State Bank of Mysore

Trusted Service

Personal Banking

 

Welcome to State Bank of Mysore's Personal Banking.

Your dream house or a flat, family size car, two wheeler, consumer durables, Children's education, Children's marriage and any such needs. Do not Worry - you have a loan product from the range of our loan schemes.

Presentation on Personal Banking Products

PRIME MINISTER AWAS YOJANA (NAMMA MANE)

Personal Loan

Mortgage Loan

Housing Loans

Happy Home

Gnanamitra Education Loan

Mybank Scholar Loan

Loan for purchase of residential site / plot

MYBANK ADHYAPAK - Personal loan scheme to teachers

MYBANK ARAKSHAK - Personal loan scheme to police personnel

MYBANK UTSAV - Personal loan scheme to celebrate Festivals

SBM Car Loan Scheme - For purchase of new and used cars

GAGAN MITRA - New personal loan for Pilot & Air hostess training

Mybank Udyogi Gnanamitra - New personal segment advance for employed persons to undertake higher studies

PERSONAL SEGMENT – INTEREST RATES

 

Other Services


Cash Key
To meet unforeseen expenses, without premature withdrawal of term deposit. Immediate overdraft facility is available

ATM Facility
Round the clock  ATM facility for customers of Bangalore city and different parts of the country.

Interest Rates: Schemes and interest rates are subject to changes from time to time

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1.PRIME MINISTER AWAS YOJANA (NAMMA MANE)

2.PURPOSE:

The Scheme will provide home loan with central government subsidy to Resident EWS/LIG persons of the Urban Area where loan is applied, for acquisition/construction of a house to such beneficiary, who does not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India. The beneficiary family will comprise of husband, wife and unmarried children. The houses constructed / acquired with central assistance under the mission should be in the name of the female head of the household or in the joint name of the male head of the household and his wife, and only in cases where there is no adult female member in the family, the house can be in the name of male member of the household. The mission will support construction of houses upto 30 square meter carpet area with basic civic infrastructure. Basic civic services and Provision of a toilet is essential in the proposed house under the scheme

3. Eligibility: 

Individuals under Economically Weaker Section(EWS) & Low Income Group (LIG) are eligible. The Economic parameter of EWS is defined as house holds having annual income up to Rs.3.00akhs. (Rupees Three lakhs). LIG households are defined as holds having an annual income between Rs.3, 00,001 (Rupees Three Lakhs ne)upto Rs.6,00,000 (Rupees Six Lakhs) State/UTs shall have the flexibility to redefine the annual income criteria as per local conditions in consultation with the Centre .For identification as an EWS or LIG beneficiary under the scheme, an individual loan applicant will submit self-certificate/ affidavit as proof of income. Filing of IT Returns should not be insisted for EWS. However, sources of income should be verifiable. Individual(s) over 18 years of age with steady source of income*, including persons engaged in agriculture& allied activities.* In case the property holder i.e.(wife/husband) is not having independent source of income, the income earning spouse or unmarried son/daughter may join as co-borrower/guarantor for the loan and his or her income can be taken for arriving at loan eligibility. 

4. Quantum:(Loan Amount): 

The loan amount will be determined by the EMI/NMI ratio irrespective of the age of the borrower. The loan amount is decided by there paying capacity of the borrower, which comes out as a rationale of EMI/NMI. Subsidy will be available only for loan amounts upto Rs.6 lakhs and additional loans beyond Rs.6.00 lakhs, if any, will be

at non-subsidized rates.

Net Annual Income in Rs.                    Permissible EMI/NMI Ratio

Upto Rs.60,000/-                                             20%

> 60,001/-                                                         25%

<=Rs.1,20,000/- 

> Rs. 1,20,001 to <=                                       30%

Rs.2 lacs                                                            

 

> Rs.2 lacs to <= Rs.5 lacs                            50%

NMI (Net monthly income) Explanation:

Salaried Person: 

NMI means monthly income net of all statutory deductions.

Other than Salaried persons:

Net  AnnuaI income (NAI) means income as per latest income tax return filed less than taxes payable. In special cases, where the controllers are satisfied about the genuine need and capability of the borrowers, based on the repayment of existing term loan (if any) depreciation may be included in net income on a selective basis to arrive at the quantum of loan amount depending upon the custom and Credit worthiness of the borrowers. Depreciation that is allowed to be added to the net income will be average depreciation during the last three years or depreciation for the current year whichever is lower.

Agriculturists:

NAI should be arrived at, based on the nature of their activity ( e.g. farming, diary,

poultry, orchards) land holding, cropping pattern, yield, etc. and average level of income derived there from in the area.

EMI explanation: 

Equated Monthly Instalment (EMI) for computing the EMI/NMI ratio will

include all EMIs towards existing loans and the proposed loan.

Maximum Loan Amount: Rs.20.00 lacs

5. Primary Security: Mortgage of house property 

6. Interest: 10.00% (Base Rate + 0.35%). 

7. Margin: 15% upto Rs.20.00 Lacs 

8. Processing Charge: NIL 

9. Repayment: Maximum 15 years 

10.   Moratorium Period: 

Where loan is sought for construction of a new house/flat or where it is being purchased on instalments basis from a Government/Public agency/reputed builder or society, at the request of the borrower a moratorium period (repayment holiday) may be allowed till 2 months after completion of construction or upto 18 months from disbursement of the first instalment of the loans, whichever is earlier. However To align there payment programme in the mega housing complexes with several towers with that of the building completion the ,moratorium period is asunder: 

Maximum Permissible Moratorium Period –36 Months 

11. Credit-Linked Subsidy Scheme:

Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks would be eligible for an interest subsidy at the rate of 6.5% for tenure of 15 years or during tenure of loan whichever is lower. The credit-linked subsidy will be available only for loan amounts upto Rs.6 lakhs and additional loans beyond Rs.6.00 lakhs, if any, will be at no subsidized rate. Interest subsidy at Net Present Value(NPV) will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%Credit linked subsidy would be available for housing loans availed for acquisition/new construction and addition of rooms, kitchen toilet etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component of the mission should be upto 30 square metres and 60square metres for EWS and LIG, respectively, in order to avail of this credit-linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs.6 lakh only. 

12.. Special Feature : 

Preference should be given to beneficiaries beingfrom EWS/LIG segments, to safai karmachari, Women (with overriding preference to widows),persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with disabilities and Transgender. Primary Lending Institution should take No Objection Certificates quarterly from State/UT Governments or designated agency of State/UT Governments for the list of beneficiaries being given benefits under credit-linked subsidy.

 13. Pre-closure Penalty: No prepayment penalty

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Loan for purchase of residential site / plot

Eligibility
Individuals not above the age of 60 years with a steady source of income

Purpose
To purchase site / plot by BDA / Housing Board / District Urban Development Authority / City Improvement Trust Board / Municipal Corporation / State Development Authority, on first sale only

Loan Amount
24 times net monthly income / 2 years annual income (subject to production of satisfactory proof) or 80% of the cost of the site whichever is less

Income of Spouse
For arriving the quantum of loan, income of the spouse may be considered where the allotment will be in single name and spouse stands as guarantor

Other Income

Regular income of the borrower from all sources can be considered subject to the satisfactory proof of the income

Margin
20% of the cost of site / plot

Type of Account
Medium Term Loan Account

Repayment
Maximum of 60 months in equated monthly instalments

Interest Rates <-- Click here for details

Processing Fee
Rs. 500/- flat per account

Security
Equitable Mortgage of the site / plot to be purchased

Other Conditions

a) The letter of allotment / agreement for sale from the Housing Board / BDA / District Urban Development Authority / City Improvement Trust Board etc., should be obtained

b) A letter signed by the allottee duly expressing his / her intention to create the Mortgage (equitable / registered) in favour of the Bank to be obtained and forwarded to the allotting agency

c) The said letter should also contain a direction to the allotting agency to hand over the Documents directly to the Bank / Bank's Representative after registration of the property

d) A letter of undertaking to be obtained from the site allottee to the effect that a house will be constructed in due course and the relative site will not be sold on commercial consideration

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MYBANK ARAKSHAK

Personal loan scheme for Police Personnel
This scheme is introduced to assist the Police Personnel to avail the loan hastle free

Eligibility
All Police Personnels (Permanently employed)

Purpose
Personal loan for any purpose including purchase of consumer durables

Loan Amount
10 times net monthly income with a maximum of Rs.1.50 lac

Income of Spouse
Spouse income may be considered to arrive at the eligible loan amount provided spouse is also employed (permanent employment) and stands as guarantor

Type of Account
Demand Loan Account

Margin
Nil

Repayment
Maximum of 36 months in equated monthly instalments

Interest Rates <-- Click here for details

Processing Fee
Rs.250/- flat.

Security
Upto Rs.25,000/- Nil
Above Rs.25,000/- check off facility. NSC,LIC policy may be insisted for security wherever possible or third party guarantee of equal means

Other Conditions/Requirements
Loan Recovery through check off facility

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MYBANK ADHYAPAK

Personal loan scheme for teacher community

Eligibility
Permanent Teachers / Non-Teaching Staff of Central / State Govt. Educational Institutions and also Teachers and Non-Teaching Staff of Govt. Recognised Schools / Colleges / Aided Institutions

Purpose
Personal Loan for any purpose including purchase of consumer durables

Loan Amount
10 times net monthly income with a maximum of Rs.1.00 lac

Income of Spouse
Spouse income may be added to arrive at the eligible loan amount provided spouse is also employed and stands as guarantor.

Type of Account
Demand Loan Account

Margin
Nil

Repayment
Maximum of 36 months in equated monthly instalments

Interest Rates <-- Click here for details

Processing Fee
Rs.250/- flat

Security
Upto Rs.25,000/- Nil (only Check off facility).
Above Rs.25,000/- check off facility. NSC,LIC policy may be insisted for security wherever possible or third party guarantee of equal means

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MYBANK UTSAV

Personal loan scheme for individuals for meeting expenditure related to Festivals

Eligibility
a)Employees of State / Central Govt.,/ PSUs / profit making Public / Private Ltd., Companies, Institutions etc., with a minimum of 2 years service.
b)Self employed persons with a minimum 3 years standing / experience.
c)Persons having regular source of income from verifiable channels like Pensions and Interest on TDRs / NSCs / Govt. Securities etc.,

Purpose
Loan to individuals for meeting expenditure related to Festivals

Minimum Net Income
Net Monthly Income (NMI) of Rs.3000/- & above

Loan Amount
Four times the net monthly income with a minimum of Rs.5000/- and a maximum of Rs.50,000/- (Borrowers other than salaried people should produce acceptable proofs with respect to their annual income)

Security
Primary - Nil
Collateral - personal guarantee of the spouse if employed, or any other person of adequate worth where check off facility is not available

Repayment Period
Maximum of 12 months through EMIs. No penalty for prepayment

Interest Rates <-- Click here for details

Processing Fee
Rs.100/- per application

Type of Loan
Clean Demand Loan

Disbursement
To the borrowers by credit to their account

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Contact your nearest Branch of State Bank of Mysore or

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901extn.380
Fax: 91 80 22283684
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


 
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State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone (EPABX): 91 80 22353901 (30 lines of PRI)
Fax: 91 80 22283684

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