Source: The Sangai Express
Imphal, September 25:
State Bank of India (SBI) has come out with a scheme exclusively designed to bail out the victims of flood in the North Eastern Region from their woes.
The new scheme is called 'Xpress House Renovation Loan' and it aims to ameliorate problems of those people who have suffered devastation floods in the region.
The highlight of the scheme is that it consists of simple formalities, most convenient terms, quick reversal, and low rate of interest and requires a declaration of damage from the applicant, PR co-ordinator CABSFORD said in a statement.
The loan may be availed for renovation, repairs including rewiring, purchase and installation of new electrical fittings, fans, electrical appliances, gadgets, etc and cost of purchase of furniture as well as expenditure for repairing and damaged houses, the statement said.
Permanent employees of Central and State Governments, PSUs, reputed private sector undertakings, universities, Govt and private schools and colleges (teachers/staffs) with minimum monthly income of Rs 2,500 are also eligible for availing the loan facilities, the statement added.
While the minimum and maximum loan amounts for Government employees are Rs 50,000 and Rs 3 lakhs, respectively, the same for professionals and self employed individuals would be Rs 25,000 and Rs 50,000 respectively, it said.
The interest would be charged at 8 percent on floating rate basis and 0.25 percent of the loan would be deducted as processing charge.
While no security is required for the loan, salaried class borrowers would have to provide check-off facility and others a third party guarantee.
Normally the loan would have to be repaid in 120 equal monthly installments, it added.