PERSONAL LOAN SCHEME FROM STATE BANK OF INDORE

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.

Sources : http://www.indorebank.org/