ioboa promotion material on retail schemes
TRANSCRIPT
IOBOA PROMOTION MATERIALON
Retail Schemes
By Jeetendra Kumar Panda
VIDEO CLASS : Click Here
Topics covered
1. Housing Loan Schemes:a) Subhagruha Schemeb) Gen-Next HL Schemec) HL Cash Credit Schemed) Topup Housing loane) Home Improvement Schemef) Preapproved HLg) NRI Housing Loanh) Home Décor Schemei) IOB-Home Advantage schemej) PMAY (GHARONDA)
Retail Schemes2. Education Loan Schemes :a) Vidya Surakshab) Vidya Jyothic) IOB Scholard) Career Dreame) Vidya Shresthf) IBA Model Scheme for Skill Devg) Interest Subsidies for Education loan
3. Pushpak Scheme4. Clean Loan5. LAP6. IOB-Surya7. IOB- Royal
8. IOB- Passion9. Sahayika10. Special Personal Loan to HNI/ VIPs11. IOB-Akshay12. Liquirent13. Reverse Mortgage14. Pensioner Loan15. 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 legalheir as co-obligant. (Max age 70 –power with RLCC )
➢ Maximum repayment period – 30 Years or till prime borrower attains 70years. (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 ofpurchase 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 payRs. 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 addedto arrive at the repayment capacity and to fix quantum of loan. However, thisnorm 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 RiskWeightage
Provision
a. Individual Housing LoansFor all Residential Housing
loans≤ 80% 35% 0.25%
>80% & ≤ 90% 50% 0.25%a. CRE-RH NA 75% 0.75%a. CRE NA 100% 1.00%
Gen-Next HL Scheme & Cash CreditGen-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 tothe EMI when it Starts.
Subha Gruha Cash Credit:
➢ All SB/CD customers, who maintain a minimum balance of Rs.5000/- withregular transactions in the account OR who maintains salary account withus 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 – 6more years.
Pre-approved Housing Loan :
➢Preapproved loan arrangement letter validity – 3 months
➢Minimum loan amount – 10 lakhs
NRI Housing LoanNRI Housing Loan:
Minimum Salary : Min 10000 Indian Rupees equivalent per month
➢Quantum : No Max limit
➢Repayment : Maximum 180 months for purchase andconstruction. Maximum 60 months for repair and renovation.
➢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 2 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 canextend – 48 m)
➢Security-
a) Loans upto 2 lakhs- Hypothecation of Assets, Suitable Third partyGuarantee, No lien letter from other bank if house is financed by anyother bank.
b) Loans above 2 lakhs- Hypothecation of assets, Mortgage of anyhouse property of loan value, No lien letter from other bank ifapplicable.
IOB Home Advantage Scheme ➢ Eligibility : Resident Indian, NRI and PIOs.
➢Purpose: For purchase or construction of housewhere the applicant is already having 2 housingloans. Maximum 3 loans under CRE housing loanscan be given to a single borrower. So total 5 housingloan an be availed by a borrower.
➢Margin- 25% (New- FMV or Sale deed, Old – FSV orsale 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 rateof interest would be charged on the availed amount.
The future rental income can be taken for calculationof the take home pay norms based on rental incomeof similar properties in the location.
Pushpaka Loan➢ Eligibility : Resident Indians/ NRIs
➢ Purpose: Old and New Car, New Bike (Old vehicle should notbe 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 tobe obtained. Borrower has to be present during the loan, nopower 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 perlead.
2) From 11th onwards in the same quarter- 1% of the sanctioned limit withoutany ceiling.
3) Rs. 2000 to dealers sales executive per loan irrespective of number ofleads.
4) Additional payout of 0.50% under SRM/CRM discretion. However uppercap of 75000 for first 10 leads.
Pushpak Loan to BC/BF:
➢Eligibility: BC/BF who have been engaged continuously for 1 year anddrawing an average remuneration of above Rs. 5000/- for 6 months will beconsidered for vehicle loan.
➢Purpose To purchase a new two wheeler to do BC/BF activities. MonthlyRemuneration is > Rs. 5000/- upto Rs. 6000/-: Moped, Above Rs 6000/- theMotor 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 underCGFSEL for Vidya Suraksha, however For Vidya Jyothi suitabletangible collateral required.
• Parent/guardian can be joint borrower.
• Guarantee cover under CGFSEL is 75%.
• Annual Guarantee Fees of 0.50% on outstanding will be borneby 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 jobwhichever is earlier.
• Holiday period can be extended 3 spells of 6 months each if thestudent 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 15days.
• Caution fees, building fund, refundable deposit is capped at 10% oftution 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 tocomplete 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 and0.50% 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 1guarantee.
• 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 jobwhichever 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 coveredunder 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
Technical Courses
MPhil or Phd Courses MPhil or Phd Courses
Family Income upto 4.50 lakhs Upto 6 lakhs/annum OBC- 800000/annum
EBC- 8.00 Lakh
250000/annum
Loan amount eligible 10 lakhs ( Before)
7.50 lakhs (after
01.04.18)
20 lakhs 20 lakhs
Periodicity of claim Yearly Quarterly Quarterly
Management Quota not eligible
PMAY (Prime Minister’s Awaas Yojana)
➢ The beneficiary family should not own a pucca house (allweather dwelling unit) in his/her name in any part of India.
➢ Houses should be in the name of the female head of thehousehold or in the joint name of the male head of thehousehold and his wife, and only in cases when there is noadult female member in the family, the house can be in thename of the male member of the household.
➢ The borrower has not availed any other benefit from othergovt. scheme.
➢ The area should be under the statuary town (4041 towns) asper census 2011
➢ Beneficiary: A beneficiary family will comprise husband, wife,unmarried sons and/or unmarried daughters. An adultearning member (irrespective of marital status) can betreated as separate household.
PMAY (Prime Minister’s Awaas Yojana)
EWS LIG MIG1 MIG2Annual House holeincome per Annum
Upto Rs.3 lakhs
>3 lakhs to6 lakhs
> 6 lakhs to 12lakhs
>12 lakhs to18 lakhs
Interest Subsidy 6.5% 6.5% 4.00% 3.00%Maximum Tenureconsidered forinterest Subsidy
20 Years 20 Years 20 Years 20 Years
Eligible loan forinterest subsidy
Rs. 6.00lakhs
Rs. 6.00lakhs
Rs. 9.00 lakhs Rs. 12.00lakhs
Dwelling unit CarpetArea
30 sq.meter
60 sq.meter
160 sq. meter 200 sq.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 LoansClean 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 beclosed 3 months before retirement.
Clean loan to LIC agent:
➢ Minimum Experience – 5 year and average of last 3 yearcommissions 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 loaneligibility. In addition to spouse income, income of son anddaughter can be included provided they are co-owner ofthe property.
➢ Let out residential properties also can be considered if themaximum lease period 3 years.
➢ Self occupied Commercial property also can be considered.
➢ Loan of 25 lakh and above, property situated in Rural areasanction 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
➢ Security: Up to 1 lakh – only hypothecation
Above 1 lakh – 100% Collateral Security, No Third Party
Guarantee
➢ Repayment – Max 5 Years
Type Priority status Quantum MarginMin Max
A- Individuals Priority 30000 10 lakh 15%
B- Institutions Non Priority 1 lakh 10 lakhs 20%
IOB- ROYAL & AKSHAYIOB-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 underSahayika, For Immovable properties, loan to be consideredunder 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 eligibilitycalculation
➢ Quantum – Max 25 lakhs
➢ Margin – 10%
➢ Repayment – 12 to 72 EMI
➢ Security: loans up to 15 lakhs – Only hypothecation of articlepurchased
➢ 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 asmonthly annuity with maximum cap of 50000. Remaining 55%apportioned towards interest accumulated during loanperiod.
Pension LOAN
➢ Eligibility: All Pension holder excluding Malaysian govt pensioners
Category Particulars Below 70 years 70 years and above
AWhose PPO remains
with bank
15 times or 5 lakh
whichever less
15 times or 3 lakh
whichever less
BWhose PPO remains
with Treasury
10 times or 5 lakh
whichever less
10 times or 3 lakh
whichever less
CFamily Pensioners 10 times or 3 lakh
whichever less
10 times or 2 lakh
whichever less
Repayment 60 EMIs 36 EMIs
Surety Surety from Spouse/
legal heirs including
Third party
Surety from Spouse/
legal heirs
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
➢ Repayment: Term loan- 48 EMIs, CC- 12 months’ subject to renewal everyyear
➢ 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
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
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
