“P” SEGMENT ADVANCES SCHEMES (PUBLIC) REVISION IN INTEREST RATES w.e.f. 16.08.2008 Note: - It may please be noted that:
In House Loans the fixed rate loans will be subject to: -
'Force majeure' clause in terms of which the Bank is authorized to alter the fixed interest rate applicable suitably and prospectively in the event of major volatility in the interest rates during the period of loan agreement. Interest rate reset at the end of every two years on the basis of fixed interest rates prevailing then. 2. To meet the competition in the market a special concession of 0.10% in interest rates would be available to the following categories of borrowersBorrowers eligible under our 'Plus Schemes'/ Gram Niwas Scheme/ Sahyog Niwas Scheme. Group of persons not less than 15 under a tie-up arrangement or check-off arrangement. Where the applicant has already taken a car loan and repayment is regular for the last one year. There would be no concession for applicant who opts for Group Insurance Cover under SBI Life Group Insurance for Housing Loan Borrowers. 3. House Loan-
(i) Risk Based Premium/ DiscountRisk Based Discount shall be deducted and Premia added to the card rate as under depending on the Risk Perception measured in terms of LTV ratio and EMI/NMI ratioa) Risk based interest rate discounts (concessions)/premium for loans up to Rs.30 lacs
Margin EMI / NMI Ratio Up to 40% Above 40% and up to 50% Concession Concession 0.25% 0.20% Concession Concession 0.15% 0.15% No No Concession/No Concession/No Premium Premium Above 50% and up to 60% Concession 0.15% Concession 0.10% No Concession/No Premium Above 60% Concession Nil Concession Nil No Concession/No Premium
50% or above 20% to less than 50% Less than 20%
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b) Risk based interest rate discounts (concessions)/premium for loans above Rs.30 lacs and upto Rs.1 Cr
Margin EMI / NMI Ratio Up to 40% Above 40% and up to 50% Concession Concession 0.25% 0.20% Concession Concession 0.15% 0.15% Premium Premium 0.25% 0.25% Above 50% and up to 60% Concession 0.15% Concession 0.10% Premium 0.25% Above 60% Concession Nil Concession Nil Premium 0.25%
50% or above 20% to less than 50% Less than 20%
c) Risk based interest rate discounts (concessions)/premium for loans above Rs.1 Cr
Margin EMI / NMI Ratio Up to 40% Above 40% and up to 50% Concession Concession 0.25% 0.20% Concession Concession 0.15% 0.15% Premium Premium 0.20% 0.20% Premium Premium 0.25% 0.25% Above 50% and up to 60% Concession 0.15% Concession 0.10% Premium 0.20% Premium 0.25% Above 60% Concession Nil Concession Nil Premium 0.20% Premium 0.25%
50% or above 25% to less than 50% 20% to less than 25% Less than 20%
(ii). Special concessions: Following special concessions would be available on interest rates in the scheme: a) 0.10% if salary account is maintained with us b) 0.10% under Plus schemes to Govt. employees and teachers. c) 0.10% for rural housing under Gram Niwas & Sahyog Niwas Scheme(for SHGs) d) Concessions under Corporate or builder tie-ups e) Festival / promotional concessions which are offered for specific period. Note- Concessions under Plus schemes shall not be allowed to run concurrently with the concessions for maintaining Salary Account. (iii). Upper ceiling on concessionThere shall be a ceiling of 0.25% beyond which net concession under various heads including Risk Based Discounts, Salary Account, Plus Schemes, Rural Housing, Discretion used by DGM Zones/ Branches, Builder Tie-ups, Special concessions offered during campaigns etc. shall not be allowed. 4. The revised rate of interest structure of various ‘P’ segment schemes is enclosed.
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Particulars
EXISTING BPLR 13.75% Existing Interest Rates w.e.f 01.07.2008 (For monthly compounding)
REVISED BPLR- W.E.F. 16.08.2008 14.25% Revised Interest Rates w.e.f 16.08.2008 (For monthly compounding)
1. HOUSING LOAN SCHEME (Including Flexi/ Customised Housing /Max Gain and Indore Bank Reality) (Existing interest rates w.e.f. 07.07.2008 vide circular P&SB/No/ 11/2008-09 dated 07.07.2008 ) (FLOATING RATE OF INTEREST) UP TO RS. 30 LACSUpto 5 yearsAbove 5 years and upto 15 years Above 15 years and upto 25 years ABOVE RS. 30 LACSUpto 5 yearsAbove 5 years and upto 15 years Above 15 years and upto 25 years FLOOR RATEFloor rate, i.e. the rate below which Home Loans may not be sanctioned. loan tenor upto 5 yearsloan tenor above 5 years3.00% below BPLR i.e. 10.75 % p.a. 2.75% below BPLR i.e. 11.00 % p.a. 2.50% below BPLR i.e. 11.25% p.a. 2.50% below BPLR i.e. 11.75 % p.a. 2.25% below BPLR i.e. 12.00 % p.a. 2.00% below BPLR i.e. 12.25 % p.a. 3.25% below BPLR i.e. 10.50 % p.a. 3.00% below BPLR i.e. 10.75 % p.a. 2.75% below BPLR i.e. 11.00 % p.a. 3.75% below BPLR i.e. 10.50 % p.a. 3.50% below BPLR i.e. 10.75 % p.a. 3.25% below BPLR i.e. 11.00 % p.a.
3.50% below BPLR, i.e. 10.25% p.a. 3.25% below BPLR, i.e. 10.50% p.a.
4.00% below BPLR, i.e. 10.25% p.a. 3.75% below BPLR, i.e. 10.50% p.a.
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(FIXED RATE OF INTEREST) FOR EXISTING HOUSE LOAN i.e. SANCTIONED BEFORE 16.08.2008 Upto 10 years FOR HOUSE LOAN. SANCTIONED ON OR AFTER 16.08.2008 For loans upto and including Rs. 30 Lacs For loans above Rs. 30 Lacs 12.75% 12.75% 12.75% 13.75% 12.75% 12.75%
(No fixed rate loans are to be given beyond 10 years) 2. INDORE BANK HOME-LINE
0.50% above the housing loan interest rate (floating rate)applicable to the repayment tenure opted by the borrower, prevailing as on the date of sanction of Indore Bank Home Line Special Personal Loans.
No change
3.
LOAN FOR EARNEST MONEY FOR ALLOTMENT OF PLOT/FLAT/HOUSE
In respect of such loans sanctioned to borrowers whose loans are taken over from Foreign Banks/Private Sector Banks/HFCs (excluding HDFC and nationalized Banks), the applicable interest rate will be (i) the interest rate charged by No change the Foreign Bank/Private Sector Bank/HFC or (ii) interest rate applicable to 'Indore Bank Home Line' Home Loans, whichever is higher. 1.50% above BPLR i.e. 15.25% p.a. 0.50% above BPLR i.e. 14.75% p.a.
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4. CAR/JEEP LOAN SCHEME ( Including NRI-Car Loan Scheme) FOR EXISTING CAR LOAN i.e. SANCTIONED BEFORE 16.08.2008 FLOATING RATES ONLY: A. NEW VEHICLES ONLY For loans of Rs. 7.50 lacs & aboveUp to 3 years : For loans of below Rs. 7.50 lacs i) Up to 3 years :
1.75% below BPLR i.e. 12.00 % p.a.
2.25% below BPLR i.e. 12.00 % p.a.
1.50% below BPLR i.e. 12.25 % p.a.
2.00% below BPLR i.e. 12.25 % p.a.
For All Loans
ii) Above 3 years & up to5 years 1.50% below BPLR i.e. 12.25 % p.a. 2.00% below BPLR i.e. 12.25 % p.a.
iii.) Above 5 years & up to7 years
1.25% below BPLR i.e. 12.50 % p.a. 0.10% concession under Plus scheme / where check off is available will continue. But both the concessions can not be clubbed
1.75% below BPLR i.e. 12.50 % p.a. 0.10% concession under Plus scheme / where check off is available will continue. But both the concessions can not be clubbed
B. FOR USED CAR: FLOATING RATE ONLY a) Upto 3 years: b) Above 3 yrs and upto 7 yrs: (NO FIXED RATES LOANS TO BE GRANTED) 2.00% above BPLR i.e. 15.75% p.a. 2.25% above BPLR i.e. 16.00% p.a. 1.50% above BPLR i.e. 15.75% p.a. 1.75% above BPLR i.e. 16.00% p.a.
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FOR CAR LOAN. SANCTIONED ON OR AFTER 16.08.2008 FLOATING RATES ONLY: B. NEW VEHICLES ONLY For loans of Rs. 7.50 lacs & aboveUp to 3 years : For loans of below Rs. 7.50 lacs i) Up to 3 years :
1.75% below BPLR i.e. 12.00 % p.a.
1.75% below BPLR i.e. 12.50 % p.a.
1.50% below BPLR i.e. 12.25 % p.a.
1.50% below BPLR i.e. 12.75 % p.a.
For All Loans
ii) Above 3 years & up to5 years 1.50% below BPLR i.e. 12.25 % p.a. 1.50% below BPLR i.e. 12.75 % p.a.
iii.) Above 5 years & up to7 years
1.25% below BPLR i.e. 12.50 % p.a. 0.10% concession under Plus scheme / where check off is available will continue. But both the concessions can not be clubbed
1.25% below BPLR i.e. 13.00 % p.a. 0.10% concession under Plus scheme / where check off is available will continue. But both the concessions can not be clubbed
B. FOR USED CAR: FLOATING RATE ONLY a) Upto 3 years: b) Above 3 yrs and upto 7 yrs: (NO FIXED RATES LOANS TO BE GRANTED) 2.00% above BPLR i.e. 15.75% p.a. 2.25% above BPLR i.e. 16.00% p.a. 2.00% above BPLR i.e. 16.25% p.a. 2.25% above BPLR i.e. 16.50% p.a.
5. CAR LOAN OVERDRAFT SCHEME
0.50% above the normal car loan scheme
0.50% above the normal car loan scheme
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6. TWO – WHEELERS (Only Floating Rate) FOR EXISTING LOAN i.e. SANCTIONED BEFORE 16.08.2008 Upto 3 years FOR LOAN. SANCTIONED ON OR AFTER 16.08.2008 Upto 3 years 3.00% above BPLR i.e. 16.75% p.a. 3.00% above BPLR i.e. 17.25% p.a. 3.00% above BPLR i.e. 16.75% p.a. 2.50% above BPLR i.e. 16.75% p.a.
7. TWO-WHEELER BULK FINANCE (Where proposals are received for financing of 25 or more vehicles within a period of 3 months.) 8. EDUCATIONAL LOAN SCHEME: (Including Loans for Vocational Training) FOR EXISTING LOAN i.e. SANCTIONED BEFORE 16.08.2008 Upto Rs.4 lacs Above Rs.4 lacs and unto Rs. 7.50 lacs Above Rs. 7.50 lacs FOR LOAN. SANCTIONED ON OR AFTER 16.08.2008 Upto Rs.4 lacs Above Rs.4 lacs and unto Rs. 7.50 lacs Above Rs. 7.50 lacs -7-
1.00% below BPLR i.e. 12.75% p.a.
The Bulk Finance Interest Rates have been withdrawn.
1.50% below BPLR i.e. 12.25% p.a. At par with BPLR i.e. 13.75% p.a. 1.00% below BPLR i.e. 12.75% p.a.
2.00% below BPLR i.e. 12.25% p.a. 0.50% below BPLR i.e. 13.75% p.a. 1.50% below BPLR i.e. 12.75% p.a.
1.50% below BPLR i.e. 12.25% p.a. At par with BPLR i.e. 13.75% p.a. 1.00% below BPLR i.e. 12.75% p.a.
1.50% below BPLR i.e. 12.75% p.a. At par with BPLR i.e. 14.25% p.a. 1.00% below BPLR i.e. 13.25% p.a.
9. INDORE BANK SCHOLAR:
(Existing interest rates w.e.f. 04.07.2008 vide circular P&SB/No/ 08/2008 dated 03.07.08 ) FOR EXISTING LOAN i.e. SANCTIONED BEFORE 16.08.2008 Loans up to Rs. 15 lacsFOR LOAN. SANCTIONED ON OR AFTER 16.08.2008 Loans up to Rs. 15 lacs10. PERSONAL LOAN SCHEME (Indore Bank Saral) 2.50% below BPLR i.e. 11.25% p.a. For salaried: 2.00% above BPLR i.e.15.75% p.a For others: i.) Credit score 60 or above: 2.00% above BPLR i.e.15.75% p.a ii) Credit Score 50-less than 60: 3.50% above BPLR i.e. 17.25% p.a. 2.50% below BPLR i.e. 11.75% p.a. 2.50% below BPLR i.e. 11.25% p.a. 3.00% below BPLR i.e. 11.25% p.a.
For salaried: 2.00% above BPLR i.e.16.25% p.a For others: i.) Credit score 60 or above: 2.00% above BPLR i.e.16.25% p.a ii) Credit Score 50-less than 60: 3.50% above BPLR i.e. 17.75% p.a.
11. "INSTANT CASH" (Pre-sanctioned Personal Loan scheme)
a) 0.50% below BPLR i.e. 13.25% for all loans where we have availability of check-off from the employer and the employer undertakes to inform the Bank if & when there is severance due to borrowers transfer, retirement, resignation etc.
a) 0.50% below BPLR i.e. 13.75% for all loans where we have availability of check-off from the employer and the employer undertakes to inform the Bank if & when there is severance due to borrowers transfer, retirement, resignation etc.
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b) 0.50% above BPLR i.e. 14.25% for all loans where check-off is available, but the employer is not willing to inform the Bank if & when there is severance due to borrowers transfer, retirement resignation etc.
b) 0.50% above BPLR i.e. 14.75% for all loans where check-off is available, but the employer is not willing to inform the Bank if & when there is severance due to borrowers transfer, retirement resignation etc.
12.
a.) MAHILA SHAKTI /
c) 2.00% above BPLR i.e. 15.75% in all other cases. c) 2.00% above BPLR i.e. 16.25% in all other cases. A.) i.) For earning women: 0.25% above BPLR i.e. A.) i.) For earning women: 0.25% above BPLR i.e. 14.50% p.a. 14.00% p.a. ii.) For Housewives: 1.00% below BPLR i.e. 12.75% ii.) For Housewives: 1.00% below BPLR i.e. 13.25% p.a. p.a. B.) i.) For earning women: 0. 50% below BPLR i.e. B.) i.) For earning women: 0. 50% below BPLR i.e. 13.75% p.a. 13.25% p.a. ii.) For Housewives: 1.75% below BPLR i.e. ii.) For Housewives: 1.75% below BPLR i.e. 12.00% p.a. 12.50% p.a. 2.00% above BPLR i.e. 15.75% p.a. 2.00% above BPLR i.e. 16.25% p.a. 0.75% above BPLR i.e. 14.50% p.a. 0.50% below BPLR i.e. 13.25% p.a. 0.75% above BPLR i.e. 15.00% p.a. 0.50% below BPLR i.e. 13.75% p.a.
b.) CAREER PLANNER
13. 14.
FESTIVAL LOAN SCHEME
MEDICAL LOAN FOR PUBLIC (MEDI-PLUS) 15. a) SCHEME FOR LOAN TO PENSIONERS (PENSIONER PLUS) b) JAI JAWAN PENSION LOAN 16. INDORE BANK ABHUSHAN SCHEME:
2.00% above BPLR i.e. 15.75% p.a.
2.00% above BPLR i.e. 16.25% p.a.
17. EQUITY PLUS (Loans to Employees of At par with BPLR i.e. 13.75% p.a. At par with BPLR i.e. 14.25% p.a. reputed PSUs/ Public Ltd. / Pvt. Co.s for subscribing the shares of their own company under employee quota) 18. ALL 'PLUS'/ SPECIAL SCHEMES. viz. Teacher Plus, Employees Plus, Krishak Mitra, and 0.10% below the normal rates applicable to respective 0.10% below the normal rates applicable to respective 'P' segment loans under Doctor Plus & scheme/ purpose. scheme/ purpose. Professional Plus. 19. INDORE BANK REVERSE MORTGAGE 10.75% p.a. 10.75% p.a. LOAN SCHEME Fixed- Subject to reset every 5 years -9-
ADVANCES AGAINST SECURITIES
Particulars Our Existing Interest Rate w.e.f. 01.07.2008 (For monthly compounding) Up to 3 years 1.75% below BPLR i.e. 12.00 p.a. 3 years and above but below 6 years: 1.25% below BPLR i.e. 12.50% p.a. Revised Interest Rates w.e.f. 16.08.2008 (For monthly compounding)
1. Loans against RBI Relief Bonds 2. Loans against NSCs (National Savings Certificates)/Indira Vikas Patra/ Kisan Vikas Patra/ LIC policies /SBI Magnum 3. Loans against Open Ended Schemes of SBI Mutual Fund
4. Loan against units of UTI/ Mutual Fund (UTI-II)/ Govt.
Up to 3 years 1.75% below BPLR i.e. 12.50 p.a. 3 years and above but below 6 years: 1.25% below BPLR i.e. 13.00% p.a.
Securities / NAV of open ended Mutual Funds of Franklin Templeton/ ICICI Prudential/ IDBI Principal MF 5. Loans to individuals against share and debentures/bonds 6. Advances against Gold Ornaments. At par with BPLR i.e. 13.75 % p.a. i.) Up to Rs. 50000/-: 1.75% below BPLR i.e.12.00% p.a. ii.) Over Rs. 50000/- up to Rs. 2 lacs 1.25% below BPLR i.e. 12.50 % p.a. iii) Over Rs. 2 lacs and up to Rs. 5 lacs 0.25% below BPLR i.e. 13.50% p.a. i.) For Term Loan: 0.25% below BPLR i.e. 13.50% p.a. ii.) For Overdraft: At par with BPLR i.e. 13.75% p.a. At par with BPLR i.e. 14.25 % p.a. i.) Up to Rs. 50000/-: 1.75% below BPLR i.e.12.50% p.a. ii.) Over Rs. 50000/- up to Rs. 2 lacs 1.25% below BPLR i.e. 13.00 % p.a. iii) Over Rs. 2 lacs and up to Rs. 5 lacs 0.25% below BPLR i.e. 14.00% p.a. i.) For Term Loan: 0.25% below BPLR i.e. 14.00% p.a. ii.) For Overdraft: At par with BPLR i.e. 14.25% p.a.
7. Scheme for Loan against Property
Mortgage
of Immovable
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ADVANCES AGAINST BANK’S OWN DEPOSITS: Type of Depositors (A) Domestic/NRE/NRO Deposits i) The borrowers, either singly or jointly. i) Existing Interest Rates w.e.f. 01.07.2008 (For monthly compounding) For loans below Rs.1 crore 1.50% over the rate allowed on deposits Revised Interest Rates w.e.f 16.08.2008 (For monthly compounding) For loans below Rs.1 crore 1.50% over the rate allowed on deposits
i)
ii) One of the partners of a partnership firm and the advance is ii) For loans of Rs.1 crore and above ii) For loans of Rs.1 crore and above made to the said firm. 1.50% over the rate allowed on deposits 1.50% over the rate allowed on deposits iii) The proprietor of a proprietory concern and the advance is made to such a concern. iv) A ward whose guardian is competent to borrow on behalf of No Further concession in rate of interest No Further concession in rate of interest the ward and where the advance is made to such guardian of the allowed allowed ward in such a capacity. (B) Advances to Third Parties (i.e. other than (A) above) i) Upto Rs.2 lacs1.50% over the rate allowed on deposits i) Upto Rs.2 lacs1.50% over the rate allowed on deposits
ii)
Above Rs.2 lacsAt BPLR i.e. 13.75% p.a.
ii)
Above Rs.2 lacsAt BPLR i.e. 14.25% p.a.
No physical verification or inspection is required to No physical verification or inspection is required check the end use of loan. to check the end use of loan. No Further concession in rate of interest allowed No Further concession in rate of interest allowed
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