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State Bank of Patiala, founded in 1917, is an associate bank of the State Bank Group. Presently, State bank of Patiala boasts a network of 1445 service outlets, including 1314 branches in all major cities of India. Most of the branches are located in the Indian states of Punjab, Haryana, Himachal Pradesh, Rajasthan, Jammu and Kashmir, Uttar Pradesh, Madhya Pradesh, Delhi, Gujarat, and Maharashtra. The bank was established by His Highness Bhupinder Singh, Maharaja of Patiala State, on 17th November 1917 to foster the growth of agriculture, trade and industry. The constitution, scope and operations of the Bank underwent a massive change with the formation of the Patiala and East Punjab States Union (PEPSU) in 1948.
About State Bank of Patiala
The Bank was then reorganized and brought under the control of Reserve Bank of India. Thereafter, it was christened as the Bank of Patiala. It became a subsidiary bank of the State Bank of India on 1st April 1960, thus reaching yet another milestone in its history. It was then named as the State Bank of Patiala and it has grown enormously both in size as well as volume of business ever since.
It prides itself for being the first public sector bank in the country to fully network all its branches. Besides taking huge strides in technological aspects, State Bank of Patiala banking services also continues to live up to its principle of customer focused approach with a perfect blend of traditional values and technological platform. It has served the nation efficiently for over 97 years.
Vision and Mission
The vision of the Bank is to be a progressive financial institution that abides by a customer centric philosophy and fuses modernity with tradition.
State Bank of Patiala services aims to continue its tradition of keeping customers as its highest priority, so as to accomplish higher growth and profitability. It emphasizes on meeting the expectations of all stakeholders as a responsible corporate citizen, thus fulfilling its aspiration of being the most preferred Bank in its core area of operation.
State Bank of Patiala Loans
State Bank of Patiala Home Loan : the housing loan of the Bank has been tailored to meet the purposes of construction/purchase/repair/renovation/alteration of a house or for purchase of a plot for the construction of a house. According to the home loan scheme of the Bank, there is no upper fixed maximum or minimum loan amount. The loan term is up to 30 years, subject to liquidation before the borrower reaches the age of 70 years. For pensioners the loan should be fully repaid before 75 years of age. The Bank levies a floating rate of interest. The processing fee during the term of the loan is 0.35% of the loan amount plus applicable service tax. The security collateral obtained can be in the form of primary security – equitable mortgage by deposit of title deeds of the Immovable Property, as well as collateral security – in which case, the Home Loan is sanctioned against liquid tangible securities in lieu of mortgage of the property being financed: “Assessed Value” of each securities will be considered. State Bank of Patiala loan interest rates are very flexible.
When it comes to the Home Top Up Loan, the loan amount is a minimum of Rs. 2 lakhs, while the maximum amount is Rs. 5 crores. The Home Top Up Loan may be granted for a maximum period of 30 years or till the borrower attains the age of 70 years (whichever is earlier), irrespective of the tenure of the original Home Loan.
State Bank of Patiala Personal Loan : One can apply for this loan to meet variety of personal expenses, be it higher education, family wedding, home improvement, medical expenses, a foreign trip, etc. The minimum quantum of loan is Rs. 1 lakh, while the maximum amount is Rs. 10 lakhs. The term of the loan is a maximum of 60 months. For Personal Loan from State Bank of Patiala, the interest type levied by the Bank is floating. During the term of the loan, the processing fee is 1.01% of the Loan amount. State Bank of Patiala personal loan interest rates take into consideration the convenience of the customers.
State Bank of Patiala Loan Against Property : This is a general purpose loan against the collateral security of immovable property. The maximum age limit is 60 years. When it comes to the quantum of finance, the minimum amount is Rs. 5 lakhs, while the maximum is Rs. 1 crore. The repayment should be completed in 60 months. The processing fee is 2% of the limit sanctioned with the maximum limit being Rs. 50,000. According to State Bank of Patiala Loan Against Property eligibility norms, employees, or individuals engaged in agriculture and allied activities ca avail this loan. However, the applicant should not be over 60 years of age. This loan scheme holds as security, the equitable mortgage of non-encumbered residential house/flat, non-agriculture urban landed property, commercial or industrial property in and the name and possession of the borrower, i.e. either self-occupied or spouse.
State Bank of Patiala Business Loan : State Bank of Patiala financial services include a number of MSME loan products, including –Collateral Free Loans for MSE, Doctor Plus Scheme, Laghu Udyami Credit Card Scheme, MSE Gold Loan Scheme, Scheme for financing to petrol pump dealers, School Plus Scheme, SME Smart Score, SBP Shoppe Scheme, Weaver Credit Card, SBP Sports Plus, SBP Asset Backed Loan Scheme, SBP Contractors Plus, etc.