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State Bank of India offers you the option of availing personal loan by pledging your shares as your security. You can use the loan amount to meet your personal needs. You can avail a loan of up to Rs.20 lakh at affordable rates of interest and the repayment tenure ranging up to 30 months.
If you are an Indian citizen and existing customer of SBI and maintain a satisfactory relationship with the lender then you can apply for a loan against shares scheme from the bank. It is also important that in order to avail this loan scheme you also maintain a DEMAT Account with SBI Capital Securities. The loan can be offered either as an overdraft loan or as a demand loan and can be availed only in the name of one person. This facility is currently not available for NRIs.
The minimum and maximum loan amount you can avail is given below:
Note: Loan against shares should not exceed Rs.10 lakh if the purpose behind availing the loan is to subscribe to an Initial Public Offering (IPO).
SBI offers this loan facility at an interest rate of 10.50%. The rate of interest levied will depend on the loan amount, shares pledged by you as your security, and repayment tenure.
Other fees and charges
You can apply for SBI loans against shares either online or offline. If you are planning to apply online, then all you have to do is visit the official website of State Bank of India and under the product section click on ‘Personal Loan’. You will then have to locate ‘Loan against Securities’ option, and after clicking on it, you can click on ‘Loan against Shares’. You will be directed to a new page where you will have to click on ‘Apply Now’.
You will have to ensure that in order to avail this loan scheme, your SBI bank account should be at least 6 months old and ensure that the quantity of shares mentioned in your Demat Account is correct. Follow the instructions. Mention the shares you want to pledge. Fill the application form ensuring all the details mentioned is correct. Once you are done, you will have to scan a copy of your application form along with Pledge Request Form (PRF) and email it to firstname.lastname@example.org. You will also have to send a hard copy of the signed Application Form & Pledge Request Form and send it to the address given below:
State Bank of India
Specialised Securities Finance Branch (18225),
31, MAHAL IND ESTATE, Mahakali Caves Rd, Chakala,
MIDC, Andheri - East,
Pin Code - 400093,
Phone No (New): 022 – 26870133/ 34.
Fax No: 022- 26870132
Note: Please ensure to put in the date on the Pledge Request Form before submitting the same.
You can also apply for SBI Loan against Share offline by visiting the SBI’s nearest branch. Make sure you carry all the relevant documents where a representative from the bank will help you with the process of applying for a loan against shares scheme.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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