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Loans and Advances

Loans and Advances

Loan and Advances Content

SBI HOME FEST  (valid for a specific period only)

SBI Home FEST is a type of housing loan for purchase/ Construction/ Renovation of house /flat/Additional Construction/Improvement etc.  It is also for refinancing of existing Housing Loan from other Financial Institutions. 

Interest Rate : 3.95 %*

Eligibility : Individuals Employees of Private & Public Sectors and Self Employed Individuals.
Amount : 90% of Total Project Cost. (Minimum Amount: Rs. 100,000/-; Maximum Amount: No limit.)
Security : 1st Rank Fixed Charge on Land/Building.
Repayment : Maximum upto 25 years. (Moratorium period of Maximum upto 24 Months can be considered on a case to case basis).
 
SBI MORTGAGE LOAN

SBI Mortgage loan is designed for General Purpose.

Low interest rate

Eligibility : Salaried or Self Employed with minimum income of Rs 15,000/- monthly
Amount : Minimum - Rs 100,000; Maximum - No Limit. 80 % of Market value as per recent Valuation report
Security : Fixed Charge on assets such as land/building
Repayment : up to 15 years

 

SBI EASY LOAN FOR GOVERNMENT EMPLOYEES

To finance any personal expenses, other than for speculative purposes at flexible terms.

Low interest rate

Eligibility : Confirmed Employees of Government & Para-statal bodies (With minimum salary/Income of Rs.15,000/- per month)
Amount : Limit, Equivalent to 2 Months’ of Basic Salary; Maximum- Rs. 200,000/-.
Security : Credit agreement by borrower/ Irrevocable Salary Pledge
Repayment : To be renewed every year.

 

SBI CAR CASH

General Purpose 

Low interest rate

Eligibility : Existing Car Loan Customers (with satisfactory repayment history); Salaried or Self Employed with minimum Income of Rs. 20,000/- Monthly
Amount : Limit, Equivalent to 1 Months’ of Basic Salary/Income; Maximum- Rs. 25,000/-.
Security : Credit Agreement 
Repayment : To be renewed every year

 

SBI HOME CASH

General Purpose

Low interest rate

Eligibility : Existing Housing Loan Customers (with reputed/ satisfactory repayment history); Salaried or Self Employed with minimum Income of Rs. 20,000/- Monthly
Amount : Limit, Equivalent to 1 Months’ of Basic Salary/ Income; Maximum- Rs. 50,000/-.
Security : Credit Agreement
Repayment : To be renewed every year

 

SBI CAR ADVANTAGE 

To finance New/Recon Car

Low interest rate

Eligibility : High Net-worth salaried or self employed customers including expatriates (Net Monthly income of applicant should be Rs100,000 & above)
Amount : 100 % of Total Cost (On Road Price).Minimum Amount: Rs. 100,000/-; Maximum: No Limit.
Security : Lien/GSD on vehicle.
Repayment : Minimum: 3 Years; Maximum: Up to 7 Years.

 

*T&C applied.

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SMART CREDIT  

Smart credit is an overdraft facility to finance any personal expenses, other than for speculative purposes at flexible terms and a card is provided to the customer.

Eligibility : Permanent employees of Govt / parastatal / firms of repute / self employed - with steady source of income.
Amount : 3 months basic salary, maximum Rs 100,000/-
Security : Pledge of Salary / Insurance / Credit Agreement. For self employed: 1st Rank Fixed Charge on land / building.
Repayment : 12 months
 
PERSONAL LOAN

Personal Loan is a scheme to finance any personal expenses, other than for speculative purposes.

Eligibility : Permanent employees of Govt / parastatal / firms of repute with minimum gross monthly salary of Rs 7,500/-
Loan Amount : 15 months of basic salary with a maximum of Rs 350,000/-
Security : Salary Pledge & Loan Agreement and Insurance + Decreasing Term Assurance
Repayment : Maximum 48 months
 
PERSONAL LOAN FOR SELF EMPLOYED
Eligibility : Self Employed - Minimum income Rs 10,000/- monthly
Loan Amount : Maximum of Rs 350,000/-
Security : 1st Rank Fixed Charge on Land and Building
Repayment : Maximum 96 months
 
REALTY LOAN - Purchase of Land for Construction of House
Eligibility : Individuals above 18 years of age of private & public sectors & self employed
Loan Amount : 85% of Total Project cost
Security : 1st Rank fixed charge on land. Pledge of salary if employed House to be constructed within 2 years
Repayment : Up to 300 months from the date of first disbursement
 
HOUSING LOAN– Construction / Renovation / Extension

Long-term loan to finance Purchase/Construction/ Renovation of house/flat/Additional Construction/Improvement and also for refinancing of existing Housing Loan from other Financial Institutions.

Eligibility : Individuals above 18 years of age of private & public sectors & self employed
Loan Amount : Up to 90% financing
Security : 1st Rank fixed charge over land. Pledge of salary if employed
Repayment : Up to 300 months from the date of first disbursement Flexible repayment period can be considered Moratorium on capital repayment – maximum 6 months
 
CAR LOAN - For purchase of Vehicles

Loan to finance New/Reconditioned Cars to be purchased from Car Dealers primarily for private use.

Eligibility : Individuals of public & private sectors & Self -employed
Loan Amount : 85% of showroom price
Security : Lien on Vehicle, Salary Pledge + Floating Charge if necessary
Repayment : Max 84 months
     
 
ADVANCE AGAINST TERM DEPOSIT
Eligibility : Any customer with a Fixed Deposit either in his name or a third party
Loan Amount : 85% of Fixed Deposit amount
Security : Lien on Fixed Deposit
Repayment : Up to 10 years - Longer period is also considered upon request.
 
MULTIPURPOSE LOAN
Eligibility : Salaried or Self Employed with minimum steady source of income of minimum Rs15,000/- monthly
Loan Amount : Rs 2 million - Higher limits can be considered upon request
Security : 1st Rank Fixed charge on assets such as land/building
Repayment : Maximum 8 years
 
EDUCATIONAL LOAN

Designed for Students pursuing higher studies in Mauritius or abroad and to finance courses for diploma, under-graduate, post-graduate, professional courses by approved institutes/universities.

Eligibility : Student pursuing studies abroad or in Mauritius
Loan Amount : 100% financing of fees / air ticket / accommodation, etc
Security : Up to Rs100,000/-: 2 guarantors of means
  : Over Rs100,000/-: 1st Rank Fixed Charge on land/building
Repayment : Up to 10 years
Moratorium : Maximum 5 years
 
SBI EXPRESS LOAN

Special scheme open only to existing housing/realty loan SBI customers including self employed with regular repayment.

Eligibility : Open on existing Housing Loan customers
Loan Amount : Permanent Employees: 15 months basic salary; maximum Rs350,000/-
  : For Self Employed: Maximum Rs350,000/-
Security : Permanent Employees: Pledge of Salary/Loan Agreement
  : For Self Employed: 1st Rank Fixed Charge on land/building
Repayment : Without security: 48 months
  : With security: 96 months

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