Think about your future ? your goals, aspirations, or the need to acquire your home. While it?s only human to aspire for more and want the best, for most people, there is a gap between such hopes and reality. This gap is financial and bridging it can be a complicated process. May be it is time to stop and consider the best way to resolve this frustrating situation. May be it is time to consider taking a loan.
To cross the gap and fulfill our dreams, borrowing is a financial bridge that most of us use at one time to another, be it for personal desires, professional enhancement, a better education for your children, or buying a home.
»Loans are available for the salaried, for self-employed professionals and businesspersons
»Flexible loan tenor of up to 4 years (i.e. 12, 18, 24, 36, 42, or 48 months)
»Loans available from a minimum of Rs. 50,000 up to a maximum of Rs. 500,000
»Easy monthly repayment through Equated Monthly Installments (EMIs) with either post-dated cheques or direct debit to your bank account
»Transfer of an existing personal loan from another bank to your bank, at attractive interest rates
»Existing customers are entitled to special relationship discounts on processing fees
»No collateral/guarantor required
»Easy documentation and quick disbursal
»Hassle-free loan based on 12 months credit card/retail loan track record
»Special schemes for corporate salary accountholders holding accounts for over 6 months
Personal loans can be used for:
»Purchasing of consumer durables or equipment
»Retiring other debts
»Education or marriage expenses
»Purchasing a car or a two-wheeler
»Investment in new share issues or in secondary markets
»To transfer an existing loan from another bank
»Any other personal needs and contingencies
»Loans available for business expansion purposes
Personal loans are offered to salaried/self-employed individuals who are resident in India.
Professional self-employed individuals eligible for a personal loan are Doctors, Chartered Accountants, Cost Accountants, Company Secretaries, Architects, Engineers and Management Graduates.
Educational loan is an ideal way to manage the rising expenses of higher education. Educational loans granted by banks and other financial institutions are tailored to meet your needs, right from choosing the best institution and course, to paying tuition fees, boarding and lodging expenses. Student loans assist students in financing their professional education. These loans are approved by the State Government.
The most important expenses considered for granting loans are:
»Fees payable to college or school
»Cost for housing, food and living
»Purchase of books and uniforms
»Travel expenses for studies abroad
»Purchase of computers (optional)
»Educational loans are available for studies in India and abroad, from a minimum loan amount of Rs. 50,000 to Rs. 25,00,000.
»Easy repayment options in the form of Equated Monthly Installments (EMIs), through either postdated cheques or direct debit to your bank account.
»Flexible loan tenor of up to 4 years for unsecured loans.
»Flexible loan tenor of up to 7 years for secured loans against mortgage of a residential property.
»The Educational loan also covers boarding and lodging expenses for students.
»Avail of an internationally valid Debit card, on opening a Savings account.
»Principal moratorium period for during the course period or 4 years whichever comes earlier
»If you are an existing customer of the bank, you might be entitled to special discounts.
Documents required for educational loan:
»Education Loan Application Form
»2 passport size photographs
»Mark sheet of last examination
»Schedule of expenses for the specified course
»Proof of income (if applicable)
»Residential Status: Offered to Resident Indians only.
»Income Requirement: Minimum net yearly income
Secured loans: Rs. 150,000 per annum
Unsecured loans: Rs. 75,000 per annum
Other: Student must have secured admission to an accredited college/university in India or abroad
»Loan amounts range from Rs. 200,000 to Rs. 20,000,000
»Option to choose between Fixed and Floating interest rates with flexibility to change your decision every year at no extra cost.
»Repayment of the loan can be done over a maximum period of 20 years.
»Flexible pre-payment option, which allows you to pre-pay up to 25% of your loan every year, after the first 6 months.
»If you are an existing customer for 6 months or more, you are entitled to special discounts on the processing fees.
»On approval of your Home loan, you are entitled to a pre-approved Credit card in some banks. Pre-approved Credit card offer is applicable only to Resident Indians. The offer is applicable only on approval of your Home loan application. To avail of this offer, you need to submit the Credit card application form and your Home loan application form. The pre-approved Credit card is free for the first year only. Normal fees will be applicable from second year onwards. Only the primary loan applicant will be eligible for this offer.
»Attractive option to transfer your existing home loan from another bank
You can take a Home loan for:
»Approved under construction property
Minimum age of applicant / guarantor to be 21 years
Maximum age of the applicant / guarantor to be 58 years for salaried; 65 years in the case of self-employed at the time of loan maturity
Net income of the applicant should be greater than Rs. 150,000 per annum. A maximum of 2 incomes of joint applicants can be clubbed to the income of the applicant. Clubbing of income is allowed only for spouse or parent, as long as it is part of the household income.
Asset-Link (Overdraft against shares)
»Overdraft facility against lien of your underlying security of fully paid up equity shares, mutual funds or RBI bonds
»Minimum Rs. 100,000 to a maximum of Rs. 2,000,000
»Minimum 2 scrips and maximum 20 scrips
»Low interest rate along with nominal processing fee
»Facility to open a Demat account and avail of an overdraft facility
»Special relationship discount for the existing customers
»Free Current account with a free Debit card for the first year and cheque book
»You get upto 60% of the market value of the portfolio
»Over 400 scrips accepted
·Minimum age to be 18 years
·Facility provided to salaried or self-employed Resident Indian Individuals
»Avail of a flexible overdraft facility from the bank that lets you draw money against assets such as your salary slip and balance sheet
»With flexible interest repayment, you pay interest only on what you withdraw and for the period of withdrawal of funds
»A monthly repayment of 5% of outstanding on the date of your statement, subject to a minimum of Rs. 250
»Overdraft facility for one year with annual renewals, based on annual account review
»A minimum overdraft amount of Rs. 50,000 and maximum overdraft amount upto Rs. 5,00,000 depending upon location
»Flexi-finance is offered as a floating interest rate product, to give you the benefit of changing Prime Lending Rates to which interest on your overdraft is linked
»Special relationship discount if you are a customer with the bank for 6 months or more
»Free Debit card
Available to Resident Indians only
Minimum ? 21 years
58 years for salaried individuals at the time of loan expiry
60 years for Government employees
65 years for self-employed individuals at the time of loan expiry
Minimum Net Yearly Income: Rs. 150,000
Minimum Work Experience:
Minimum of 1-year continuous work experience for the salaried
Minimum of 2 years profit making business
Minimum Stay at Residence:
Salaried: At least 1 continuous year of residence at current / previous residence
Self-employed: Minimum, 1 continuous year at current residence
Documents required for Home Loan, Personal Loan, Educational Loan, Asset-Link and Flexi-finance are:
For Photo Identity:
»Photo PAN Card
»Defence Identity Card
»Voter?s Identity Card
»Photo Ration Card
»Government Identity Card
For proof of residence, any one of the following:
»Society Outgoing Bill
»Voter?s Identity Card
»Life Insurance Policy
Additional documents required for Proof of Age (Any One):
»Valid Driving License
»Voter?s Identity Card
»School Leaving Certificate
»LIC Policy or Premium Receipt clearly indicating the applicant?s age
»Letter from the employer stating the age of the employee
»Photo Ration Card