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arrow Happy Home- Consumer Durable Loan Scheme
  Home > Advances > Personal Banking > Happy Home Loan

Purpose
State Bank of Mysore is now at your doorsteps to provide you all good things in life you have been craving for. You richly deserved them but couldn’t buy them perhaps for want of ready cash. Here is where State Bank of Mysore steps in to solve your problems and make your home a ‘Happy Home’. Colour TV Sets, VCRs, Refrigerators, Cars, Scooters, Mopeds, Washing Machines, Mixers / Grinders, Coolers, Air conditioners, Furniture and what have you? All these goodies brought to you within your reach under State Bank of Mysore’s Happy Homes Scheme.
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Calculators
Highlights of the Scheme
 
Tailor-made for employees of Govt / Public Sector undertakings, Corporations, Private Sector Companies, Police, Defence forces and reputed establishments with a minimum of 5 years service. Professionals, Self-employed with a minimum of 5 years standing.
Net monthly salary / income should be Rs.2000/-
75% of the cost of the articles.Maximum loan of Rs. 1.00 lac or eight times the net monthly income / salary of the borrower whichever is lower.
Interest Rates (wef 28.06.08)
With check off facility ----- 15.25%

Without check off facility.
1 to 3 years --------------- 16.25%
3 to 7 years --------------- 16.75%
Repayable in 36 to 60 months.
Minimum loan amount Rs. 10000/-. Demand Loans upto Rs.25000/- payable in 36 months. Demand Loans above Rs. 25000/- repayable in 36 months Term loans repayable in more than 36 months and upto 60 months.

Simple security needed.

  • Hypothecation of assets created (articles bought)
  • Third party guarantee acceptable to the bank if check off facility is not available.

Insurance Cover

  • Vehicles bought to be insured for full value.
  • For articles above Rs.10000/- insurance will be for market value or atleast 110% of the loan amount whichever is higher.
A small one-time service fee of 1% of the loan amount.
   
  Specially for the Salaried class for purchase of two-wheelers
 
Minimum net salary of Rs.2000/- per month with availability of check off system.
Loan sanctioned upto 90% of the cost of vehicle or 12 times the net monthly income whichever is less. Gross deduction including loan instalment should not exceed 33% of the gross salary.Maximum - Rs. 4.00 lacs or 80% of the cost of vehicle +1%.
Second hand cars - 60% of market value; not older than 5 years; Maximum loan - Rs. 2 lacs.
Repayable in 36 months, may be extended upto 60 months
Interest Rates (wef 28.06.08)

Tie-up with Bajaj, TVS, Hero Honda ------ 13.75%
Tie-up with other brands ----------------- 14.75%

Security offered should be:

  • Hypothecation of vehicle
  • Registration of hypothecation charge with Regional Transport Authority.
  • Third party guarantee

Vehicle should be insured for full value.
One-time service fee of 1% of loan amount.

  * Schemes and Interest Rates are subject to changes from time    to time.

Contact your nearest Branch of State Bank of Mysore or

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in

 

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