Purpose / Objective:

• To finance transport operators in MSME sector for purchase of TVS Autorickshaw / Public carrier vehicles

Constitution:

• Individuals – engaged in commercial transport business.

Eligibility:

• Existing / New transport operators for purchase of new commercial vehicles manufactured by M/s TVS Motor Company Ltd. (TVSMCL), for transportation of passengers.
• Borrower should be below 45 years age at the time of seeking loan. Relaxation in age upto 55years may be considered by ZM on merits.

Processing fee: As per norms

Limit

• Max. one commercial vehicle (upto Rs.2 lac) per borrower.
• Two commercial vehicles per group or Rs.4 lac, whichever is lower.

Repayment Period

• Maximum 60 EMIs, including holiday period of 3months (maximum).

Security

• Hypothecation of vehicle purchased by availing term loan.
• CGTMSE coverage.

The process of getting personal loan is explained below:

Get in contact with a lender but first check which bank is offering the best rates and services. You can compare personal loan interest rates with any other reputed price comparison site like www.deal4loans.com. After listing a handful, get in touch with as many lenders as possible and know their offers. Then, negotiate for the best rate. Check if there are any unique offers. After finalising the lender, their direct selling agent will visit and collect documents supporting proof of income, residence and identity. You may have to create copies of income tax returns, salary slip, bank statements, ration card, passport, driving licence and other relevant documents. These requirements vary from banks to banks.

Then, a field examiner will visit your home to double-check the facts provided. It is essential that you are present during this visit, else, he could report that the facts provided do not add up.

Once the lender is satisfied with the authenticity of your documents, the loan is approved. The amount is then disbursed by cheques or demand drafts (DD).

Purpose:

Construction of house, acquisition of land & construction of house, repairs / renovation / remodeling / extension of house, reimbursement of debt incurred for construction / purchase / furnishing / beautification / purchase of flat / villa / house plots / take over of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc

Loan Amount:

• Maximum Rs 300 Lakhs
• For repairs / renovation / extension – maximum of Rs 10 Lakhs

Eligibility:

• End of loan tenure shall not exceed the retirement age, for salaried people (maximum of 65 years). For others, age of the borrower/ spouse should not exceed 65 years at the end of loan tenure.

For NRIs:-

• Age of the borrower should not exceed 55 years at the end of loan tenure (if main income source considered is that of resident spouse, loan tenure may go beyond 55) Should be holding Indian passport Working / doing business for one year abroad Sufficient monthly income subject to minimum of Rs 20000 Deduction towards loan shall not exceed 50 % of net salary

Quantum of finance

• Project cost minus margin subject to repayment capacity
• Project cost can also include registration fee / stamp duty and construction cost of compound wall / gate, permanent fixtures / kitchen cabinet etc subject to a maximum of 10% of loan amount.

Margin: 

For purchase of Land & Construction of house or for purchase of Land with Building – 25% For Construction of house or purchase flat / flat under Construction – 25 % Loan on reimbursement basis 25% Purchase of land for subsequent construction – 50% of land value or 60% of the project cost (land + house) whichever is higher

Period: 

Residents – Maximum 20 years. NRIs – Maximum 15 years.

Cushion period: 

For ready built house 3 months maximum. Other cases 3 months from last disbursement – maximum 12 months Purchase of land for subsequent construction – 24 months to start construction and another 12 months for completion of construction (periodical interest shall be serviced whenever applied). Equal monthly installments shall start by the 37th month of availing the loan.

Repayment: 

Equal monthly installments (EMI) / Graded installments (for NRIs, EMI only)

Co-obligant: 

Spouse shall join as co-obligant. If income of major son / daughter is also considered, they shall also join as co-obligants. Co-owner of property, if any shall also join as co-obligant.

Security: 

Primary – Mortgage of the property financed including building. Ready-built house / flat – 100 % interim security till primary security is mortgaged Construction of flat- If the flat is in a project which is not approved by the bank – 100 % interim security till primary security is mortgaged.

Other conditions: 

Outright purchase with building Value of building shall be at least 60 % of the loan amount. Age of building shall not exceed 10 years. Reimbursement of expenses Loan can be considered within 12 months of construction / purchase of house.

Eligibility:

• The applicant should be an Indian National.
• He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process

Purpose:

• To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
• Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
• Insurance premium for student borrower.

Course of Study:

1) Studies in India

• Diploma/Graduation/Post-graduation courses in various disciplines.
• Computer certificate courses of reputed institutes accredited to The Department of Electronics.

2) Studies Abroad

• Job-oriented professional/technical courses offered by reputed universities.
• MCA, MBA, MS etc.
• Courses conducted by CIMA – London, CPA in USA etc.

Maximum Permissible Amount of Loan:

• For Studies in India – Rs.10.00* lakhs
• For Studies Abroad – Rs.20.00* lakhs

Margin:

• Upto Rs.4.00 lakhs – NIL
• Above Rs.4.00 lakhs –  5% For Studies in India and 15% For Studies Abroad – 15%

Holiday Period & Repayment:

• The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
• Repayable in 5- 7 years.

Insurance: Life Insurance cover available to the student borrowers under ‘IB Jeevan Vidya’ Insurance Scheme.

Security: Documents should be executed both by the student and parent / guardian as joint borrower.

1. Upto Rs. 4 lacs – No security

2. Above Rs. 4 lacs & Upto Rs.7.50 lacs – Collateral in the form of satisfactory third party guarantee

3. Above Rs.7.50 lacs – Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

In case of receipt of application for more than one loan from students from a family, the ‘family’ as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.

Punjab & Sind Bank Eligibility:

Individuals , Group of individuals , and individual members of Co-operative housing societies are eligible under the scheme.Maximum age limit of the borrower to be as under-

• For salaried class 60 years
• For salaried class ( Pensionable) 65 years
• For salaried class , pensionable and major son (earning member) stands as co-borrower 15 years repayment irrespective of date of retirement.
• For other than salaried class 65 years

In case of salaried class pensionable and major son ( earning member ) stands as co-borrower the income of the co-borrower can be clubbed / considered for computing the eligibility of repayment.

Quantum of Loan: Upto Rs. 150 lac.

Margin:

• For construction of house or purchase of house / flat – 25% of the value of property including registration charges / stamp duties.
• For carrying out repairs / renovation / additions / alterations to existing house / flat- 25% of estimated cost.
• For purchase of plot margin shall be 50% of the cost of land / plot.

Processing fee:

• 0.50% of the sanctioned amount .Maxm.Rs.10,000/- Processing fee is exempted for Central/ State Govt/ P.S.U. employees.

Security:

• The security for the loan shall be first charge by way of equitable / registered mortgage of the property . The title of the property must be clear , marketable and free from encumbrance.
• If an intending borrower who has purchased / has entered into an agreement to buy housing property on power of attorney basis offers sufficient collateral in the shape of equitable mortgage of any other property and / or Govt. Security ( ies ), the same may be considered and the property / security obtained at the time of sanction may be released after obtaining the equitable mortgage of Housing property financed which shall remain the primary security for the loan. During the intervening period the property financed by the bank shall remain charged to the bank.

Punjab & Sind Bank Repayment:

The loan be allowed only in the shape of term loans for a maximum tenors of 20 years with the following criteria:

• For salaried class Loan to be adjusted upto the age of 60 years Loan to be adjusted upto the age of 60 years
• For salaried class (pensionable) Loan to be adjusted upto the age of 65 years Loan to be adjusted upto the age of 65 years
• For salaried class, pensionable and major son (earning member) stands as co-borrower 15 years repayment irrespective of date of retirement 15 years repayment irrespective of date of retirement
• For other than salaried class Loan to be adjusted upto the age of 65 years Loan to be adjusted upto the age of 65 years

Punjab & Sind Bank Prepayment:

Prepayment charges will be @ 1.0 % of the balance outstanding on the date of adjustment if the account is adjusted through takeover of loan by another bank.. No pre-payment charge be levied , if the borrower adjust the account in full and final before scheduled time from his own verifiable legitimate sources i.e. on receipt of retirement benefits , maturity proceeds of NSC , LIC .etc.

Guarantee:

• In case of PSU / Govt. employees where EMI is paid through salary deduction guarantee of spouse . In case the guarantee of spouse is not available then suitable third party guarantee required
• In all other cases ,as far as possible, one more guarantee of substantial means in addition to the guarantee of spouse / suitable guarantee.

Eligibility:

• Employees of the Public/Private sector.
• Professionals
• Self employed
• Income tax payers
• Sri Lankans employed abroad.

Purpose:

• Construct or purchase a house
• Purchase a land
• Renovations/Extensions/Completion of a house

Loan Amount:

No upper limit. The amount will depend on the following:

• Repayment capacity
• Value of property
• Age – (normally up to 60 years)

(The upper age limit will not apply if a joint application is made with a younger member of the family)

Rate of interest:

• 17% p.a. (The Bank reserves the right to revise interest rates based on market conditions)

Applicant’s Equity Contribution:

• 25% of Construction or Purchase value

Repayment period:

• Maximum 20 years For Construction of a House and For Purchase of a House/Land
• Maximum 10 years For Renovation/ Extension/ Completion of a House
• Maximum 5 years For Sri Lankans employed overseas

LIC Housing Loan Interest Rates can be either fixed or floating as per the preferences of the borrowers. One can avail LIC Housing Loans for the purchase/construction of new house and to rebuild/renovate an existing home. All the indian residents and non indian residents are eligible to get the housing loan from LIC.

To apply for LIC housing loan, you need an application form which you can get from a local branch of LIC Housing Finance Limited or download online from its official website.

Common Document requirements for all applicants:

• Application form duly filled in.
• Copy of sanctioned plan and sanction letter.
• Copy of NA permission/ULC clearence, wherever applicable.
• One guarantor form and his/her salary certificate in our format. If guarantor is in business or profession, a copy of his/her latest I.T.returns/assessment order.
• Bank Pass-book or statements for the last two years.f) Power of Attorney, wherever applicable

Additional Requirements – For salaried persons

• Employer’s salary certificate in our format/and latest salary slip.
• Identity card of applicant/s.
• TDS certificate of applicant/s.
• PF/ESIS slip of applicant/s.

Additional Requirements -For Businessmen/Self-employed:

• Three years’ income tax returns/assessment orders alongwith computation of income and statements of accounts certified by C.A.

Loan Amount:

• The LIC housing loan amount depends upon the repayment capacity of the borrower.

Loan Term:

• Maximum 25 years

Repayment Mode:

• Equated Monthly Instalments(EMI) – Monthly Rest Basis

Security:

1. Equitable Mortgage of Residential House/Flat/Plot
2. Demand Promissory Note.

Upfront Fees:

• 1.00% of Loan Amount Sanctioned + Service Tax as applicable.

Start your comparison by classifying the banks into two broad sectors. One would be government run banks like State Bank of India, Union Bank, Punjab National Bank etc. Other category would be private ones like HDFC, ICICI Bank, HSBC Indian Bank etc.

Government run banks generally would have strict regulations when compared to private run banks. Hence car loan interest rates from government banks may not be as attractive like those of private banks. Here you will have to make a choice whether to go for attractive rates by private banks with possible hidden costs or go for government banks that are much safer to deal with.

Once you have decided your category, you will have to zero down based on the amount you would like to borrow. For example, ICICI bank offers attractive rates for smaller cars with value over one lakh. The limit and auto loan interest rates would be different across banks for different amounts.

Some car manufacturers have tie ups with banks to help customers with easy finance options. For example, Citicorp India would be offering attractive rates when financing selective cars including Maruti 800 (which is a popular small low priced car).

Finally you would be left with two or three banks with two or three loan schemes. Among these you will have to make a strict comparison of the interest rates and repayment periods to arrive at your choice. These data can be found from several leading websites and portals from India.

In any case note that,ICICI and HDFC are generally two good banks to approach for car loan rates.

Benefits of ICICI Bank NRI Home loans:

• ICICI Bank provides excellent guidance for the applicants, This helps the applicant to select a suitable loan type. Moreover, suitable loan amount is also selected.
• The documentation process is very simple.
• Facilities like door step delivering of loan papers are also available.
• Free personal accident insurance is provided. They also provide insurance for home loans at negotiable premiums.
• Home loans have online application form. Moreover, online tracking facilities are also provided for monitoring the loan status.

ICICI Bank NRI Home Loan Interest Rates:

• There are two types of interest rates. You can select the interest rate as per your wish.
• ICICI bank provides both floating interest rate and fixed rate.
• ICICI bank has reduced the floating rate by 0.50%. The PLR rate is also reduced by 0.50%. They have reduced 50 basis points.
• The floating rate has been reduced from 13.25% to 12.75%.
• The PLR has been reduced from 15.25% to 14.75%.

ICICI Bank NRI Home Loan Eligibility Criteria:

Eligibility criteria for applying ICICI Bank NRI home loan include age, income and residential status. The minimum age required is 21 years. There are two categories of applicants. Self employed applicants and salaried applicants have different and separate rules. The maximum age allowed is 60 years for salaried applicants at the loan maturity time. The maximum age allowed is 65 years for self employed applicants at the loan maturity time. Salaried applicant should have stayed a minimum period of 1 year in abroad. Self employed applicant should have stayed a minimum period of 3 year in abroad.

To know further information on ICICI Bank NRI home loans do visit bank-loans.co.in

Personal loans in Africa are approved instantly if you submit all the documents perfectly.To get the personal loan in Africa the applicant must be an African citizen aged atleast a minimum of 19 years.

Personal loan interest rates in Africa are very low when compared with other countries.Many banks are issuing credit cards for the people who are taking personal loans in Africa.