1

Name of the product

PSB Apna Ghar – गौरव

2

Eligibility

Defence Personnel serving in Indian Army, Indian Navy, Indian Air Force, Paramilitary Forces, BSF, ITBP, NSG, Sashastra Seema Bal including Pensioners.

3

Age limit

For Defence Personnel including Pensioners having their Gaurav Bachat Salary Accounts and Pension Accounts with Punjab & Sind Bank:

5. Entry age

• Minimum : 21 years
• Maximum: 70 years

Loan must be fully adjusted on or before the age of 78 years.

4

Quantum of Finance

5. Minimum: Rs. 10 Lakh
5. Maximum: Need based finance

The sanctioning authority to consider obtaining ITR/ Form 16 for last one year only. However, the repayment capacity to be derived from the latest salary slip.

Take-home Salary/Income:

*For income (annual) upto Rs. 5 lakhs, the minimum take home  Income (annual) of Rs. 2 Lakhs shall be considered and remaining amount of income can be used to assess repaying capacity of the Borrower.

Income of co-borrower (only spouse/major children) can be considered to arrive repaying capacity irrespective of their profession.

5

Rate of Interest

As circulated by HO RMD Department on time to time.

For Salary account holder of Serving (including cadets from Pre Commissioned Training Academy) Defense Personnel and Pension account holders (upto age -70 years):

6

Period of Loan

Maximum 30 years or upto the age of 78 years (For Gaurav Bachat  Salary/Pension Account Holder)

7

Moratorium period

Same as PSB Apna Ghar.

8

Prepayment charges

NIL

9

Processing Charges

Full waiver of processing charges.

10

Inspection Charges

Full waiver of Inspection Charges.

11

Legal & Valuation charges

Charges related to Advocate, Valuer (1^st & 2^nd, if applicable) to be borne by the Bank. These charges should be paid to agencies by debiting “ADVOCATE CHARGES, TECHNICAL PROF EXP-REGD GST/ UNREGD” as per the case.

12

Documentation Charges

Expenses such as Stamp/Revenue  Charges will be borne by the borrower.

13

Guarantee

1. In case of Co-borrower: Guarantee waived.
2. In all other cases: Guarantee of spouse, Major children to be obtained, if available.

Note: Only spouse/major children are eligible to become co-borrower under this scheme irrespective of their profession.

14

Due Diligence Report by External DDA

Waived

16

Locker Rent Concession

Locker Rent Concession: 50% concession on locker rent (for one small locker only) for self/ spouse/ jointly with spouse or major children, for first three years only.

17

EMI waive off

Under this scheme, the Bank shall waive off ‘Last three EMI’ subject to following conditions:

1. Minimum loan size (Disbursed): Rs. 20 lakh
2. Minimum loan tenure: 20 years
3. Each and every EMIs to be paid on or before the due date.
4. Restructured accounts are not eligible for waiver of EMIs.
5. Lower of ‘Initial EMI (as per sanction letter) or effective EMI at the end of tenure’ shall be considered for waiver.  
6. Waiver of EMIs shall not be allowed in case of prepayment of loan by the borrower or takeover of the loan by other Banks/FIs.

18

Others

1. Credit Protect Insurance will be mandatory for Gaurav Bachat Salary/Pension Account Holders maintained with our Bank.
2. Salary/Pension Account holders have to take No Objection Certificate from Punjab & Sind Bank before changing their Salary/Pension Accounts into another Bank.
3. All other norms as applicable to PSB Apna Ghar will continue to be
   applicable for loans under this scheme.

 PURPOSE

A) INDIAN ARMY_AGNIVEERS- For purchase of New Two Wheeler Vehicles.
(B) DEFENCE PERSONNEL in INDIAN ARMY- For purchase of New and Old Four Wheeler Vehicles (All Variants) and New Two Wheeler Vehicles (All variants)

ELIGIBILITY

maintaining their Gaurav Bachat Salary and Pension Accounts having respective salary and pension credits with Punjab & Sind Bank.

AGE

Minimum : 18 years

Maximum: Subject to adjustment of loan before the age of

1. Employee without pension  – 60 years

         ii.  Employee with pension– 70 years

MARGIN

(i) For New Vehicle- Applicable margin of on-road price inclusive of one time Road Tax, Registration & Insurance, shall be NIL
(ii) For old four wheeler  - 25%

ROI

New Four Wheeler/ Two Wheeler (all variants)/Agniveer Two Wheeler

PSB E-VAHAN FOUR WHEELER:

PSB APNA VAHAN OLD FOUR WHEELER:

REPAYMENT

INDIAN ARMY_AGNIVEERS  

For new two wheeler vehicles:  Max. 48 months.

INDIAN ARMY -

For new four wheeler vehicles: Max. 84 months.

For new two wheeler vehicles:  Max. 60 months.

For Old four wheeler: Max 60 months subject to the age of the vehicle

(Total period of Repayment plus age of vehicle not to exceed 84 months)

PROCESSING CHARGES

WAIVED

LUMPSUM CHARGES

DOCUMENTATION /INSPECTION – WAIVED

PREPAYMENT CHARGES

NIL

DUE DILIGENCE

WAIVED

GAURANTEE

NIL

CREDIT PROTECT INSURANCE ALSO AVAILABLE

PURPOSE

For any genuine personal credit requirement like, medical expenses, marriage expenses, purchase of consumer durables, domestic consumption, travel expenses, expenses on other social ceremonies, etc.

ELIGIBILITY

maintaining their Gaurav Bachat Salary and Pension Accounts having respective salary and pension credits with Punjab & Sind Bank.

AGE

1. Age limit of the borrower to be as under-:

Minimum Entry Age:21 years

Maximum age for repayment (exit age):

     (ii)  Pensioners          :  70 years

QUANTUM OF FINANCE

1. Salaried Class:

Up to 24 times monthly net salary or, Rs. 20.00 lakh, whichever is less.

Loan amount above Rs. 10.00 lakh shall be sanctioned to borrowers having CIC Score equal or above 725.

2. Pensioners up to the age of 65 years: Up to 20 times monthly net pension Or, Rs. 6.00 lakh, whichever is less 

3. Pensioners above the age of 65 years and up to age of 70 years: Up to 10 times monthly net pension Or, Rs. 3.00 lakh, whichever is less

ROI

REPAYMENT

Maximum repayment period would be 84 months

PROCESSING CHARGES

Charges 0.50% +GST

LUMPSUM CHARGES

DOCUMENTATION /INSPECTION – WAIVED

PREPAYMENT CHARGES

NIL

DUE DILIGENCE

WAIVED

GAURANTEE

Guarantee of either Spouse or Major Children or Third Party

CREDIT PROTECT INSURANCE ALSO AVAILABLE

PURPOSE

Studies in India: (Indicative list)

• Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.

·         Regular Degree/Diploma courses like Aeronautical, Aircraft Maintenance Engineering course, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.

• Approved courses offered in India by reputed foreign universities.

Note :The above list is indicative in nature. Courses other than the above offered by reputed institutions may also be considered on the basis of employability.

Studies abroad

• Graduation : For job oriented professional/ technical courses offered by reputed universities
• Post graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA- London, CPA in USA etc.
• Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Note :: maintaining their Gaurav Bachat Salary and Pension Accounts having respective salary and pension credits with Punjab & Sind Bank.

QUATUM OF FINANCE

Studies in India, Abroad ,PSB- Excellence Education Loan for premier Institutes – NEED BASED

Margin

NIL

SECURITY

NIL

REPAYMENT

Repayment holiday/ Moratorium: Course period + 1 year

PROCESSING CHARGES

NIL

INSPECTION CHARGES

NIL

RATE OF INTEREST

ROI benefits of PSB EXCELLENCE EDUCATION SCHEME WILL BE EXTENDED to PSB Veer Shiksha for wards of Defence Personnel and Pensioners for all eligible courses from any recognised institute

CREDIT PROTECT INSURANCE ALSO AVAILABLE