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Our Bank declares and undertakes:
» To
provide professional, efficient, courteous, diligent and
speedy services in the matter of retail lending.
» Not to discriminate on the basis
of religion, caste, sex, descent or any of them.
» To be fair and honest in advertisement
and marketing of loan products.
» To provide customers with accurate
and timely disclosure of terms, costs, rights and liabilities
as regards loan transactions.
» If sought, to provide such assistance
or advise to customers applying for loans.
» To attempt in good faith to resolve
any disputes or differences with customers by setting up
complaint redressal cells within the organizations.
» To comply with all the regulatory
requirements in good faith.
» To spread general awareness about
potential risks in contracting loans and encourage customers
to take independent financial advice and not act only on
representation from banks.
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2.1. Product Information:
a) A prospective customer would be given all the necessary information adequately
explaining the range of loan products available with our Bank to suit his
needs.
b) On exercise of choice, the customer would be given the relevant information
about the loan product of his choice.
c) The customer would be explained the processes involved till sanction and
disbursement of loan and would be notified of timeframe within which all the
processes will be completed ordinarily in our Bank.
d) The customer would be informed of the names and phone numbers of branches
and the persons whom he can contact for the purpose of loan to suit his needs.
e) The customer would be informed the procedure involved in servicing and closure
of the loan taken.
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2.2.1. Interest Rates for different loan
products would be made available through and in any one or
all of the following media, namely:
a) In our Bank’s Website
b) Over phone, if tele-banking services are provided
c) Through prominent display in the branches and at other delivery points
d) Through other media from time to time
2.2.2. Customers would be entitled to receive
periodic updates on the interest rates applicable to their
accounts.
2.2.3. On demand, customers can have full details of method of application
of interest.
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a) Our Bank would notify immediately or
as soon as possible any revision in the existing interest
rates and make them available to the customers in the media
listed in Para 2.2.1.
b) Interest Rate revisions to the existing customers would be notified within
3 working days from the date of change.
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Our Bank would notify clearly about the
default interest/penal interest rates to the prospective
customers.
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a) Our Bank would notify details of all
charges payable by the customers in relation to their loan
account.
b) Our Bank would make available for the benefit of prospective customers all
the details relating to charges generally in respect of retail products in
the media as specified in Para 2.2.1.
c) Any revision in charges would be notified in advance and would also be made
available in the media as listed in Para 2.2.1.
d) Our Bank would clearly specify the charge account for interest and charges,
wherever necessary and get a mandate for debiting the said charge account along
with the documentation.
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a) Our Bank would ordinarily give an acknowledgement
of receipt of loan request and if demanded by the customer,
a copy of the application form duly acknowledged would
also be given, as soon as the customer chooses to buy a
product or service of his choice.
b) Immediately after the decision to sanction the loan, our Bank would show
a draft of the documents that the customer is required to execute and would
explain, if demanded by the customer, the relevant terms and conditions for
sanction and disbursement of loan.
c) Loan Application forms, Draft documents or such other papers to be signed
by a customer would comprehensively contain all the terms and conditions relating
to the product or service of his choice.
d) Reasons for rejection of loan would be conveyed to the
customers.
e) Before disbursement of loan and on immediate execution of the loan documents,
our Bank would deliver a copy of the duly executed documents to the customers.
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a) Our Bank would provide regular statement
of accounts, unless not found necessary by the customers.
b) Our Bank would notify relevant due dates for application of agreed interest,
penal interst, default interest, and charges if they are not mentioned in the
loan applications, documents or correspondence.
c) Our Bank would notify in advance any change in accounting practices that
would affect the customer, before implementation.
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a) All personal information of the customer would be confidential and would
not be disclosed to any third party unless agreed to by the customer. The term ‘third
party’ excludes all Law Enforcement Agencies, Credit Information Bureau,
Reserve Bank of India, other banks and financial institutions.
b) Subject to above para, customer information would be revealed only under
the following circumstances, namely:
» If our Bank is
compelled by law;
» If it is in the public interest
to reveal the information;
» If the interests of our Bank require
disclosure.
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a)
Our Bank would reckon cases of customer’s
financial distress and consider them sympathetically.
b) Customer would be encouraged to inform about their financial distress as
soon as possible.
c) Our Bank has adequately trained the operational staff to give patient hearing
to the customers in financial distress and they would render such help as may
be possible in their view.
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a) Our Bank has a Grievance Redressal
Cell/Department/Centre within the organization.
b) Our Bank would make available all the details, namely:
» Where a
complaint can be made
» How a complaint should be
made
» When to expect a reply
» Whom to approach for redressal
of grievance etc., to the customers individually
on demand and through the media listed in Para 2.2.1.
c) Response to a complaint whether positive or negative or requiring more time
for redressal would be given within a maximum period of four weeks from the
date of complaint, unless the nature of complaint is such that it requires
verification of voluminous facts and figures.
All Charges are subject to change
Loan Processing Charges
a) For Fresh Advances
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Fund Based |
Non Fund Based
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| Upto Rs.25,000/- |
Nil |
Nil
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| Above
Rs.25,000/- to Rs.2.00 lacs |
Rs.300/- |
Rs.150/-
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| Above Rs.2.00 lacs |
Rs.300/- per lac
or part thereof |
Rs.150/- per lac or part thereof
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Subject to a maximum
of Rs.6.00 lacs |
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b) For Renewals
| Upto Rs.25,000/- |
Nil |
Nil
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| Above
Rs.25,000/- to Rs.2.00 lacs |
Rs.150/- |
Rs.100/-
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| Above Rs.2.00 lacs |
Rs.150/- per lac
or part thereof |
Rs.100/- per lac or part thereof
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Subject
to a maximum of Rs.6.00 lacs
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| c) Upfront fee |
Term Loan |
1.25% of term loans over Rs.2.00
lacs
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d) For Prepayment charges
| Preclosure Charges
(For Housing Loan) |
a. No preclosure
penalty if the loan is preclosed from own resources
for which proof is submitted by the borrower
to the satisfaction of the Branch Manager, irrespective
of the period for which the account has run.
b. In other cases where such
proof is not produced,
2% penalty on the amount
prepaid in excess of
normal EMI dues will
be levied in case the
preclosure is within 3 years
from the date of commencement
of repayment. |
| Preclosure Charges
(For Car Loan) |
2% of the amount of the loan
prepaid. |
| Prepayment
Charges (other Term Loans) |
a. 1.25% on prepaid amount for residual period for
term loans above Rs.1.00 crore.
b. Term Loans upto Rs.1.00 crore are exempted
from levy of repayment charges.
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Contact your nearest Branch of
State Bank of Mysore or
Chief Manager
State Bank of Mysore
Commercial & Institutional Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.378
; 22259759
Fax: 91 80 22262361
Email:cmci@sbm.co.in
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