This loan product is a scheme which will provide finance to employees to purchase stocks of the companies they work in, under the Employee Stock Option scheme.
Loan amount can be used to help employees purchase stock shares for the company in which they work, under the Employee Stock Option scheme.
Eligibility criteria for State Bank of India (SBI) Loans to Employees to Purchase ESOPS the employee needs to be in service for at least 2 years with the company.
This will be a demand loan
The loan amount will be maximum of 90% of the purchase price, the maximum of Rs. 20 lakhs or 24 months of their net monthly income whichever is lower.
The base rate 9.3%,
The scheme details
For employees who qualify for xpress credit
15.80% per annum (BR = 9.3% + 6.50%)
16.30% per annum (BR = 9.3% + 7.00%)
Documents required by the bank will be:
Completed loan application
3 Passport size photographs
Proof of identify
Proof of residence
Original Salary Certificate from employer - in case of salaried individuals
TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Dep’t - - in case of salaried individuals
The loan should be repayable within a 3 years in EMI
Up to 12 months of a moratorium period can be allowed within this 3 year period
The processing fees charged will be Rs.2040 per application
The shares bought under the ESOP to be held by the bank as security. And are held in Demat account.
You can apply for this loan against State Bank of India Loans to Employees to Purchase ESOPS from the nearest State Bank of India branch or apply via their website. All you need to do is login with your details and then fill in the online application form
Yes, you can apply for this loan via the State Bank of India website.
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