English
PERSONAL LOAN SCHEME
Eligibility
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Confirmed, permanent employees in Government, Semi- Government Or Private sector, |
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Employed in a recognized, established company. |
Income
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Applicants should have a gross monthly income above Rs. 20,000/- | |
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Other income also will be considered |
Purposes
The loan will be offered;
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To construct or purchase a house | |
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To purchase a building site | |
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To complete construction of a new house or add new extensions | |
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To repair or renovate an existing house | |
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To redeem loans obtained from a recognized Financial Institutions for housing purposes | |
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To obtain electricity, water supply facilities etc. |
Loan Amount
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Minimum amount - Rs.100,000 /-, | |
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Maximum amount -Rs. 4,000,000/- |
Repayment period
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Minimum - 1 year | |
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Maximum - 7 years |
Other Conditions
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Age Limit between 18-55 years (Loan should be repaid in full by the applicant's age of 60 years) | |
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The monthly loan installment should be deducted from the applicant’s salary or net salary to be remitted to SMIB saving accounts |
Guarantor
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One Personal Guarantor for high net worth clients | |
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Two personal Guarantors | |
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Spouse cannot be a guarantor |
Interest rate – Please refer our web site's "Rates" tab for interest rates.
Charges
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Documentation charges - 1% from the loan amount (Maximum Rs.20,000/-) | |
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Credit Information bureau fee | |
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Stamp duty |
