Interest Rate Chart

Loan Scheme

Maximum Tenure

Loan Limit

Rate of Interest

Housing Loans

20 Years/ 240 months

a)Up to Rs.35 Lakhs

(Under Priority Sector: Purchase/ Construction of a dwelling unit per family provided the overall cost of the dwelling unit does not exceed Rs.45 Lakhs)

b)Up to Rs.35 Lakhs

(Under Non-Priority Sector)

9.00%

10.00%

Above Rs.35 lakhs Up to Rs140 Lakhs (Under Non-Priority Sector)

10.00%

Education Loans

60 to 84 months

Up to Rs. 20 Lakhs

9.00%

Above Rs. 20 Lakhs Up to 1 Crore

9.50%

New Vehicle Loans: White/Green Board

5 years/ 60months

Up to 85% of the ONROAD price of the vehicle

9.50%

Yellow/Green Board (Commercial Vehicle)

5 years/ 60months

Up to 85% of the Basic Price of the Vehicle

10.50%

Second Hand Vehicle Loans

5years/ 60 months

Maximum quantum of loan shall be Rs.20 Lakhs.

Up to 80% of the Valuation for White/Green Board

Vehicles & Up to 65% of the valuation for Yellow/ Green Board Vehicles

11.00%

Agriculture Loans

10 years/ 120 months

Up to Rs.25 Lakhs

10.50%

Above Rs.25 Lakhs Up to Rs.7 Crores*

11.00%

Mortgage Loans For Other purposes

12 ½ Years/ 150 months

Up to Rs. 25 Lakhs

12.75%

Above Rs.25 Lakhs Up to Rs.2 Crores

13.50%

Mortgage Loans

For Purchase of Site

12 ½ Years/ 150 months

Up to Rs. 25 Lakhs

12.75%

Above Rs.25 Lakhs Up to Rs.50 Lakhs

13.50%

Long Term Business Loans

12 ½ Years/ 150 months

Up to Rs. 25 Lakhs

11.00%

Above Rs.25 Lakhs Up to Rs.2 Crore

12.00%

Above Rs.2 Crore Up to Rs.7 Crore*

13.00%

Gold Loans/

O.D Against Gold

1Year/ 12 months

Up to Rs.2 Lakhs

9.00%

Above Rs.2 Lakhs Up to Rs.10 Lakhs

10.00%

Gold Loans for Agriculturists

(Specially introduced Scheme)

Subject to obtaining a copy of RTC having Crop details or Patta Book)

1Year/ 12 months

Up to Rs.2 Lakhs

8.00%

Above Rs.2 Lakhs Up to Rs.10 Lakhs

9.00%

Loan on LIC/ NSC/ KVP

1Year/ 12 months

Up to Rs.1 Crore

10.00%

Overdraft Loans

1Year/ 12 months

Up to Rs.25 Lakhs

12.50%

Above Rs.25 Lakhs up to Rs.2 Crores

13.00%

Unsecured Overdraft Facility

1Year/ 12 months

Maximum up to Rs.3 Lakhs

15.00%

Unsecured Term Loans

5 years/ 60 months

Maximum up to Rs.3 Lakhs

14.00%

*Exposure Limit for Individual Borrowers Rs.475 Lakhs & for Group Borrowers Rs.700 Lakhs

Unsecured Loans Up to Rs.50,000/-

The loan up to Rs.50,000/- may be sanctioned with credit worthy solvent single surety, for a period of maximum 36 months as may be decided by the Board from time to time in respect of each particular loan considering the

repaying capacity of the Borrower/ Surety.

Unsecured Loans Above Rs.50,000/- Up to Rs.1,00,000/-

The loan up to Rs.1,00,000/- may be sanctioned with credit worthy solvent single surety, for a period of minimum 40 months & maximum 60 months as may be decided by the Board from time to time in respect of each particular loan considering the repaying capacity of the Borrower/ Surety.

However, the following conditions are to be fulfilled:

Either the Borrower or the Surety shall be an Employee or shall be Income tax assesse having filed the IT returns for the last preceding three years or as may be stipulated by the Board from time to time.

Unsecured Loans Above Rs.1,00,000/- up to Rs.3,00,000/-

The loan up to Rs.3,00,000/- may be sanctioned with credit worthy solvent single surety, for a period of minimum 40 months & maximum 60 months as may be decided by the Board from time to time in respect of each particular loan considering the repaying capacity of the Borrower/ Surety.

However, the following conditions are to be fulfilled:

1. Either the Borrower or Surety shall hold either immovable property or shall be an employee of Government/Quasi Government, Public undertakings, Banks, Life Insurance Corporation, General Insurance Corporation, Local authorities or Boards or any other reputed public/private Ltd companies, firms etc. His or her salary certificate with particulars of deductions if any and the certificate/ document in respect of his employment shall be obtained, as may be identified by the board from time to time. or
2. In case of salaried employees the Bank shall obtain necessary consent letter from the employer for getting installments deducted by the employer and remitted to the Bank directly.

Unsecured Over Draft Up to Rs.3,00,000/-

The Over Draft facility on current account may be advanced to members of the Bank who are engaged in Trade/Industry or profession based on the security of personal securities. The period of O.D. facility shall not exceed one year or as may be fixed by the Board of Directors in each case depending upon the sureties furnished and credit worthiness of the Borrower. The borrower who intends to avail of Overdraft facility shall transact the account continuously and the operations in the account should be reviewed once in a year.

However, the following conditions are to be fulfilled:

The borrower shall produce the copy of the ST/VAT/TIN/SSI/P.T registration certificate etc., for Business proof.

Either the Borrower or the Surety shall be Income tax assesse having filed the IT returns or as may be decided by the Board from time to time.

Loan On Term Deposits & Over Draft on Term Deposits

Margin to be maintained based on residuary period of deposit (available period from the date of loan to the date of maturity of deposit)

The rate of interest chargeable on the Loans shall be 2% more than the rate of interest payable on the term deposits for General Public & 1% More in case of for Senior Citizen & Staff of SSSBN.

Maximum period 1 year/ 12 months for Over Draft Facility against term deposits. All other terms and conditions remains unchanged.

Note:

1. Pre closure of Loan Accounts within Twelve months from the date of opening the loan account attracts the Penalty of first twelve month’s interest as per repayment schedule. But, pre closure penalty shall not be applicable for Gold Loans/OD on Gold Loans, Loan & OD on Term Deposits & Loan on LIC/ NSC/ KVP.
2. No rebate for the prompt payment of all the Installments for loans sanctioned w.e.f 01/05/2020. The existing rebate remains unchanged for existing borrowers (Sanctioned up to 30/04/2020).