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Get to Know About SBI Credit Khazana Scheme

The ‘SBI CREDIT KHAZANA’ Scheme provides Housing Loan customers special concessions in their rate of interest and margins when they subsequently prefer any of the other loans like Tractor loan, Personal loan, Education loan or Car loan.

Any SBI housing loan customer can avail this credit Khazana scheme, provided they should have serviced their housing loan regularly for minimum period of one year and where Equitable Mortgage has been generated. They will be given a concession in the rate of interest (0.25%) once they prefer to go for any of the above mentioned loan. They can also expect concession in the Margin which may be 10% in case of Car loan, 5% in case of Tractor loan. However, under the SCOOM Scheme, they have maintained the margin at 5%. The required security will be taken as per the individual scheme along with the extension of Equitable Mortgage which was taken for the housing loan to cover this new loan(s).

Such schemes by State bank of India are availed together with a free accident insurance cover (which comes only for death) only in case of Car loan. The loan should be repaid within the maximum limit of 30 years or up to the age of 70 years of the applicant (this is the maximum age within which the loan should be fully repaid) whichever comes earlier. The Moratorium period or the repayment holiday is included within the maximum repayment period.

One can avail this loan with the list of valid documents including the completed loan application form, three passport size photographs, identity proof (Photo Copies of Voters ID card/ Passport/ Driving License/ IT PAN card), residence proof (Photo copies of latest electricity bill/ telephone bill, property tax receipt/ passport/ voters ID card), business address proof (for non-salaried employees), Bank account statement / Pass book for last 6 months, identification of signature from present bankers Original salary certificate from employer (in case of salaried persons), TDS certificate on Form 16 or IT Returns copy for last 2 financial years that is duly acknowledged by IT department (for salaried person), IT returns copy for the last 3 years acknowledged by IT department and Photocopies of challans showing the advance income tax payment (for professionals/ self employed or any other IT assesses) and personal assets and liabilities statement.

Advantages of Credit Khazana Scheme

  • It comes with a package of exclusive benefits
  • Low interest rates. The interest rate is calculated on daily reducing balance.
  • Low processing fee
  • No hidden charges or any administrative charges
  • No prepayment penalties.

There are various other beneficial schemes by State bank of India towards the growth and development of our society.

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