Eligibility
All working and non working woman of age 18 to 55 years.
Purpose
To purchase gold Jewellary / gold ornaments of Tanishq make or Hall marked Jewellary or BIS marked Jewellary or Jewellary from reputed jewellary shops AND to purchase Diamonds of reputed brands.
Eligible Loan amount
80% of cost of gold ornaments subject to minimum of Rs.10,000/- and maximum of Rs.1,00,000/-
It should be ensured that the Net take Home criteria of 40% are complied including EMI of proposed loan.
Security
Hypothecation of gold ornaments purchased.
However in case of loan above Rs.50,000/- additional security in the form of liquid securities viz. FDRs/NSCs/KVPs/LIC (SV) etc. at least equal to the 50% loan amount should be obtained.
Disbursement
Latest Salary certificate of applicant or husband (Co-applicant) and form 16 or IT return
IT return for last two years in case of non salaried working woman.
Employer's undertaking wherever applicable.
Statement of bank account in case of applicant not maintaining account with our bank.
Asset & liability declaration along with photographs.
Quotation
Rate of Interest
Click here to view Interest Rates
Processing Fees
1% of loan amount subject to minimum of Rs.250/-.
Repayment
Repayment in maximum 36 EMIs commencing from next month of disbursement.
Other conditions
All the KYC norms should be complied with.
Residence, Income and Employment Verification report should be prepared as per formats enclosed and kept on record.
The original bill and receipt should be held on record.
Post dated cheques should be obtained for entire EMIs except in case of salaried class working woman whose salary is routed through our Branch or Undertaking of the employer is obtained for deduction of EMIs from salary and remittance to bank.
Saturday, August 30, 2008
CENT HOME LOAN PLUS SCHEME
A scheme for Bank’s existing housing loan borrowers who are regular in repayment of loan.
Purpose
Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.
Eligibility
Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.
Quantum of Loan
Depends on value of property mortgaged and amount outstanding in housing loan account, subject to maximum of Rs.5.00 lakhs.
Margin
15 % on the value of property at the time of sanction or present value whichever is lower.(including outstanding housing loan balance)
Rate of Interest
Click here to view Interest Rates
Security
Extension of mortgage on the House property for which Housing Loan was sanctioned.
Repayment
The loan has to be repaid in 60 equal monthly installments.
Processing Fee
Rs.500/-
Purpose
Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.
Eligibility
Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.
Quantum of Loan
Depends on value of property mortgaged and amount outstanding in housing loan account, subject to maximum of Rs.5.00 lakhs.
Margin
15 % on the value of property at the time of sanction or present value whichever is lower.(including outstanding housing loan balance)
Rate of Interest
Click here to view Interest Rates
Security
Extension of mortgage on the House property for which Housing Loan was sanctioned.
Repayment
The loan has to be repaid in 60 equal monthly installments.
Processing Fee
Rs.500/-
Saturday, August 23, 2008
CENT BUY
Purpose
To purchase all kinds of consumer durable articles including furniture and fixtures at residence.
Eligibility
All individuals of age 18 years and above who are
a) All Resident Indian individuals who are –
• Permanent salaried employees of Central / State government / Local self government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
• Permanent employees of Govt. aided schools, Colleges, Universities, hospitals and other educational institutions.
• Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
• Farmers irrespective of land holding engaged in production oriented agriculture activities and in other allied activities.
• Staff of our bank.
Finance may be extended individually or jointly with spouse who has regular source of income. Income of spouse may be added to calculate eligible loan amount.
The employees of proprietorship/partnership firm and other small organizations not having job security and persons employed on contract basis are not eligible for loan under the scheme.
Minimum Income Criteria
Salaried Persons: Gross Monthly income Rs.10,000/-
Other than Salaried Persons: Gross Annual Quantum of Finance
In case of salaried employees with monthly income, the loan eligibility is 12 months gross monthly income as per previous month’s salary.
In case of other individuals, average annual Income worked out as per Income tax return of last two years.
However the maximum loan amount should not exceed Rs.2.00 lakhs.
Net Take Home Pay
The sanctioning Authority should ensure that the applicant complies to Net Take Home Pay criteria of 40% i.e. Net Take home Pay after accounting for all deductions including the installment of proposed loan should be minimum 40% of Gross salary.
Zonal Manager is empowered to relax the Net Take Home Pay criteria up to 35% of Gross salary on case to case basis taking in to account income and repayment capacity of the borrower.
Margin 15% of the cost of Articles.
Security For loan upto Rs.50,000/-, hypothecation of goods / articles purchased out of loan.For loan above Rs.50,000/-, in addition to hypothecation, Collaterals equal to 50% of loan amount should be obtained.
Repayment
Repayable in 48 EMIs commencing from the next month of disbursement.
In case of Farmers, the repayment term may be fixed as per harvesting period.
Post dated cheques for the entire repayment schedule should be collected at the time of disbursement of loan.
In case of permanent salaried employees of Govt/Local Self Govt/PSUs/Defence, the condition of post dated cheques may be waived in case -
• they produce an irrevocable undertaking from their employer to deduct the monthly installments from their salary and remit the same to the Bank,
OR
• whose salary is routed through the accounts with Branch
Branches should ensure to encash the cheques on due dates and credit the amount to the loan account.
Rate of Interest Click here to view Interest Rates
Guarantee Personal guarantee should be obtained whose worth is not less than the loan amount except in case of any collateral security is offered, the market value of which is not less than the loan amount.
Sanctioning Authority
All delegates within their sanctioning authority.In case of Staff applicant the sanctioning authority will be as under:
• If applicant is staff and officers up to scale III working in the region and Regional Office, loan will be sanctioned by Regional Manager.
• If applicant is staff and officers up to scale III in ELBs / VLBs, loan will be sanctioned by respective Chief Manager/Assistant General Manager.
• If applicant is officers in scale IV & V in Zone (including Assistant General Managers posted at Zonal Office, Regional Office, ranches, RRBs) and staff and officers in Training Colleges and other Administrative Offices will be sanctioned by Zonal Managers.
• In case of staff and officers posted at Central Office the loan will be sanctioned by CM(CSD) and above subject to the condition that the sanctioning authority is one scale above the applicant.
Processing Charges
1% of the loan amount subject to minimum of Rs.100/-.The amount should be recovered at the time of disbursement.
Disbursement: The borrower should submit a declaration that he/she will be purchasing the articles as mentioned in the loan application and the said declaration will be attached to the hypothecation agreement and would form part of agreement. On the basis of the said declaration the amount may be disbursed to the borrower to the credit of his account.
Documentation Letter of Hypothecation.
Articles of Agreement.
Letter of interest and interest revision letter.
Letter of guarantee wherever applicable,
Letter of undertaking from the borrower for comprehensive Insurance of the articles with bank clause to cover the risk of theft fire, destruction etc.
In case of liquid security like NSC/KVP/FDR/LIC etc are offered, proper charge in favour of bank should be created.
Other terms and Conditions
The application should be in the prescribed format with proper identification supported by documentary evidence.
KYC norms should be strictly followed
Proper documentary proof of income like latest income tax return, salary sheet, Form – 16 issued by employer, land holding details in case of agriculturists should be obtained.
Zonal Manager may sanction take over of good consumer loan accounts from other banks which are regular and standard assets with the existing bank. Such loans can be taken over without insisting for any margin and the borrower should be otherwise eligible for loan under this scheme. However, the repayment period should not exceed the prescribed repayment period under para no. 8 including expired period.
Specific follow up to be made in the accounts where installments are not being paid regularly.
Residential verification & employment verification should be done as per prescribed format.
To purchase all kinds of consumer durable articles including furniture and fixtures at residence.
Eligibility
All individuals of age 18 years and above who are
a) All Resident Indian individuals who are –
• Permanent salaried employees of Central / State government / Local self government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
• Permanent employees of Govt. aided schools, Colleges, Universities, hospitals and other educational institutions.
• Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
• Farmers irrespective of land holding engaged in production oriented agriculture activities and in other allied activities.
• Staff of our bank.
Finance may be extended individually or jointly with spouse who has regular source of income. Income of spouse may be added to calculate eligible loan amount.
The employees of proprietorship/partnership firm and other small organizations not having job security and persons employed on contract basis are not eligible for loan under the scheme.
Minimum Income Criteria
Salaried Persons: Gross Monthly income Rs.10,000/-
Other than Salaried Persons: Gross Annual Quantum of Finance
In case of salaried employees with monthly income, the loan eligibility is 12 months gross monthly income as per previous month’s salary.
In case of other individuals, average annual Income worked out as per Income tax return of last two years.
However the maximum loan amount should not exceed Rs.2.00 lakhs.
Net Take Home Pay
The sanctioning Authority should ensure that the applicant complies to Net Take Home Pay criteria of 40% i.e. Net Take home Pay after accounting for all deductions including the installment of proposed loan should be minimum 40% of Gross salary.
Zonal Manager is empowered to relax the Net Take Home Pay criteria up to 35% of Gross salary on case to case basis taking in to account income and repayment capacity of the borrower.
Margin 15% of the cost of Articles.
Security For loan upto Rs.50,000/-, hypothecation of goods / articles purchased out of loan.For loan above Rs.50,000/-, in addition to hypothecation, Collaterals equal to 50% of loan amount should be obtained.
Repayment
Repayable in 48 EMIs commencing from the next month of disbursement.
In case of Farmers, the repayment term may be fixed as per harvesting period.
Post dated cheques for the entire repayment schedule should be collected at the time of disbursement of loan.
In case of permanent salaried employees of Govt/Local Self Govt/PSUs/Defence, the condition of post dated cheques may be waived in case -
• they produce an irrevocable undertaking from their employer to deduct the monthly installments from their salary and remit the same to the Bank,
OR
• whose salary is routed through the accounts with Branch
Branches should ensure to encash the cheques on due dates and credit the amount to the loan account.
Rate of Interest Click here to view Interest Rates
Guarantee Personal guarantee should be obtained whose worth is not less than the loan amount except in case of any collateral security is offered, the market value of which is not less than the loan amount.
Sanctioning Authority
All delegates within their sanctioning authority.In case of Staff applicant the sanctioning authority will be as under:
• If applicant is staff and officers up to scale III working in the region and Regional Office, loan will be sanctioned by Regional Manager.
• If applicant is staff and officers up to scale III in ELBs / VLBs, loan will be sanctioned by respective Chief Manager/Assistant General Manager.
• If applicant is officers in scale IV & V in Zone (including Assistant General Managers posted at Zonal Office, Regional Office, ranches, RRBs) and staff and officers in Training Colleges and other Administrative Offices will be sanctioned by Zonal Managers.
• In case of staff and officers posted at Central Office the loan will be sanctioned by CM(CSD) and above subject to the condition that the sanctioning authority is one scale above the applicant.
Processing Charges
1% of the loan amount subject to minimum of Rs.100/-.The amount should be recovered at the time of disbursement.
Disbursement: The borrower should submit a declaration that he/she will be purchasing the articles as mentioned in the loan application and the said declaration will be attached to the hypothecation agreement and would form part of agreement. On the basis of the said declaration the amount may be disbursed to the borrower to the credit of his account.
Documentation Letter of Hypothecation.
Articles of Agreement.
Letter of interest and interest revision letter.
Letter of guarantee wherever applicable,
Letter of undertaking from the borrower for comprehensive Insurance of the articles with bank clause to cover the risk of theft fire, destruction etc.
In case of liquid security like NSC/KVP/FDR/LIC etc are offered, proper charge in favour of bank should be created.
Other terms and Conditions
The application should be in the prescribed format with proper identification supported by documentary evidence.
KYC norms should be strictly followed
Proper documentary proof of income like latest income tax return, salary sheet, Form – 16 issued by employer, land holding details in case of agriculturists should be obtained.
Zonal Manager may sanction take over of good consumer loan accounts from other banks which are regular and standard assets with the existing bank. Such loans can be taken over without insisting for any margin and the borrower should be otherwise eligible for loan under this scheme. However, the repayment period should not exceed the prescribed repayment period under para no. 8 including expired period.
Specific follow up to be made in the accounts where installments are not being paid regularly.
Residential verification & employment verification should be done as per prescribed format.
CENTRAL BANK OF INDIA- LOANS
Credit Schemes
At Central Bank we offer various loan facilities. Details for each of them can be found in the links below.
Cent Suvidha
Cent Home Loan Plus Scheme
Cent Buy
Cent Computer Loan
Cent Jewel
Cent Kalyani
Cent Liquid Scheme
Cent Mortgage
Cent Multipurpose
Cent Rentals
Cent Safar
Cent Vehicle
Cent Trade
CentVidyarthi
Cent Vivah
Cent Vyapari Scheme
Central Kisan Credit Card
Housing Finance Scheme
Loans to Pensioners Drawing Pension
Personal Loan Scheme (Corporate)
Personal Loan Scheme (Non corporate)
Personal Loan To Commission Agents LIC
Personal Loan To Teachers
Cent Udaan
Cent Swabhiman
Deposits Schemes
The Bank has a host of tailor made deposit schemes to meet the diverse requirements of our varied clientèle.
Read about each of the Deposit Schemes here.
Other Services
Over the years banking requirements have grown immensely demanding and complex in nature. To fulfill the diversity of needs, we offer a host of excellent services that strive to meet upto your expectations.
At Central Bank we offer various loan facilities. Details for each of them can be found in the links below.
Cent Suvidha
Cent Home Loan Plus Scheme
Cent Buy
Cent Computer Loan
Cent Jewel
Cent Kalyani
Cent Liquid Scheme
Cent Mortgage
Cent Multipurpose
Cent Rentals
Cent Safar
Cent Vehicle
Cent Trade
CentVidyarthi
Cent Vivah
Cent Vyapari Scheme
Central Kisan Credit Card
Housing Finance Scheme
Loans to Pensioners Drawing Pension
Personal Loan Scheme (Corporate)
Personal Loan Scheme (Non corporate)
Personal Loan To Commission Agents LIC
Personal Loan To Teachers
Cent Udaan
Cent Swabhiman
Deposits Schemes
The Bank has a host of tailor made deposit schemes to meet the diverse requirements of our varied clientèle.
Read about each of the Deposit Schemes here.
Other Services
Over the years banking requirements have grown immensely demanding and complex in nature. To fulfill the diversity of needs, we offer a host of excellent services that strive to meet upto your expectations.
Saturday, August 16, 2008
CENTRAL BANK OF INDIA
Being an ex-employee of Central Bank of India, I am proud to say that
SERVICE IS OUR MOTTO.
The following words are the two TARAKA MANTRAS of the bank
KINDNESS IN OUR APPROACH
FRESHNESS IN OUR PRODUCTS
The bank is offering the following services.
SERVICE IS OUR MOTTO.
The following words are the two TARAKA MANTRAS of the bank
KINDNESS IN OUR APPROACH
FRESHNESS IN OUR PRODUCTS
The bank is offering the following services.
HOME LOANS COSTLIER
ICICI Bank and HDFC on Thursday hiked home loan rates by a massive 0.75 percentage points, moving quickly to preserve margins in the wake of RBI raising key interest rates. The hike from the top two home loan providers is the second in the space of one month.
ICICI Bank hiked the floating reference rate (FRR) for consumer loans, which also includes home loans, to 14.25 from 13.5 per cent, with effect from July 31.
HDFC’s adjustable rate home loans will be priced at a minimum of 11.75 per cent with effect from August 1. Its fixed rate remains unchanged at 14 per cent per annum.
A 0.75 percentage point hike will mean customers on floating rate home loans will have to pay an additional EMI of Rs 51 per lakh on a 20-year term.
in the list
Among other banks that increased their rates were IDBI Bank, which hiked its BPLR by 0.50 percentage points to 14.25 per cent, and Bank of Rajasthan, which increased it by 1 percentage point to 16 per cent On Wednesday, Punjab National Bank and Axis Bank had hiked lending rates. Other banks are also expected to follow suit after the RBI hiked key interest rates on Tuesday.
ICICI Bank had hiked its FRR by 0.75 percentage point, on June 30.
The hike in FRR will also lead to a hike in other consumer loans such as car loans and personal loans. Existing fixed rate customers will not be impacted by the increase and their rates will remain unchanged, the bank said in a press release.
For HDFC this is the second hike in a month. The earlier hike came on July 1 (by 0.5 percentage point to 14.25 per cent.)
Ms Renu Sud Karnad, Joint Managing Director, HDFC, said, “We have seen interest rates as high as 17 per cent falling to 8 per cent over a period of time. So, over a 15 year-term, borrowers may see rates coming down as well.”
“Genuine buyers will continue to purchase houses even if they postpone the decision for a short while,” she said.
Real estate impact
For consumers, the good news is that the increase in interest rates may be offset by a fall in real estate prices. “So far, real estate prices have not seen a fall because the rise in cement and steel prices have added to cost. But we expect to see a 10-15 per cent fall in real estate prices,” Ms Karnad said ICICI Bank also announced an increase of 0.75 percentage point in its Benchmark Advance Rate (I-BAR) to 17.25 per cent, from 16.5 per cent at present, which is the reference rate for wholesale loans. Earlier, Ms Chanda Kochhar, Joint Managing Director, ICICI Bank, had said that as the cost of lending for banks would go up, both deposit and lending rates could see an upwards revision.
Deposit rate hike
ICICI Bank also raised the interest rates on fixed deposits across various tenors by 0.75 to 1 per cent with effect from August 1.
ICICI Bank hiked the floating reference rate (FRR) for consumer loans, which also includes home loans, to 14.25 from 13.5 per cent, with effect from July 31.
HDFC’s adjustable rate home loans will be priced at a minimum of 11.75 per cent with effect from August 1. Its fixed rate remains unchanged at 14 per cent per annum.
A 0.75 percentage point hike will mean customers on floating rate home loans will have to pay an additional EMI of Rs 51 per lakh on a 20-year term.
in the list
Among other banks that increased their rates were IDBI Bank, which hiked its BPLR by 0.50 percentage points to 14.25 per cent, and Bank of Rajasthan, which increased it by 1 percentage point to 16 per cent On Wednesday, Punjab National Bank and Axis Bank had hiked lending rates. Other banks are also expected to follow suit after the RBI hiked key interest rates on Tuesday.
ICICI Bank had hiked its FRR by 0.75 percentage point, on June 30.
The hike in FRR will also lead to a hike in other consumer loans such as car loans and personal loans. Existing fixed rate customers will not be impacted by the increase and their rates will remain unchanged, the bank said in a press release.
For HDFC this is the second hike in a month. The earlier hike came on July 1 (by 0.5 percentage point to 14.25 per cent.)
Ms Renu Sud Karnad, Joint Managing Director, HDFC, said, “We have seen interest rates as high as 17 per cent falling to 8 per cent over a period of time. So, over a 15 year-term, borrowers may see rates coming down as well.”
“Genuine buyers will continue to purchase houses even if they postpone the decision for a short while,” she said.
Real estate impact
For consumers, the good news is that the increase in interest rates may be offset by a fall in real estate prices. “So far, real estate prices have not seen a fall because the rise in cement and steel prices have added to cost. But we expect to see a 10-15 per cent fall in real estate prices,” Ms Karnad said ICICI Bank also announced an increase of 0.75 percentage point in its Benchmark Advance Rate (I-BAR) to 17.25 per cent, from 16.5 per cent at present, which is the reference rate for wholesale loans. Earlier, Ms Chanda Kochhar, Joint Managing Director, ICICI Bank, had said that as the cost of lending for banks would go up, both deposit and lending rates could see an upwards revision.
Deposit rate hike
ICICI Bank also raised the interest rates on fixed deposits across various tenors by 0.75 to 1 per cent with effect from August 1.
Friday, August 1, 2008
ICICI BANK HDFC HIKE INTEREST RATES
RBI likely to further tighten its monetary policy, feel experts
ICICI Bank has announced an increase in interest rates for various tenors of retail fixed deposits by 75-100 basis points with effect from August 1.
The bank has also announced an increase of 75 basis points in its floating reference rate (FRR) for consumer loans (including home loans) with effect from July 31. The revised FRR will be 14.25 per cent as against 13.50 per cent per annum at present. Existing fixed rate customers will not be impacted by the increase and their contracted rates will remain unchanged, ICICI Bank stated in a release.
The bank has also announced an increase of 75 basis points in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 17.25 per cent as against 16.50 per cent per annum at present.
HDFC, for its part, has revised its floating interest rates on home loans for both existing and new customers with effect from August 1.
This is in line with the rates of interest in the economy, which have hardened due to rising inflation and shrinking liquidity in the domestic market, HDFC stated in a release.
HDFC has increased its Retail Prime Lending Rate (RPLR) on which its Adjustable Rate Home Loans (ARHL) is benchmarked, by 75 basis points with effect from August 1.
The increase in RPLR will affect existing borrowers whose loans come up for re-pricing on or after August 1. HDFC follows a three-month reset cycle for its floating rate loans and hence the change in RPLR will impact the existing customers over the next three month period, it stated.
With this increase, the total increase in HDFC’s RPLR from January to date is 100 basis points as compared to 150-basis point rise in 10-year government securities rates.
For new home loan customers, the ARHL loans will now be priced at a minimum of 11.75 per cent while the fixed rates will be 14 per cent per annum.
Public sector lender Punjab National Bank on Tuesday announced an increase of up to one percentage point in its prime lending rate to 14 per cent. Private sector Axis Bank also hiked its PLR by 50 basis points to 15.75 per cent, which came into effect on Tuesday, while Jammu & Kashmir Bank hiked its PLR by up to one percentage point.
As a part of its measures to tighten liquidity in the banking system to counter inflation, the Reserve Bank of India has hiked the short-term inter-bank lending rates (repo rate) and mandatory cash reserve (CRR) by 50 basis points and 25 basis points, respectively.
Experts believe that home loans could get costlier again in the coming months as the RBI is expected to further tighten its monetary policy with additional CRR and repo rate hikes.
ICICI Bank has announced an increase in interest rates for various tenors of retail fixed deposits by 75-100 basis points with effect from August 1.
The bank has also announced an increase of 75 basis points in its floating reference rate (FRR) for consumer loans (including home loans) with effect from July 31. The revised FRR will be 14.25 per cent as against 13.50 per cent per annum at present. Existing fixed rate customers will not be impacted by the increase and their contracted rates will remain unchanged, ICICI Bank stated in a release.
The bank has also announced an increase of 75 basis points in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 17.25 per cent as against 16.50 per cent per annum at present.
HDFC, for its part, has revised its floating interest rates on home loans for both existing and new customers with effect from August 1.
This is in line with the rates of interest in the economy, which have hardened due to rising inflation and shrinking liquidity in the domestic market, HDFC stated in a release.
HDFC has increased its Retail Prime Lending Rate (RPLR) on which its Adjustable Rate Home Loans (ARHL) is benchmarked, by 75 basis points with effect from August 1.
The increase in RPLR will affect existing borrowers whose loans come up for re-pricing on or after August 1. HDFC follows a three-month reset cycle for its floating rate loans and hence the change in RPLR will impact the existing customers over the next three month period, it stated.
With this increase, the total increase in HDFC’s RPLR from January to date is 100 basis points as compared to 150-basis point rise in 10-year government securities rates.
For new home loan customers, the ARHL loans will now be priced at a minimum of 11.75 per cent while the fixed rates will be 14 per cent per annum.
Public sector lender Punjab National Bank on Tuesday announced an increase of up to one percentage point in its prime lending rate to 14 per cent. Private sector Axis Bank also hiked its PLR by 50 basis points to 15.75 per cent, which came into effect on Tuesday, while Jammu & Kashmir Bank hiked its PLR by up to one percentage point.
As a part of its measures to tighten liquidity in the banking system to counter inflation, the Reserve Bank of India has hiked the short-term inter-bank lending rates (repo rate) and mandatory cash reserve (CRR) by 50 basis points and 25 basis points, respectively.
Experts believe that home loans could get costlier again in the coming months as the RBI is expected to further tighten its monetary policy with additional CRR and repo rate hikes.
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