FESTIVAL LOANS
It is the festive season!!! Is the unavailability of ready funds, dampening the celebrations?
Avail of SBI's Festival Loan and bring back the cheer and celebrate in style!!! Hurry, the gifts and the sweets are waiting….
SBI offers you the unique facility of Festival Loans to help you meet any kind of festival related expenses.
Enjoy the SBI Advantage :
Avail of SBI's Festival Loan and bring back the cheer and celebrate in style!!! Hurry, the gifts and the sweets are waiting….
SBI offers you the unique facility of Festival Loans to help you meet any kind of festival related expenses.
Enjoy the SBI Advantage :
Low interest rates, currently 15.50% p.a.(compare with the 18.00% - 30% p.a. charged by others for personal loans/credit card companies.)
Low processing charges; 1.10% of loan amount(inclusive of service tax) per application.
No hidden costs or administrative charges.
No security required if check off is available….. which means minimal documentation…. something that you had always wanted.
No prepayment penalties.
Repayment period of upto 12 months.
Complete Transparency.
The Scheme
Purpose
To meet any kind of festival related expenses.
Eligibility
You are eligible to avail a Festival Loan if you are:
An Employee of Govt., PSUs, profit making public/private limited companies/ institutions etc with a minimum of 2 years service OR
Self employed person with minimum 3 years standing/experience OR
A person having regular source of income from verifiable channels like Pension and interest from TDRs/NSCs/Govt. Securities etc
You have a net monthly income of Rs.3000/- and above.
Your
spouse's income can also be considered in calculating the loan amount
provided he/she guarantees the loan or the loan is taken jointly.
Loan Amount
Your festival loan limit would be determined by your income and repayment capacity.
Minimum : Rs.5000/-
Maximum : 4 times your Net Monthly Income, subject to a ceiling of Rs.50,000/-.
Maximum : 4 times your Net Monthly Income, subject to a ceiling of Rs.50,000/-.
Documents Required
Passport Size Photograph
Passport Size Photograph
Proof
of official address for self employed individuals and professionals.
This can include shop and establishment certificate/Lease deed/Telephone
Bill.
Latest
Salary Slip and Form 16, in the case of salaried persons IT returns for
the last two financial years, in the case of self employed individuals
and professionals
Margin
NIL
Repayment
You
can repay the loan over a period of 12 months through Equated Monthly
Installments (EMI). Should you wish to deploy your surplus funds towards
prepayment of the loan, feel free to do so without any prepayment
penalty.
Security
Personal guarantee of the spouse or any other person of adequate worth where check off facility is not available.
Processing Fee
You need to pay only a nominal processing fee of 1.10% of the loan amount.
Interest
Base Rate 9.80 % w.e.f. 19.09.2013
Other Loans
|
Type of Facility
|
Rate of Interest
|
|
Clean Overdraft
|
8.25% above Base Rate, currently 18.05% p.a.
|
|
Personal Loans Scheme (SBI Saral)
|
8. 50% above Base Rate floating, currently 18.30% p.a.
|
|
SBI Loan to Pensioners (all variants)
|
4.75% above Base Rate, currently 14.55% p.a.
|
|
Festival Loan Scheme
|
6.75% above Base Rate, currently 16.55% p.a.
|
|
Loan against Bank Time Deposits (Domestic)
|
0.50% over the rate paid on Relative time deposit.
|
Rent Plus Scheme
|
Centre
|
Loan Amount
|
Rate of Interest
| ||||
|
Metro
|
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|
Non Metro
|
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Xpress Credit
|
Type
|
Facility
|
Rate of Interest
|
|
Term Loan
|
Check-off from Employer
|
5.00% - 7.00% above Base Rate Floating, currently 14.80% - 16.80% p.a. depending on the check off
|
NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.
JAI MAHAKAL |
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