I found a bank named SBI, In India the SBI is the only bank that giving all types of their loans in a very less time. The SBI gives personal loan, home loan, vehicle loan, education loan etc.. for their customers in india. If you are an indian who was waiting to get a loan then i do recommend you the SBI.

1) Doing Research: At first one needs to do a research about the banks and financial companies in india, By doing some research on them you can know the latest offers on home loans and also their interest rates.

2) Selecting a Bank: After researching about the home loan lenders i.e, banks and financial companies you needs to select a bank of your choice.

3) Get Ready With All The Required Documents:  Next to selecting the bank you needs to get ready with all the required documents, The banks and financial companies in india mainly asks the following documents;

• Proof Of Residence
• Proof Of Income
• Proof Of Identity

4) Apply the Loan: You can apply the home loan by going the nearest branch or by visiting the official website of the bank whichever you have selected.

5) Getting the Loan: If you have applied the loan application perfectly along with all the required documents at any bank or financial company in india then your loan application will be reviewed and loan amount will be granted within 7 to 10 days.

1) Choose a Good Lender:

As there are several banks and financial companies offering home loans these days it had became very difficult for the people in choosing the good home loan lender.

Even though there are many home loan lenders only few provide home loans with many extra benfits at low interest rates so you needs to choose a right lender by doing lots of research.

2) Get Ready With All Required Documents:

The home loan lenders mainly asks you the documents in order to grant the loans so before applying for the home loan you needs to get ready with all required documents. The home loan lenders commonly asks the following documents:

1. Residence Proof
2. Identity Proof
3. Income Proof
4. Age Proof

If you follow these steps the getting the home loan become very easy like learning abcd. If you have any doubts in applying a home loan be free to ask us.

The scheme has been carefully tailored to suit your requirements and match your capacity. The reasonable rate of interest that you pay will be calculated on reducing balance, i.e. you do not have to pay interest on the loan installments actually repaid from the date of such repayment.

UCO Bank Housing Loan Eligibility Criteria:

You are eligible for a loan under UCO SHELTER singly, or jointly as husband-wife/parent-son/parent-daughter, if you are

• Indian resident having regular source of income.
• Minimum 21 years of age.
• Maximum 65 years of age inclusive of repayment period
• Singly or Jointly as Husband-Wife, Parent-Son & Parent-Daughter
• Maximum 75 years of age for Senior Citizens availing finance to secure Shelter in Old
• Age Home against full coverage by Bank’s own Term Deposit.

Purpose: 

The people in india can get the housing loan from UCO Bank for the following purposes:

• Purchase of new independent house/ready built flat for residential purpose.
• Construction of independent house on the site already owned by the applicant or site proposed to be purchased from own sources.
• Purchase of old house/flat not more than 30 years old, free from tenancy and constructed as per approved plan.
• Extension/Repair/Renovation of existing house/flat not more than 50 years old.
• Takeover of home loans availed from other banks/FIs subject to certain terms.
• Furnishing of house to be constructed/acquired with UCO Shelter Loan.
• Purchase of plot of land for housing purpose under certain conditions.

Quantum of loan:

The quantum of loan will be decided as per loan entitlement subject to a maximum of 85% of the total project cost of construction/purchase price of house/flat. Required margin of 15% may be by way of cost of land.

Quantum of loan for furnishing will be 75% of cost of such furnishing subject to a ceiling of 20% of loan eligible for construction/acquisition of house/flat.

The area-specific maximum limits for construction/purchase are as under :

• Rural Areas : Rs.25 Lac
• Semi-urban/Urban/Metro Areas : Rs.100.00 Lac
• Maximum limits for Repair/Extension/Renovation are Rs.7.50 lac in rural areas and
• Rs.25.00 lac in Metro/Urban/Semi-Urban areas.
• Purchase of Land – financing the cost of land in deserving cases upto 50% of cost of land purchased from Urban Development Authorities/Govt. Bodies subject to the ceiling of 30% of the project cost (i.e. Cost of land + Construction Cost).

Loan Entitlement:

Within the above limits, loan entitlement will depend on the following income criteria:

• Monthly income should be equal to/more than EMI + Rs.4,000/- in case of a family with up to four members – Salaried/Non-salaried and agriculturist and bank’s own staff are entitled for loan
• With increase in number of members, monthly income requirement goes up progressively by Rs.1,000/- for each additional member. Income of spouse & major children may be considered for enhancing the loan entitlement on their agreeing to stand as guarantor/ co-obligant
• Loan limit can be enhanced if additional liquid security is offered.
• Second Loan- Allowed for repair/renovation/extension of existing house after one year of first loan with minimum margin requirement of 25%

Processing Fee

• 0.5% of the loan amount minimum Rs.1000.00. Only 0.25% payable on issuance of in-principle sanction. Balance amount payable on final sanction.
• No processing fees for take over loan.

UCO Bank Housing Loan Repayment:

The maximum period of repayment is 25 years inclusive of moratorium. However, the monthly interest charged during the moratorium period will have to be paid. The entire loan will have to be adjusted before retirement or 65 years of age, whichever is earlier. Repayment may be made by deduction from monthly salary or by means of post dated cheques. Flexibility in repayment is permissible through stepped up EMIs and in case of farmer borrower, repayment is linked to crop cycles. Both in case of Salaried and non salaried person, repayment period may be enhanced to certain period over and above the prescribed period depending upon repaying capacity of the co-applicant.

UCO Bank Housing Loan Prepayment charge:

2% of the prepaid amount, if the loan is prepaid within 3 years. No prepayment charges thereafter. However, no pre-payment charges are to levied if loan is pre-paid from own source.

Tax Benefits: Tax relief on principal and interest components of this loan would be available as per provisions prevailing under Income Tax Act.

Insurance: Insurance cover on property under UCO Griha Raksha Yojna Scheme of NICL and personal accident benefit to the borrower is available on death only to cover the outstanding balance under UCO Griha Lakshmi Yojana Scheme (UCOGLYS). Group insurance cover to home loan borrowers is available against any type of death from Rs.50000/- to Rs.100.00 lac under UCOGLYS..

The education loan amount in Sri Lanka ranges from LKR50,000 to LKR2,500,000, The students in Sri lanka can use the education loan amount for various education needs; including Higher education locally or abroad, school fees, tuition fees, purchase of books, purchase of computers etc.

All the students who were studying in any technical or professional couse at any recognised college or institution in Sri lanka and Abroad can borrow the edication loans.

As there are several banks in Sri Lanka it had became hard for the students in selecting the right bank for getting education loan, To help the students in finding the right bank we have included the list of few top Sri lankan banks below:

• NDB Bank
• Commercial Bank
• HSBC Bank
• Bank of Ceylon
• Hatton National Bank
• Seylan Bank
• Asian Development Bank
• Sampath Bank Pvt Ltd

A secured loan is a loan in which the borrower has to offer or pledge some asset like a car, home, or land in the form of security to ensure timely payment of the loan. Banks and financial organizations easily issue this loan because they have collateral with them until the time the borrower pays back the entire loan amount with interest. If in case the individual fails to repay, the financer repossess the asset in order to pay off the loan amount. This is one big disadvantage of a secured personal loan. On the other hand, there is one key advantage and that is lower rate of interest which eventually results in lower monthly installments.

An unsecured loan is the one that does not require any kind of security or guarantee against the borrowed loan. Such a loan is given for small amounts and is issued only if the borrower has good credit. As there is no security with the financer, the rate of interest is comparatively higher than that in case of a secured loan.

Line of credit is another significant type of personal loan. It is a type in which a bank or vendor offers a pool of money that the borrower can use for a specified period of time. Depending on the need and requirement the borrower can draw upto the maximum limit during the specified time period after the amount of credit is determined. It can be secured as well as unsecured. The best part of this type is that the interest is paid only on the money actually withdrawn.

SBI provides the car loan on the purchase of new car, jeep and also on the used car or jeep provided that the vehicle is not more than 5 years old. Maximum limit of loan amount amounts to be 2.5 times more than the net annual income of the person, which should not be less than Rs 1 lakh. However, there is no upper limit to this loan. Registration, insurance and one time road tax are also included in the loan amount. Margin charged by SBI is same on both new and used vehicles that amount to 15% of road price.

One can get cheap rates in India through State Bank of India. SBI car loan rates are not only cheap but it also avoids the hassle of paying EMI in advance. Ezee car loan scheme of SBI is offering the loan at 8% per annum for first year and 10% for second and third year. This means EMI for the loan would be very low. SBI loan rates according to Ezee loan scheme is best available choice for all those who are panning to return the loan in next 3-5 years. SBI rates are cheaper and one can lock these rates keeping in mind the hiking prices. Unlike other banks, administration charges are not included.

Remember, This is a Guest post written by the admin of Sbiloans.co.in

Presently, SBI offers 12.25% per annum for loans of 7.5-lakh. On the loan amount now, SBI has reduced by 1.25%. For the girl student’s concession of 0.50% will be available further.

The new interest rates will be applicable from May-September 2009 on the loans amount while for existing loans interest rates would continue. With the announcement now, SBI is offering up to Rs 10 lakh for studies in India and for the abroad Rs 20 lakh.

From April 1 LIC Housing Finance announced to cut loan rates by 0.75 per cent for existing customers. Now the rate will be 10-10.5% as against 10.75-11.25% earlier. The company had already reduced up to 0.75% lending rates for its existing customers. By the company there is nothing for new customers now.

In the series Deepak Parekh who is the Chairman of HDFC announced that HDFC is not lowering interest rates now for home loans or other purposes. However, RBI has already reduced repo rate about 75%.

For the home loans State Bank of India announced to reduce interest rates up to 8% for one year. From May to September the bank has announced to slash auto loans and warehouse-based receipts loans also.

SBI has slashed interest rates for all new SME customers also up to 8% on the loan amount up to Rs 5 lakh.

In this series SBI is in leading role for the various purposes loans. However, ICICI, HDFC and other private banks are not going to reduce interest rates now.

How these loans have been designed

These are relatively short term loans that banks offer without asking you to deposit an asset against the loan amount. It relieves you from the fear of losing your valuable assets. Moreover, the banks are very reliable financial organizations that put you at ease while borrowing these loans.

The generalized statistics of these loans

Unsecured bank loans are the best ones if you need an amount ranging from £500 to £10,000 You have to pay a very competitive interest rate of around 15% APR. You are required to pay the loan back in 2 to 5 years depending upon the borrowed amount and your repayment capacity. You may enjoy better terms and conditions if you prove to be regular in repayment of installments.

The requirements

-you should be a citizen of UK.

-you should have a personal account in a bank.

-you should have a regular monthly income.

Places and procedures of application

To speed up the procedures involved in application and sanctioning the banks have made these loans available on the World Wide Web. Due to the ongoing competition in the market the banks have come up with attractive packages. A few minutes of search on internet is sufficient to locate a number of banking organizations offering unsecured bank loans.

You just need to search the bank offering the best deal as per your requirements. Now you have to fill an online application form giving the details of your requirement and your financial status. Your job is nearly done now. The lender bank now evaluates your repayment capacity and sanctions the amount accordingly that is instantly transferred to your bank account. The whole procedure does not take more than a few working days.

Mounting bad loans in the education loan segment is a key concern for most banks as 2-3% of total education loans have become sub-standard loans.

“Banks will request the central bank to take it up with the government to provide a guarantee, at least for loans below Rs 4 lakh,” said the chairman and managing director of a large commercial bank on condition of anonymity.

Students availing of education loans of less than Rs 4 lakh do not have to provide any security or guarantee. Further, government-owned banks are not able to reject or withdraw education loans.

“The government has made it very clear that state-owned banks cannot reject any education loan unless they have a substantial reason to do so. If a loan is rejected, the student can directly approach the government (finance ministry), who in turn directs us to approve the proposal,” the chief of a state-run bank said.

So far, state-owned banks have disbursed education loans aggregating Rs 32,000 crore to 16,98,601 students. As of now, only state governments such as Karnataka and Maharashtra are providing interest subsidy on education loans. Even as the government announced plans to provide an interest rate subsidy for weaker sections of the society, the scheme is yet to be implemented. Banks want the government to guarantee all education loans across state.

Besides education loans, banks will also seek flexibility from RBI on classification of home loans up to Rs 30 lakh as priority sector loans. As of now, only loans up to Rs 20 lakh are treated as priority sector loans. Banks say the average ticket size of the loan has risen to Rs 30 lakh as property prices have risen sharply.

Banks will also seek flexibility in treating loans to the road sector as secured loans. Since the land on which the roads are constructed belongs to the government and that it is for public utility, the land is not pledged with banks. As a result, all loans given to build roads are classified as unsecured loans such as Personal Loan. Banks have to provide a higher risk weightage on unsecured loans, making such loans expensive even though they are infrastructure loans.

Banks may also indicate to RBI to provide clarity on the base rate — the new system of pegging interest rate on loans, which will come into effect from July 1. Banks can choose to calculate the base rate, taking into account the cost of deposits and profit margin. The central bank has given banks freedom to choose deposit bracket and profit margin instead of prescribing a uniform method for all banks. Banks expect RBI to indicate a standard deposit bracket for all so that the rates are comparable.

Most banks have said they will wait for policy cues from RBI in the April policy before taking any decision on lending and deposits rates. Banks are also looking forward to the central bank’s projection on credit and deposit growth for this financial year. In 2009-10, RBI has revised its credit projection twice — from 20% to 18% and subsequently, it was lowered to 16% due to poor demand for credit.

RBI had signalled a higher interest rate by raising key policy rate on March 19 — the repo and the reverse repo rate — by 25 bps each.