State Bank of Mysore Bike Loan | Interest Rates | Documents | Information

State Bank of Mysore (SBM) offers loan scheme for purchase of Two wheelers, Cameras, Computer, Books, Mobile phones etc. for permanent employees of leading Newspapers.

Salient features of the scheme:
Eligibility:

1. a) Permanent employees of Leading Newspapers
2. b) Minimum net salary Rs. 5000/- per month

Loan Amount:

1. a) 12 times of Net monthly income.
2. b) Minimum Rs. 10000/-. Maximum Rs. 1,00,000/-

Margin: 10%

Rate of Interest:

Type of Loan: Term loan repayable in 36 – 60 months

Security:
Hypothecation of the articles / Vehicles purchased

Guarantee:

• No guarantee needed if check-off facility is available
• Acceptable third party guarantee if check-off facility is not available

Insurance:
10% above the market value of articles

Processing Charges:
0.50% with a maximum of Rs. 500/-

Disbursal:

Direct to the dealer

Documents/ Necessary papers to be given by the applicants:

1. Application form
2. Credit Declaration form
3. Salary Certificate
4. Income Tax returns copy
5. Statement of Bank account for the last 6 months
6. Undertaking from the employer to deduct instalments
7. 3 photographs of applicant / guarantor 8. Undertaking that articles are allowed to be inspected any time by the Bank officials