State Bank of Patiala Personal Loan

Purpose

General-purpose loan for individuals for meeting their varying needs.

Eligibility State Bank of Patiala Personal Loan

• State/ Central Govt. employees, employees of Public Sector Undertakings/reputed profit-making public limited companies, reputed institutions and MNCs with a minimum service of 2 years.
• Self-employed engineers, doctors, architects, chartered accountants, MBAs with a minimum 2 years’ standing and aged 60 years or below.
• Pensioners of PSUs/Govt. (Central/ State)/public sector banks including those who have taken premature voluntary retirement and are 60 years of age or below.
• Agents of insurance/KVP/Mutual Funds etc. with 3-5 years’ standing who are tax assesses and whose gross annual income exceeds `.2.00 lacs and are 60 years of age or below.

Minimum Monthly Income

• `. 6000/- per month for employees/ pensioners and
• `. 60000/- p.a. for professionals and self-employed individuals as per the latest income tax return.

Minimum Loan Amount

`. 25, 000/-

Maximum Loan Amount

18 months Net Monthly Income (NMI)/1.50 time of Net Annual Income (NAI), subject to the Equated Monthly Installment (EMI) not exceeding 50% of NMI.

    Maximum: 

• 10.00 lacs in six metros (Delhi, Mumbai, Kolkata, Chennai, Bangalore, and Hyderabad)                         
• 7.50 lacs in other centers.

Other conditions:

• In the metros of New Delhi (including areas of Gurgaon in Haryana), Mumbai, Bangalore, and Hyderabad where a self-employed professional maintains satisfactorily conducted account with the branch or salary of individuals is regularly credited to their account with our Bank, a ceiling of `.20 lacs would apply, provided all other terms and conditions are satisfied.
• For persons who have taken early retirement – `.1.5 lacs.

Processing  Fee State Bank of Patiala Personal Loan

1.10% of the loan amount + service tax

Repayment period State Bank of Patiala Personal Loan

Up to 60 months in equated monthly installments

Documents State Bank of Patiala Personal Loan

From salaried individuals:

•      Latest salary slips and forms 16.
•      Letter of Authority from Employee authorizing the employer to deduct monthly installment          out of salary for remitting to bank and
•      Letter of Undertaking from the employer for check off facility OR
•      Letter of Authority from employee/ applicant authoring the Bank to deduct the loan installment out of the salary routed through a branch.

From self-employed individuals and professionals:

•         IT returns for the last two financial years.
•         Proof of professional qualification:
•         [Copy of highest professional degree held].
•        Proof of office/commercial address.

Personal Loan Scheme  

Personal Loan Scheme

2.25% above BPLR

(Where a check-off facility is not available). 

1.75% above BPLR

 (Where a check-off     facility is available).

 5% above Base Rate 

 Where a check-off facility is not available. 

 6.25% above Base Rate

 Where a check-off facility is available.