copy of the plan inclusive of site plan approved
by the Corporation/Municipality /Development
Authority /Panchayat as required.
ii. 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.
iii. Estimate approved by an official not below the rank
of Asst.Engineer(Civil)/ Registered Architect /
Chartered Engg.
iv. Original and prior title deeds
v. Latest tax receipts
vi. Possession certificate
vii. Encumbrance certificate from the Sub Registrar for
the last 15 years.
viii. Title clear certificate from Bank's approved
advocate
ix. Valuation report from the Bank's approved
valuator.
11.3 Documents to be submitted for purchase of
House/Flats:
i. A copy of the agreement for sale
ii. A copy of the Title deeds of the present owner
iii. A copy of the land tax receipt
iv. A copy of the building tax receipt
v. Encumbrance certificate from the Sub Registrar for
the last 15 years.
vi. Title clear certificate from the Bank's approved
advocate.
vii. Valuation report of the property and building from
the Bank's approved valuator.
viii. Estimate approved by an official as above.
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 shown in 11.3 except item No.
iv is to be submitted. After availing of the loan,
encumbrance certificate for four months after the date of
mortgage is to be produced.
Availing loan by Power of Attorney Holder:
Housing loan can be availed on behalf of NRI by a
resident power of Attorney holder. The power of
Attorney to be executed in the Bank's format.
NRI Education Loan
Enables your resident son/daughter take up higher
education in India in recognized schools and colleges.
SALIENT FEATURES:
1. Purpose:
To meet tuition, admission and other fees, maintenance
cost, cost of books and equipment for higher studies.
Caution deposits and other refundable deposits can also
be financed under the scheme.
2. Amount of Loan:
For studies in India:Rs.10 lakhs
For studies abroad :Rs.20 lakhs
3. Persons Eligible:
a) Indian National
b) students who have passed the entrance test and have
secured admission for technical/professional courses.
3. Eligible Courses:
a) All technical /professional courses including
certificate courses, diplomas; graduate/ Post graduate
and/ or doctorate degree studies in recognised schools /
colleges / Institutions. (Courses in Medicine, Surgery,
Dental Science, Architecture, Veterinary Science, Agri
Sciences and in various branches of Engineering,
Technology, Computer Science, Industrial Management,
Business Administration and other Management
Sciences)
b) Computer Courses which are conducted by institutes
given due accreditation by
the Department of electronics, Govt of India.
c) Any other specialised course in Computer Science.
4. Borrower: Student and Parent or Guardian jointly.
This means if an NRI wishes to educate
his/her nephew /niece any other such relative the student
and the supporting NRI as guardian
may avail the loan jointly.
5. Margin:
Upto Rs.4 lakhs: Nil
Above Rs.4 lakhs :(i) Studies in India:5%
(ii) Studies in Abroad:15%
6. Interest :
Educational Loans (Gyan Jyothi)with effect from 01-07-2009
Loan Amount Existing loans
linked to PLR
New loans
sanctioned
from 01.07.10
linked to Base
Rate
1. Upto Rs.4
lacs
0.75% below
PLR
3.75% above
Base Rate
2. Above Rs.4
lacs
At PLR 4.50% above
Base Rate
* 0.5 % concession for Girl student
7. Repayment:
12 months after completion of course or 6 months after
getting job whichever is earlier. To be repayed in 60
monthly installments.
8. Security:
Collateral security equal to Loan amount plus interest
payable up to one year after completion of course. When
the loan amount exceeds Rs 4 lakhs, such Collateral
security may be any one or more of: Govt Securities,
UNITS of UTI, Surrender value of a LIC policy,
National Savings Certificates, KVPs, IVPs, Bank
Deposit Receipts after effecting necessary lien
/assignment in favour of our bank and / or mortgage of
immovable properties or other tangible assets acceptable
to the bank.
9. Processing Fee: Nil
10. Application:
Application is available at all our branches and should
be submitted to one of them.
11. Documents to be submitted:
a) Application (Student and Parent or Guardian jointly)
b) Two Copies of Passport Size Photos.
c) Testimonials in original from head of institution and
from one or two other respectable persons not related to
the student.
d) Proof of Admission to Course.
e) Schedule of Expenses for the course.
f) Copy of Salary certificate / statement (other proof) of
Income of parent / Guardian
g) Copy of Passport of parent / guardian and student (if
applicable)
12. For mortgage of property:
Original and prior title deeds
Possession certificate
Encumbrance certificate for the last 15 years from
the Sub Registrar.
Title clear certificate from the banks approved
advocate
Valuation report from the banks approved valuator.
Latest tax receipts.
NRI Car Loan
1. Purpose:
To finance purchase of new Cars or Jeeps
2. Persons Eligible:
NRIs or spouse of NRIs who have regular Net Monthly
Income (NMI) of not less than Rs 10000.
3. Loan amount:
Up to 30 times the NMI for Cars and Jeeps (The Net
Monthly Income of spouse (resident or nonresident) can
also be included provided the spouse would also
guarantee the loan. In the case of resident employed
person, he/she should have permanent employment or
be a self employed professional of good standing .) Max
30 lacs.
4. Security:
a) The vehicle should be hypothecated to the bank and
the lien noted in the registration certificate book.
b) Guarantee of spouse where her / his income is also
taken into account for NMI and Loan amount.
c) Equitable mortgage of property or third party
guarantee of two persons each worth the loan amount.
5. Margin:
a) 15 % of the cost of the vehicle
b) Second hand car upto 2years old 25% of the cost
c) Second hand car above 2 years upto 5 years old 40%
of the cost.
6. Interest:
Interest Rates on Car Loans linked to SBT Base Rate
With effect from 11-10-2010
New
Cars Existing loans
linked to PLR
New loans
sanctioned from
01.07.10 linked to
SBT Base Rate
Upto 3 years – 1.25%
below PLR
3.25% above Base
Rate
Above 3 years &
upto 5 years - 1.25%
3.25% above Base
below PLR Rate
Above 5 years &
upto 7 years - 1%
below PLR
3.50% above Base
Rate
Used
Cars
Upto 3 years – 2.25%
above PLR
6.75% above Base
Rate
Above 3 years &
upto 5 years - 2.50%
above PLR
7% above Base
Rate
7. Repayment:
In 84 Equated Monthly Installments [EMI]
8. Insurance:
Comprehensive insurance is compulsory for all vehicle
loans at your cost with suitable bank clause.
9. Processing Charges:
0.50% of the loan amount subject to a minimum of
Rs.500/- and maximum of Rs.10000/-
10. Papers to be submitted:
a) Invoice in duplicate from dealer
b) Application in duplicate
c) Two passport size photographs
d) Salary certificate of employed persons OR evidence
of average remittance into bank (NRE) account for past
12 months
e) Details of guarantors and property to be mortgaged, if
any.
Two Wheeler Loan
1. Persons Eligible:
Salaried employees/pensioners, who are maintaining
salary/pension accounts with us where recovery of
instalment at source is possible
2. Amount of Loan:
Maximum Rs. 50,000 paid directly to the seller
3. Repayment:
72 equated monthly installments
4. Security:
Hypothecation of the vehicle purchased out of bank
finance.
Personal guarantee of one person of sufficient worth
5. Interest:
Interest Rates on Two Wheeler LoansWith effect from 01-11-2010
TWO
WHEELER
LOANS
2.25%
above
PLR
6.75% above
Base Rate
NRI Suvidha Loan-All purpose mortgage loan
If your money is blocked in landed assets and you need
funds for urgent/important needs like sister's marriage,
medical treatment, purchase of land or setup business
for your ward etc., we offer a new facility to NRIs.
1. Scheme:
Loan against mortgage of immovable properties (land
and or building) other than agricultural property or
plantation or farm house, held by NRIs / Persons of
Indian origin.
2. Eligibility:
Non Resident Indians or persons of Indian origin and
their close relatives.
3. Purpose:
All personal and own business purposes or a
combination of both, other than those specifically
prohibited by Reserve Bank of India.
4. Disbursement:
As required by the applicant. The proceeds cannot be
credited to NRE/NRNR/FCNR accounts. It can be
credited to NRO account. Loan amount will not be
remitted outside India.
5. Loan Amount:
Minimum Rs. 50,000/- Maximum Rs. 100 lacs subject
to not exceeding
24 months Net monthly Income or 1.5 times Net annual
Income.
6. Income level:
Minimum NMI Rs. 12,000/- or Minimum NAI Rs.
1,50,000/-
7. Proof of Income:
Salary certificate for salaried class; certified auditors
certificate in case of self employed; In the absence of
either Average monthly remittance in the last 12 months
into own NRE account or to that of spouse.