State Bank of Travancore is a subsidiary of the State Bank Group and also has private share-holders. It is the premier bank of Kerala, India, where it has 777 branches. Overall, SBT has a network of over 1036 branches spread over 16 Indian states. SBT provides Personal loans to all central, civil, defence, railways, telecom,KSRTC,KSEB,KWA,KAU, state Govt. and SBT pensioners/Family pensioners whose pension accounts are maintained with us. Continue reading to view more details about this loan.
|Interest Rate||11.55% to 12.05%|
|Processing Fees||1.0% of the loan amount sanctioned plus applicable tax|
|Loan Tenure||60 months|
|Guarantor Requirement||Guarantor required|
State Bank of Travancore is a subsidiary of the State Bank Group. It is one of the most prominent banks in the state of Kerala where it has majority of its business. The bank has a wide network of ATMs and branches. State Bank of Travancore has 1157 branches and 1602 ATMs spread across various states of the nation.
State Bank of Travancore was established in the year 1945 under the name of Travancore Bank Limited. At that time the Travancore government put in 25% of the capital after which the bank started undertaking a lot of government treasury work and foreign exchange transactions along with its normal business work. In the year 1960, the Travancore Bank was taken under the State Bank of India group under the SBI Subsidiary Banks Act, 1959, enacted by the government of India.
Currently the bank has around 2 million savings accounts of customers out of which 90% are from the state of Kerala. The bank envisions to become the most trusted banking partner for customers with creative and transparent banking principles.
Personal loan from State Bank of Travancore is a great financial instrument to address any urgent financial need. Be it a wedding in the family or a long-pending exotic vacation or even an unforeseen medical emergency, personal finance scheme from State Bank of Travancore makes sure lack of funds is never a reason to compromise on your commitments. SBT Personal Loan scheme is comprehensive, flexible as well as affordable.
State Bank of Travancore offers personal loan schemes to applicants from almost all types of job backgrounds and income strata. Here are some of the most amazing SBT personal loan schemes which can be your sure bet.
This personal loan scheme is aimed at providing financial assistance to customers who are either government employees or are working in the corporate sector. Permanent employees of government schools, colleges, universities, offices, defence personnel and all those who work in state and central government offices can apply for this loan. The applicant should have completed at least one year of service at any of the above stated organizations.
As indicated by the name, this personal loan scheme aims to cater to the personal financial needs of young defense pensioners. These include pensioners of armed forces including navy, air-force, coast guards, and para-military forces and so on. The age of the applicant should be under 50 years to avail this loan scheme.
The New Prasanthi Elite scheme is offered to meet the personal financial needs of elite pensioners. This includes all central, civil, defence, railways and state pensioners whose pension accounts are maintained with State Bank of Taravancore. To avail this loan the monthly pension of the applicant should not be less than RS.20,000.
This is a form of demand loan where the pensioners need to meet their short-term financial needs. The list of eligible borrowers includes all central, civil, defence, railways and state pensioners whose pension accounts are maintained with State Bank of Taravancore. 12.90% - 13.90%
State Bank of Travancore Personal Loans come with the strong backing of the State Bank Group which is the topmost bank of India. There are several features that make these loans extremely lucrative to avail. No matter what is the personal reason that you need funds for, SBT loans help you sail smoothly through. Avail SBT personal loans to fulfill monetary commitments that are well-planned expenses or even sudden urgent financial requirements.
Low Rate of Interest: The rate of interest for personal loan of SBT varies depending upon the monthly income and the job status of the loan applicant. However, the interest rates are quite competitive and range between 12.90% - 13.90% per annum. These are subject to fluctuations depending upon changes in the base lending rate of the bank.
Flexible Tenure: The loan repayment can be made in a maximum of 60 months that is 5 years. Loan repayment period differs for various loan applicants depending upon the personal loan scheme availed by them.
Maximum repayment period of 60 months
For normal pensioners the maximum loan period is 60 months
For family pensioners the maximum loan period is 36 months
Maximum loan period allowed is 60 months which is to be completed before the pensioner attains the age of 80 years
Maximum allowed loan tenure is 84 months, payment starts one month after disbursal of the personal loan
Eligibility for State Bank of Travancore Personal Loan: Eligibility criteria for personal finance scheme of State Bank of Travancore is as follows:
Following are the documents that SBT will ask its customers to furnish in case they are looking for a personal loan
Additional documents can be asked by the bank depending upon the type of personal loan being availed and the loan applicant who is making the request.
Personal loans from SBT can be availed by both individuals and corporates, with the interest depending on a number of key factors. Benchmarks at the bank help compute standard interest rates (where applicable), with the date of loan sanction deciding the benchmark a borrower is eligible under.
MCLR benchmarks were introduced following RBI guidelines, with SBT monitoring and modifying these on a regular basis. The current benchmark takes their operating costs into consideration, ensuring that the interest charged is fair and not discriminatory.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
SBT uses the MCLR benchmark as a tool to determine the final interest rate, with the table below highlighting the applicable rates under different conditions.
|Type of Loan||Check-off||Interest Rate|
|Demand Loan||Check-off facility available||MCLR (1 year) + 3.25% = 13.10% per annum|
|Overdraft||Check-off facility available||MCLR (1 year) + 3.50% = 13.35% per annum|
|Demand Loan||No check-off facility||MCLR (1 year) + 3.75% = 13.60% per annum|
|Overdraft||No check-off facility||MCLR (1 year) + 4.00% = 13.85% per annum|
The base rate and prime lending rate at SBT are highlighted in the table below.
|Base Rate||9.95% per annum, w.e.f. 05/10/2015|
|Prime Lending Rate||15.15% per annum, w.e.f. 05/10/2015|
The interest rate for borrowers who do not fall under the ambit of MCLR depends on the base rate, with SBT typically charging a certain percentage over and above the current/existing base rate. Factors like the loan amount, tenure, borrower credentials, etc. play a role in determining the final rate, with SBT having the discretion to change rates on a case to case basis.
Note: Interest rates mentioned above are subject to change/modification without prior notice. All rates are as of June 16, 2016 and applicants are advised to check rates prevailing at the time of application. SBT reserves the right to alter rates at its sole discretion.
Whether you have availed Personal Loan from State Bank of Travancore or are still contemplating your decision to avail, calculation of personal loan EMI is now a piece of cake. Online EMI personal loan calculators are useful and timesaving tools that help users calculate their loan EMIs. These Online EMI Calculators take in as input the personal loan amount, the applicable rate of interest, the corresponding loan tenure and the processing charges and process all this data to yield the personal loan EMI. Along with this an amortization table depicting the entire repayment schedule is also furnished. Reading this table you can know the exact amount of money that will go towards loan repayment each month and the outstanding loan balance at each point of time during the loan schedule.
Knowing the EMI amount beforehand helps customers plan their finances better. Also, customers can zero down on a bank by inputting the processing charges and rates and checking the EMI difference.
Once you have submitted your loan application along with all the required documents, SBT goes through and verifies all the information furnished by you. Then, depending upon your monthly salary, the bank sanctions your loan amount. Usually, the whole process takes a few days after which the loan amount is credited directly to your SBT account.
You can apply for the State Bank of Travancore personal finance scheme by visiting your nearest bank branch. The application form and other details pertaining to the loan are furnished by the customer representative of the bank.
Processing charges vary with the type of personal loan availed. For regular personal loan a processing fee of 1% of the personal loan amount while the other personal loan schemes charge a processing fee of 0.50%.
The maximum loan amount that can be availed under the SBT personal loan scheme depends upon the monthly salary of the applicant as well as the loan scheme availed.
|Loan Type||Maximum Loan Amount|
|Personal Loan for existing govt./PSU/corporate employees||Up to 10 Lakhs|
|New Prasanthi Loan||Pensioners - Up to Rs.3 lacs
Family pensioners – Up to Rs.1 lacs
|New Prasanthi Elite Loan||Maximum of Rs.7.5 lacs|
|Jai Jawan Personal Loan||Maximum of Rs.3 lacs|
Yes. A loan guarantor is required to sign your personal loan application with State Bank of Travancore.
Moratorium period is the period for which you might not be required to pay any loan repayments. The Moratorium period for SBT Personal Loans is nil.
Depending upon the type of personal loan availed SBT will ask you for security deposit. In some cases a guarantor is all that is required while others may be required to submit a collateral as security.
No. Partial disbursement of personal loans is not an available feature of State Bank of Travancore personal loans.
Yes. SBT will furnish a “No-Due” certificate to you once you have repaid the entire personal loan amount.
Your personal loan will be repaid in a certain number of fixed monthly installments. These installments could be 60 or 36 depending upon the type of personal loan scheme availed. The money can be deposited by you in your SBT personal loan account either via online banking or by visiting a bank branch.
The following eligibility criteria must be met in order to take a personal loan from SBT:
Yes, there is a processing fee applicable, minimum of 1.0% of the sanctioned loan amount plus GST as applicable, depending on the loan product chosen.
The maximum loan tenure is generally 60 months across all personal loan products, but for the Jai Jawan Personal loan the maximum repayment tenure is 84 months. It’s also worth noting that the maximum loan tenure for family pensioners under the New Prasanthi Loan is 36 months.
Yes, a guarantor or security in the form of gold jewellery, specially minted coins, mortgage of property, etc. depending on the type of personal loan required.
Personal loans for existing govt. / PSU / corporate employees: Full Check-off – 13.40%-13.65% p.a.; No check-off – 13.90%-14.15% p.a.
Yes, the last month of the tenure of the loan must end before the applicant reaches an age that is 3 years before the age of retirement.
Before applying for an SBT personal loan, one must furnish the following documents:
Paying off credit card bills on or before due date, prudent financial planning to meet and clear EMI payments as and when they become due, are ways in which you can raise your credit score, and also your eligibility for the personal loan.
In the event of irregularities in EMI payments, penal interest is charged at 1.0% p.a. in addition to the interest rate that’s already active on the loan. The penal interest will be charged on the overdue amount, and only for the period of default.
Yes, the Electronic Clearing Facility can be opted for and activated for loan repayments.
*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of February, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.
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