MOST IMPORTANT TERMS & CONDITIONS SBI – Personal Loans
1. PURPOSE: Rent Plus 2.02% of the Loan amount; Max Rs
Personal Loan is granted for marriage/medical treatment/ education/ foreign 101865
travel or any other general purpose except for any speculative activities. Gold Loan* (i) For BIS Hallmarked Jewellery/
Ornaments and specially minted Gold
2. ELIGIBILITY: Coins sold by Banks :
Salaried employees, pensioners of central/state government/armed forces, self 0.51% of the Loan Amount
employed businessmen and professionals with a regular source of income are (Min: Rs 256 ; Max: Rs 511)
eligible to avail Personal Loan. (ii) For Non Hallmarked Jewellery/
Ornaments:
3. RATE OF INTEREST: (a)Up to Rs 25000: Rs 256 per application;
Floating Rate of Interest: (For all Loans except Loans against Bank’s own Time (b)Above Rs 25000: 0.51% of the Loan
Deposit) Interest on the loan will be charged at prevailing floating rate of interest amount or Rs 511 whichever is higher.
on a daily reducing balance at monthly rests. The rate of interest is subject to Loan against units of MF (Equity) 1.01% of the Loan amount
revision from time to time due to (i) changes in Base Rate or (ii) revision even Loan for application to IPOs 1st Loan: Rs 511 ; 2nd & 3rd Loan : Rs 101;
without change in Base Rate and the Bank has the option to reduce or increase After 3 Loans: Nil
the EMI or extend the repayment period or both consequent upon revision in Advance against RBI Relief Bonds 1.01% of the Loan Amount
interest rate. Loan against SDFS 0.51% of the loan amount. Minimum Rs
101
Fixed Rate of Interest:- Only for Loan against Bank’s own Time Deposit SBI Pension Loan 0.51% of the Loan amount (Minimum Rs.
250)
Calculation of interest:-
Others^ Nil
Interest on the amount of the loan will be applied at the prevailing rate per
^Others include Loans against TDR/STDR, Loans against NSC/KVP, Jai Jawan
annum on daily reducing balance with monthly rests.
Pension Loans, Bhgya Rekha Loan, Education Plus, Loans against Shares/ Bonds
& Loans against Life Insurance Policies.
4. INTIMATION OF CHANGE IN INTEREST RATE:
*Valid only during the Campaign Period from 01.01.2015 to 31.03.2015
The borrower shall be deemed to have notice of changes in the rate of interest
whenever there are changes in Base Rate or increase in interest rates where
Bounced cheque/ECS or SI dishonours:-
there is no change in Base Rate and the same are either displayed on the Notice
A penalty of Rs 250/- will be charged for every bounced cheque/ECS or SI
Board of the Branch or published in news papers or made through entries of the
dishonours. The rate may vary from time to time. In the event of bouncing of
interest rate charged in the passbook/statement of account furnished to the
cheque, legal action under section 138 of the Negotiable Instrument Act, 1881
borrower and the borrower is liable to pay such revised rate of interest.
will be initiated.
5. MODE OF REPAYMENT:
8. REPAYMENT:
Check-off facility or Post Dated Cheques for the Repayment period given or SI
The loan is to be repaid in Equated Monthly Installments over the tenure of the
from the borrower’s salary/ pension a/c with our Bank. In case of Rent Plus the
loan or in Lump sum at the end of the tenure depending on the product. The
lessee(s) can pay the monthly rent to the Bank directly if the agreement so
repayment installment commences from a date specified in the sanction letter.
specifies.
The liability to the bank will be extinguished only when the outstanding in the
loan account becomes Nil, on payment of residual amount, if any.
6. MARGIN:
Product Margin
9. PRE-CLOSURE CHARGES:
Loan against Mortgage of Immovable Property 40% Loans on Fixed and Floating rate of interest:
Rent Plus 25% No pre-payment/ Pre-closure penalty will be levied for any of the schemes
Gold Loan 25%
Loans for subscriptions to IPOs 50% 10. OTHER FEE/CHARGES:
Equity Plus 10% Particulars Amount (Rs)
Loans against Government Securities 10%-15% Collected for payment to empanelled As per Actual
Loans for ESOPs to purchase shares of their own 10% Advocate/ Valuer for Legal opinion,
Company Search Report and Valuation Fee
Loan against Shares/ Debentures 50% Any Other Fee, if any As per Actual
Loan against units of MF (Equity) 50%
Loan against TDR/ STDR 10% 11. DEFAULT:
Loan against NSC/ KVP/ RBI Relief Bonds 40% In the event of default i.e. if the amount due is not paid by due date, the
Loan against LIC Policies 5% customer will be sent reminders from time to time for payment of any
SDFS SDL / LDL 30% / 50% outstanding on his loan account, by post, fax, telephone, email, SMS messaging
SBI Career Loan As per Security Offered and/or through third parties appointed for collection purpose to remind, follow-
Education Plus 10% up and collect dues. Any third party so appointed, shall adhere to the Indian
Others* Nil Banks Association’s (IBA) code of conduct on debt collection.
*Others include SBI Saral, Xpress Credit, Festival Loans, Pension Loans & Bhagya
Rekha. 12. SECURITY: As per the Scheme.
7. PROCESSING FEES: 13. INSURANCE: As per the Scheme.
Product Processing Fee
Xpress Credit 1.01% of the Loan Amount 14. PENAL INTEREST:
Penal Interest will not be charged for loans up to Rs 25000. For Loans
SBI Saral 2.02% - 3.03% of the Loan Amount
above Rs.25000/- , if the irregularity exceeds EMI or Installment amount, for a
SBI Career Loan 0.51% of the Loan Amount
period of one month ,then penal interest would be charged @2% p.a.(over and
Loan for ESOPs Rs 2040 per application
above the applicable interest rate) on the overdue amount for the period of
Equity Plus Rs 2040 per application default. If part installment or part EMI remains overdue, then penal interest
Festival Loan 1.01% of the Loan amount should not be levied.
Loan against Mortgage of 1.01% of the Loan amount ; Max Rs 50933
Immovable Property
15. TIMELINE FOR DISPOSAL OF LOAN APPLICATIONS
SCHEME Metro Semi Urban & Rural Centers
Centers Sourced by Sourced by BC/BF/ Branch
MRT/ RMRO
Rent Plus 6 days 6 days 6 days
Mortgage Loan^ 6 days 6 days 6 days
Personal Loan* 3 days 2 days 3 days
*Personal Loans include all loans excluding Mortgage Loan & Rent Plus
^Mortgage Loan is same as Loans against Mortgage of Immovable Property
The timeline start from the date of receipt of complete documents from the
applicant and the time taken by the applicant for submitting documents and/ or
for furnishing information sought by the Bank will not be taken into account for
the purpose of timeline indicated above.
All timeline counts will be on the basis of full working days. Wherever there is a
need for verification etc. with various authorities/ Govt. bodies across one or
more centres, a minimum of 15 additional working days will be applicable. We
shall endeavour, at all times, to deliver within the indicated timelines, barring in
situations and circumstances that are beyond the control of the Bank.
16. CUSTOMER SERVICE
For any service related issue, customer can get in touch with SBI:
• Calling Customer Help Line Numbers
• Contact Customer Grievance Cell at our Local Head Offices
• Write to Grievance Cell at our Local Head Offices
(Details on Help line Numbers and Grievance Cell available on www.sbi.co.in)
In case a customer is not satisfied with the handling of grievance by the Local
Head Office, a communication may be sent (enclosing the message sent earlier
to Local Head Office) to the -
Deputy General Manager (Customer Service),
Customer Service Dept, State Bank of India;
State Bank Bhawan, 4th floor;
Madame Cama Road,
Mumbai-400 021,
Telephone No. (022) 22029456, 22029451 22740432, 22740431,
22740433
Fax no. (022) 22742431.
E-mail address - dgm.customer@sbi.co.in.
DISCLOSURE
State Bank of India is authorized to disclose from time to time any information
relating to the loan to any credit bureau (Existing or Future) approved by
Government of India and Reserve Bank of India without any notice to the
borrower. State Bank of India is also authorized to make inquiries with the Credit
Information Bureau of India (CIBIL) and get the applicants Credit Information
Report.
