Tuesday, November 18, 2008

SBI Easy Travel Loan

Easy Travel Loan

Do you want funds readily available to you whenever you desire to go on a vacation that you plan with your family or friends? SBI's Easy Travel Loan is the answer to your questions.

Enjoy the SBI Advantage:

· Low interest rate. Further, we charge interest on a daily reducing balance!!

· Low processing charges; only 1% of loan amount.

· Complete transparency; No hidden costs or administrative charges.

· No security required ……which means minimal documentation…something that you had always wanted.

· No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.

· Long repayment period of up to 48 months.



The Scheme

Purpose
To meet any kind of Travel expense such as cost of ticket, hotel stay, visa, airport tax, purchase of Basic Travel Quota, etc.

Eligibility

You are eligible if you are:

A State/Central Govt. Employee, employee of public sector undertaking/reputed profit making public limited company, reputed institutions, MNC with a minimum service experience of 2 years.


A self employed professional, with a minimum 2 years standing. You should be 60 years of age or less.

A Pensioner of PSU/Govt. (Central/State)/Public Sector Bank who has taken premature voluntary retirement and is 60 years of age or less

Agent of insurance/KVP/Mutual funds etc. with 3-5 years standing who is a tax assesse and whose gross annual income exceeds Rs. 2 lacs.

A trader, who has cash flows to repay the loans and can provide suitable third party guarantee, you should restrict your banking requirements to the branch where the loan is proposed to be taken.

Salient Features

Loan Amount
Your personal loan limit would be determined by your income and repayment capacity.
Minimum: Rs.24,000/-
Maximum : 12 times Net Monthly Income for salaried individuals and pensioners and 1 year's net annual income in case of self employed professionals with the under noted ceilings.

For Salaried individuals and self employed professionals: Rs.2.5 lacs (Rs.5 lacs in New Delhi, Chennai, Bangalore, Hyderabad, Mumbai and Kolkata and can be further increased to Rs.10 lacs if the self-employed professional maintains a satisfactorily conducted account with our branch or the salary of individual is regularly credited to their account with our Bank)

For pensioners: Rs.1.5 lacs

For members of business community: Rs.3.0 lac or 1 year’s net annual profit during the preceding financial year, whichever is lower.


Documents Required :

For existing bank customers

*Copy of Passport (for overseas travellers)
*Copies of Rail-tickets/Bus tickets/Air tickets and visas(for overseas travellers)
*Copy of consolidated invoice containing ticket charges, insurance charges, other sundry charges, etc.

*Passport size photograph
*For salaried individuals Latest salary slip and Form 16, for Self-employed individuals and Professionals IT returns for the last two financial years.
*Proof of Professional Qualification (for self employed professionals)
*Copy of highest Professional degree held


For New Customer:
Important documents to be furnished while opening a Personal Loan Account:

· Proof of Identity

· Copy of Passport (for overseas travellers)

· Copies of Rail-tickets/Bus tickets/Air tickets and visas(for overseas travellers)

· Copy of consolidated invoice containing ticket charges, insurance charges, other sundry charges, etc.

· Passport size photograph

· For salaried individuals Latest salary slip and Form 16 for Self-employed individuals and Professionals IT returns for the last two financial years.

· Proof of Residential address, this can include home and establishment certificate/Lease deed/Telephone Bill.

· Proof of Professional Qualification (for self employed professionals)

· Copy of highest Professional degree held
Proof of official address (for members of business community),this can include shop and establishment certificate/Lease deed/Telephone Bill.

Margin
We do not insist on any margin amount.

Interest Rates
3.25% above SBAR Floating i.e.16.25% p.a.

Repayment
The loan is repayable in a maximum of 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty.

Security
No security is needed except in the case of members of business community where suitable third party guarantee is required.


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1 comment:

Unknown said...

Thanks for providing such a useful information regarding Sbi personal loan. i have got all the information on SBI Personal Loan Interest Rate and its documentation.