The document provides an overview of various retail loan schemes offered by IOBOA including housing loans, education loans, vehicle loans, and home improvement loans. Key details covered include eligibility criteria, loan amounts, repayment periods, interest rates, and collateral requirements. Housing loan schemes focus on loans for purchase, construction, and improvement of homes. Education loan schemes include Vidya Suraksha and Vidya Jyothi for funding studies in India and abroad.
The document provides an overview of various retail loan schemes offered by IOBOA including housing loans, education loans, vehicle loans, and home improvement loans. Key details covered include eligibility criteria, loan amounts, repayment periods, interest rates, and collateral requirements. Housing loan schemes focus on loans for purchase, construction, and improvement of homes. Education loan schemes include Vidya Suraksha and Vidya Jyothi for funding studies in India and abroad.
The document provides an overview of various retail loan schemes offered by IOBOA including housing loans, education loans, vehicle loans, and home improvement loans. Key details covered include eligibility criteria, loan amounts, repayment periods, interest rates, and collateral requirements. Housing loan schemes focus on loans for purchase, construction, and improvement of homes. Education loan schemes include Vidya Suraksha and Vidya Jyothi for funding studies in India and abroad.
Topics covered Retail Schemes 1. Housing Loan Schemes: 2. Education Loan Schemes : a) Subhagruha Scheme a) Vidya Suraksha b) Gen-Next HL Scheme b) Vidya Jyothi c) HL Cash Credit Scheme c) IOB Scholar d) Topup Housing loan d) Career Dream e) Home Improvement Scheme e) Vidya Shresth f) Preapproved HL f) IBA Model Scheme for Skill Dev g) NRI Housing Loan g) Interest Subsidies for Education loan h) Home Décor Scheme 8. IOB- Passion i) IOB-Home Advantage scheme 9. Sahayika j) PMAY (GHARONDA) 10. Special Personal Loan to HNI/ VIPs 3. Pushpak Scheme 11. IOB-Akshay 4. Clean Loan 12. Liquirent 5. LAP 13. Reverse Mortgage 6. IOB-Surya 14. Pensioner Loan 7. IOB- Royal 15. ETF Subhagruha Scheme ➢ Maximum number of housing loans per individual – 2 loans ➢ Maximum age to avail- 60 Years, if age exceeds 55 then spouse or legal heir as co-obligant. (Max age 70 –power with RLCC ) ➢ Maximum repayment period – 30 Years or till prime borrower attains 70 years. (max up to 80 yrs by RLCC) ➢ Holiday Period : 18 months – for construction, 3 months- Purchase. ➢ For purchase of Old House/flat max age – 25 years ➢ For purchase of plot- 30% of eligible loan amount ➢ Construction of house should be done within 2 years from the date of purchase of plot. ➢ Take home pay norm of 50% is seen in housing loans, however below 50% also can be considered if the following norms are compiled: Income/Gross Salary Net take home pay Rs. 75000/- to Rs. 99999/- 40% Rs. 1.00 lakh to Rs. 499999/- 30% Rs. 5.00 lakh and above 15% Subhagruha Scheme ➢ In case of husband and wife, if both are employed, 40% norms should be seen only in case of the prime borrower and net income of the spouse shall be added to arrive at the repayment capacity and to fix quantum of loan. However, this norm cannot be applied for any other relations. ➢ LTV norms for housing loan : up to 30 lakhs – 90% > 30 lakhs to 75 lakhs – 80% > 75 lakhs – 75% ➢ LTV Ratio, Risk weightage and Provision: Category of housing Loans LTV Risk Provision Weightage a. Individual Housing Loans For all Residential Housing ≤ 80% 35% 0.25% loans >80% & ≤ 90% 50% 0.25% a. CRE-RH NA 75% 0.75% a. CRE NA 100% 1.00% Gen-Next HL Scheme & Cash Credit Gen-Next Housing Loan scheme: ➢ 3 Conditions 3 Benefits Conditions: 1.Age - 21-45 2.Monthly Net income/ Salary – Rs. 30000/- 3.All salaried employees of Private Sector Companies/ MNCs/ Government undertakings/PSUs & the Government employees Benefits: 1. 20% higher than the normal HL eligibility (Subject to LTV norms) 2. 36 months’ holiday period 3. Option to serve or defer the Holiday period Interest to add to the EMI when it Starts. Subha Gruha Cash Credit: ➢ All SB/CD customers, who maintain a minimum balance of Rs.5000/- with regular transactions in the account OR who maintains salary account with us are eligible to avail Housing loans with us as Cash Credit Top-Up Housing Loan scheme ➢Only existing Home Loan borrowers are eligible. ➢A borrower is entitled for top up loan only after minimum satisfactory repayment of 24 months after completion of the moratorium period. ➢Loan amount – Rs 0.50 Lacs to Rs 200.00 Lacs ➢Permissible loan amount calculated at 75% of present FSV less the outstanding in the Housing Loan. Fresh valuation will be obtained. ➢Repayment period to be in line with and up to the underlying Home Loan account. ➢Up to two Loans shall be allowed to exist together. ➢No prepayment / pre-closure penalty. ➢Staff members are also eligible under the scheme provided they have not availed DPN loan. Home Improvement & Pre-approved HL Home Improvement : ➢ Eligibility : Salary class – Confirmed in service Business & Professionals – Minimum 3 years in business ➢Quantum : Min 25000 and max 15 lakhs ➢Margin – 50% of the market value of the property ➢Repayment : 144 months (HP-3 months) RLCC can extend – 6 more years.
Pre-approved Housing Loan :
➢Preapproved loan arrangement letter validity – 3 months ➢Minimum loan amount – 10 lakhs NRI Housing Loan NRI Housing Loan: Minimum Salary : Min 10000 Indian Rupees equivalent per month ➢Quantum : No Max limit ➢Repayment : Maximum 180 months. ➢Holiday Period : Purchase- 6 months, Construction – 12 months, Repair & renovation – 3 months ➢Rental income also to be credited to loan account. Home Decor ➢ Salary class- confirmed employee, Business class- min 3 year ➢ Age of the borrower – should not exceed 55 years ➢ Quantum – 5 times gross monthly income – max 20 lakhs (If 3 party guarantee offered. 10 times – 10 lakhs (If collateral is offered) ➢ Margin- 25% of cost of the furnishing to be kept as Term deposit ➢ Repayment – 72 EMI subject to max borrowers age 60 years. (RLCC can extend – 48 m) ➢ Security- a) Loans upto 2 lakhs- Hypothecation of Assets, Suitable Third party Guarantee, No lien letter from other bank if house is financed by any other bank. b) Loans above 2 lakhs- Hypothecation of assets, Mortgage of any house property of loan value, No lien letter from other bank if applicable. IOB Home Advantage Scheme ➢ Eligibility : Resident Indian, NRI and PIOs. ➢ Purpose: For purchase or construction of house where the applicant is already having 2 housing loans. Maximum 3 loans under CRE housing loans can be given to a single borrower. So total 5 housing loan an be availed by a borrower. ➢ Margin- 25% (New- FMV or Sale deed, Old – FSV or sale deed → lower) ➢ Collateral Security – • If borrower is ready to provide margin to the extent of 35% or more then no collateral. • If margin is 25% or more but less than 35% then 20% collateral IOB Home Advantage Scheme ➢ Repayment Period: Maximum 360 months including holiday period. ➢ Holiday Period : New purchase/Construction : 18 Months Purchase of Old House/old flat : 3 Months Other : If construction is not completed within 2 year CRE rate of interest would be charged on the availed amount. The future rental income can be taken for calculation of the take home pay norms based on rental income of similar properties in the location. Pushpaka Loan ➢ Eligibility : Resident Indians/ NRIs ➢ Purpose: Old and New Car, New Bike (Old vehicle should not be more than 5 years old) ➢ Margin : New car/bike – 10% and Old Car- 25% ➢ Repayment: Bike - 6 years New Car- 7 years Old car – Max 84 months less age of the vehicle Age of vehicle should not go beyond 8 years at the time of closure of loan. ➢Loans to NRI, a suitable guarantee from Resident Indian has to be obtained. Borrower has to be present during the loan, no power of attorney. Pushpaka Loan ➢ Dealer’s payout has been extended upto 30.09.2021. 1) Upto 10 leads per quarter – 1% of the sanctioned limit with max 75000 per lead. 2) From 11th onwards in the same quarter- 1% of the sanctioned limit without any ceiling. 3) Rs. 2000 to dealers sales executive per loan irrespective of number of leads. 4) Additional payout of 0.50% under SRM/CRM discretion. However upper cap of 75000 for first 10 leads. Pushpak Loan to BC/BF: ➢ Eligibility: BC/BF who have been engaged continuously for 1 year and drawing an average remuneration of above Rs. 5000/- for 6 months will be considered for vehicle loan. ➢ Purpose To purchase a new two wheeler to do BC/BF activities. Monthly Remuneration is > Rs. 5000/- upto Rs. 6000/-: Moped, Above Rs 6000/- the Motor bike. ➢ Quantum - Rs. 40000/- or 90% of the cost of the vehicle whichever is less ➢ Margin- 10 % Vidya Suraksha & Vidya Jyothi • Loans up to 7.50 lakhs considered under Vidya Suraksha and above 7.50 lakhs considered under Vidya Jyothi. • Selection through CET, or General Category Mark - 60%, SC/ST – 55% (RLCC can relax 5% mark) • No Collateral, No Guarantee, Loan to be covered under CGFSEL for Vidya Suraksha, however For Vidya Jyothi suitable tangible collateral required. • Parent/guardian can be joint borrower. • Guarantee cover under CGFSEL is 75%. • Annual Guarantee Fees of 0.50% on outstanding will be borne by bank. • Margin up to 4 lakhs NIL & above 4 lakhs: study within India – 5% and Abroad – 15% • Maximum Quantum: For Study in India- Rs. 30 lakhs For Study in Abroad – Rs. 40 lakhs Vidya Suraksha & Vidya Jyothi • Repayment period- 15 years after holiday period • Holiday period is Course period + 1 year or 6 months after job whichever is earlier. • Holiday period can be extended 3 spells of 6 months each if the student us underemployed/unemployed/ not employed. • 1% interest concession if holiday period interest is serviced. • 0.50% interest concession to girl students including ward of staff. • Simple interest is charged during the holiday period. • Application to be routed through Vidya Laxmi portal and TAT is 15 days. • Caution fees, building fund, refundable deposit is capped at 10% of tution fees. • Books, computer, Project work study tour expenses is capped at 20% of tution of fees. • Maximum 2 yrs extension time given for students not able to complete the course on time. IOB- Scholar • Where selection on not by any entrance test and it is by management quota. Min Mark General – 60% & SC/ST- 55% • Max Quantum – Inland study- Rs. 50 lakhs Abroad – Rs. 60 lakhs • Margin – 25% • Repayment – same as Vidyasuraksha (No subsidy under CSIS) • 1% interest concession for holiday period interest serving and 0.50% interest concession for girl student. • Collateral – For In- land study for Abroad Study up to 30 lakhs - 100% up to 40 lakhs - 100% Above 30 lakhs - 125% Above 40 lakhs - 125% Repayment- same as vidyajyothi IOB- Career Dream • To prepare for professional courses entrance exam in reputed institutions (Existence for at least 2 years). • Loan can be given in the name of Father/ Mother/ Spouse/ Major Student • Quantum- Min- 25000 Max – 200000 • Margin – 5% of tuition fees 10% of movable property 25% for immovable property • Repayment – 36 months, NIL Holiday period • Security- If salary routed with us, no collateral only 1 guarantee. • If not routed 100% by LIC/KVP/DEP or collateral security. Vidya Shrest • For Higher Education in Top B Schools • No qualifying mark required • Quantum & Security: • List A - up to 15 lakhs – only co-borrowership > 15 L up to 30L– co-borrowership + 100% collateral • List B - up to 7.5 lakhs – only co-borrowership >7.5 & up to 30 lakhs – co-borrowership + 100% collateral • Repayment – Max 180 months • Holiday Period – Course period + 1 yr or 6 months after job whichever is earlier. • TAT – 5 days • Eligible for both CGFSEL & CSIS IBA Model scheme for Vocational Education and Training • Course should be affiliated to NSDC, State skill commission or other skill development course. • Age- No Age restriction • Quantum – Min -Rs. 5000 and Max – 150000 • Margin – Nil • Repayment – up to 50000- up to 3 years (Excluding Holiday period) >50000 to 100000 – up to 5 years Above 100000 – up to 7 years • Holiday Period – For course duration up to 1 year – 6 months For course duration above 1 year – 1 year • Processing Charge – NIL • Security – No collateral or Guarantee, loan should be covered under NCGTC. • Loan should be processed through Vidyalakshmi portal Interest Subsidy available for Education loan in India CSIS PADHO PRADESH ACSIS Eligibility Studying in India Overseas Studies Overseas Study
All EWS students Minority community OBC/EBC
For Professional or MPhil or Phd Courses MPhil or Phd Courses
Technical Courses
Family Income upto 4.50 lakhs Upto 6 lakhs/annum OBC- 800000/annum
PMAY (Prime Minister’s Awaas Yojana) ➢ The beneficiary family should not own a pucca house (all weather dwelling unit) in his/her name in any part of India. ➢ Houses should be in the name of the female head of the household or in the joint name of the male head of the household and his wife, and only in cases when there is no adult female member in the family, the house can be in the name of the male member of the household. ➢ The borrower has not availed any other benefit from other govt. scheme. ➢ The area should be under the statuary town (4041 towns) as per census 2011 ➢ Beneficiary: A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as separate household. PMAY (Prime Minister’s Awaas Yojana)
EWS LIG MIG1 MIG2
Annual House hole Upto Rs. >3 lakhs to > 6 lakhs to 12 >12 lakhs to income per Annum 3 lakhs 6 lakhs lakhs 18 lakhs
Interest Subsidy 6.5% 6.5% 4.00% 3.00%
Maximum Tenure 20 Years 20 Years 20 Years 20 Years considered for interest Subsidy Eligible loan for Rs. 6.00 Rs. 6.00 Rs. 9.00 lakhs Rs. 12.00 interest subsidy lakhs lakhs lakhs Dwelling unit Carpet 30 sq. 60 sq. 160 sq. meter 200 sq. Area meter meter meter Clean Loan
➢ Special Category Borrower Introduced for extending Roll over facility :
➢ All Salaried confirmed employee of Central Government, State Government, Quasi Government and Public Sector Enterprises. ➢ Roll Over facility once 30% of existing loan is is paid. ➢ At any point borrower should not have 2 clean loans. Clean Loans Clean Loan Cash Credit: ➢ Age – Min 25 and Max 55 ➢ Minimum Gross monthly Salary– Rs. 50000 and above ➢ Minimum Service Period – 5 years completed ➢ CIBIL score – 700 & above ➢ Max limit – 5 times gross salary or 5 lacs ➢ CC to be renewed once in a three year. ➢ Limit expiry date should not be later than borrowers age of 55. ➢ CC limit can be converted to demand loan but loan should be closed 3 months before retirement. Clean loan to LIC agent: ➢ Minimum Experience – 5 year and average of last 3 year commissions minimum 84000/annum ➢ Age – Not exceeding 55 ➢ Max Quantum- 10 times average commission per month or 10 lakhs ➢ Repayment – 60 EMI LAP (Loan Against Property) ➢ Eligibility: HNI with age group 20 to 60 (Max age to repay is 70) Minimum 2 years in service Minimum monthly gross salary – Rs. 30000/- Min net income of Rs. 1.50 lakh per annum for professionals NRIs are not eligible CIBIL score minimum 600 ➢ Quantum – Maximum Rs. 3 crore ➢ Margin – 50% on immovable property ➢ Repayment – Up to Rs. 50 lakhs 12 to 84 months Above Rs. 50 lakhs 120 months/ 70 years’ max age Holiday Period – Nil LAP (Loan Against Property) ➢ Income of spouse can be included to arrive the loan eligibility. In addition to spouse income, income of son and daughter can be included provided they are co-owner of the property. ➢ Let out residential properties also can be considered if the maximum lease period 3 years. ➢ Self occupied Commercial property also can be considered. ➢ Loan of 25 lakh and above, property situated in Rural area sanction to be one level higher. Staffs are also eligible for LAP – ➢ Max quantum – Rs. 25 lakhs ➢ Take home pay – 40% norm ➢ Repayment- Max 84months or retirement whichever is earlier. IOB- SURYA ➢ Purpose- To purchase solar energy equipment’s Type Priority status Quantum Margin Min Max A- Individuals Priority 30000 10 lakh 15% B- Institutions Non Priority 1 lakh 10 lakhs 20%
➢ Security: Up to 1 lakh – only hypothecation
Above 1 lakh – 100% Collateral Security, No Third Party Guarantee ➢ Repayment – Max 5 Years IOB- ROYAL & AKSHAY IOB-ROYAL: ➢ Eligibility: Age- 25 – 60 yr. Min 2 year completed in same organization Min Salary – Rs. 75000 per month ➢ Quantum – Max 15 lakhs subject to 50% norm ➢ Security- No security or guarantee ➢ Repayment – 12 to 84 months IOB AKSHAY: ➢ Eligibility: Only Individuals not corporates ➢ Loan type – DL, CC, TOD (TOD to be adjusted once in 45 days) ➢ Margin – 10% of surrender value (5% for staff) ➢ Repayment – 48 months’ max ➢ Security – Insurance policies approved by IRDA IOB- PASSION ➢ Purpose: To purchase instrument of passion ➢ Category A- For proven skill in a field – Age 10 – 25 ➢ Category B – For Hobby – Age 25 to 50 ➢ Quantum – 90% of cost maximum 3 lakhs ➢ Repayment – Max 60 EMI ➢ Interest rate concession 1% if 100% collateral provided SAHAYIKA ➢ Eligibility- Employee/professionals having regular income ➢ Purpose – Any social, personal financial commitments ➢ Quantum – Max 10 lakhs subject to 40% norm ➢ Margin – NSC/KVP/IVP/ULIP- 25% LIC Policy – 10% In the name of third party also allowed. ➢ Repayment – Maximum 60 EMI ➢ Note – Only Movable Collaterals should be taken under Sahayika, For Immovable properties, loan to be considered under LAP scheme. SPECIAL PERSONAL LOAN TO HNI/VIPS ➢ Eligibility: Age- Min 25 Max 60 Min service 2 years and confirmed Spouse income also can be taken for eligibility calculation ➢ Quantum – Max 25 lakhs ➢ Margin – 10% ➢ Repayment – 12 to 72 EMI ➢ Security: loans up to 15 lakhs – Only hypothecation of article purchased ➢ Loans above 15 lakhs- One third party guarantee or collateral REVERSE MORTGAGE LOAN ➢ Eligibility: Applicant should be senior citizen Residual value of property at least 20 years ➢ Quantum – Minimum - 5 lakhs Maximum – No Ceilings ➢ Margin – 75% of FMV of property ➢ Tenure – Maximum 15 Years ➢ Disbursement – 45% eligible loan amount is dispersed as monthly annuity with maximum cap of 50000. Remaining 55% apportioned towards interest accumulated during loan period. Pension LOAN ➢ Eligibility: All Pension holder excluding Malaysian govt pensioners Category Particulars Below 70 years 70 years and above Whose PPO remains 15 times or 5 lakh 15 times or 3 lakh A with bank whichever less whichever less Whose PPO remains 10 times or 5 lakh 10 times or 3 lakh B with Treasury whichever less whichever less Family Pensioners 10 times or 3 lakh 10 times or 2 lakh C whichever less whichever less Repayment 60 EMIs 36 EMIs Surety Surety from Spouse/ Surety from Spouse/ legal heirs including legal heirs Third party
No maximum age limit for considering loan
Easy Trade Finance ➢ Eligible: CC or TL to traders ➢ Quantum: Minimum – 1 lakh Maximum as per below table Type Metro & Urban Semi Urban Rural Fund Based 300 lakhs 150 lakhs 30 lakhs Non fund based 150 lakhs 50 lakhs 10 lakhs RM is having power up to Rs. 3.00 crore irrespective of location
➢ Repayment: Term loan- 48 EMIs, CC- 12 months’ subject to renewal every
year ➢ Margin: TDR- 10%, LIC Policy- 10% on surrender value, KVP/IVP – 20% Immovable Property: Metro & Urban -30% of FSV Semi Urban – 40% of FSV Rural – 50% of FSV LIQUIRENT SCHEME ➢ Eligibility: Future rent receivables, firm lease agreement ➢ Quantum: max 120 months’ rent ➢ Repayment: Max 120 months unexpired lease period ➢ Margin – 30% ➢ Security – Up to 2 lakhs – Future rent receivables Above 2 lakhs – 100% Collateral ➢ Calculation of Loan amount: Net Rental = Rent for unexpired period (Max 120m) Minus TDS applicable Minus Rental Advance amount received ➢ Eligible loan amount = Net Rental – 30% margin Thank you Suggestions & Queries : ioboaacademy@gmail.com