SBI Loan against Shares – On Tap, Online
The Indian stock market is on a roll
and the investors through ‘Loans against Shares’, facility can invest more in
the share markets.
To reduce the processing time in availing
the Loans against Shares and to increase the asset base, State Bank of India is
offering the ‘Loans against Shares’, through its Online
Portal.
The process is simple and the navigation
screens are easy to navigate.
The highlights of this scheme is as
under:
Maximum
Loan : INR 20 lacs
Loan
Purpose: a) meet contingencies, b) personal needs c) subscribing to rights d) new issue of shares.
Remember
Loan will not be sanctioned for (i) speculative purposes {ii) inter-corporate
investments or (iii) acquiring controlling interest in company / companies
Eligibility:
This facility is available to existing individual customers enjoying a past
satisfactory relationship with SBI and maintaining their DEMAT Account with SBI
Cap Sec.
It
is offered as an Overdraft or Demand Loan.
Loan
can only be availed in single name.
Repayment
Schedule: To be liquidated in maximum period of 30 months through a suitable
reducing DP programme.
Margin:
- Margin amount of 50% of the prevailing market prices of the shares being
offered as security.
Security:
Pledge of the demat shares against which overdraft is granted.
Fees:
Processing Fees - Nil
Interest
Rates:- 650 bps above Base Rate i.e., 16.50% p.a. currently
Simple
guidelines to fill on the Application form::
01)
Ensure
that you should have SB/CA Account with
SBI which is atleast six months old.
02)
Ensure
that your account is KYC compliant.
03)
Please
note that standard charges for Non-Home Transactions will be applicable as per
Bank's extant instructions.
04)
Please
note to key in the same address as updated in your Bank Account. In case the
there is a change in the address, kindly update the same at your Branch before
proceeding with the form.
05)
Give
only an active mail id.
06)
One
the application form is filled, download it, sign, scan along with Pledge
Request Form (PRF) and mail to sbi.18225@sbi.co.in
07)
The
hard copy of the signed Application Form, Pledge Request Form along with Income
Proof as mentioned in Application Form to be couriered to the below mentioned
address-- State
Bank of India,Shivsagar Estate Branch,Devchand Building,Dr. Annie Besant Road,Worli,Mumbai
400018.Branch Code 18225.
08)
Please
ensure to put in the date on the Pledge Request Form before submitting the
same.
09)
The
customer to ensure that the quantity of shares mentioned in the PRF is
available in his / her Demat Account. If there is any discrepancy the
application will be rejected.
10)
Stamp
Duty at the rate of 0.2% of the Loan Amount + Rs 100 will be recovered from the
customer at the time of Loan Disbursement.
So
go ahead now, and enjoy the Power of Digital Banking
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