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State Bank of Mysore is a nationalized bank in India, with its headquarters at Bengaluru. It is one of the five associate banks of State Bank of India. Established in the year 1913 as The Bank of Mysore Ltd. under the patronage of Maharaja Krishna Raja Wadiyar IV, the Bank currently has 976 branches and 10627 employees. 772 of its branches are in Karnataka State. The Bank has regional offices in Bengaluru, Mysuru, Mangaluru, Mandya, Hassan, Shivamogga, Davengere, Ballari, Tumakuru, Kolar, Chennai, Coimbatore, Hyderabad, Mumbai, and New Delhi. During 1953, “Mysore Bank” was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960, it became a subsidiary of the State Bank of India under the State Bank of India (subsidiary Banks) Act 1959.
About State Bank of Mysore
Consequently, the Bank is an Associate Bank under State Bank Group and the State Bank of India holds 92.33% of shares. The Bank’s shares are in Bengaluru, Chennai, and Mumbai stock exchanges. It is noteworthy that the State Bank of Mysore financial services has made a record of uninterrupted profits since 1913 and has declared dividend every year since then. Besides its regular branches, the Bank also has 10 Extension Counters spread all over the country, including 20 Small and Medium Enterprise Branches, 8 Industrial Finance Branches, 3 Corporate Accounts Branches, 7 Specialized Personal and Services Banking Branches, 9 Agricultural Development Branches, 4 Government Business Branches, 2 Specialized NRI Branches, offering a broad range of services to the customers besides 2 Service Branches and 1 Asset Recovery Branch rendering backup support to the Bank.
State Bank of Mysore Loans
State Bank of Mysore Home Loan : The housing loan can be availed for – construction/purchase of a new house or flat, repair/renovation/extension of existing house, purchase of plot for construction of house within 2 years, purchase of built houses not more than 15 years old, housing loan against charge, and for purchase of furnishings/consumer durables as part of the project cost. The loan term is for a period of maximum 30 years. The interest levied on this loan is of the floating type. State Bank of Mysore Home Loan interest rates take into account the convenicne of the borrower. The processing fee is charged at 0.50%, with the upper limit being Rs. 7500.
State Bank of Mysore Personal Loan : The eligibility norms for Personal Loan from State Bank of Mysore delineates that individuals, employees of state/central government, Public Sector Undertakings, reputed profit making Public limited companies, multinational companies with a minimum service of 2 years and drawing a net salary of Rs. 6000 or above, can avail this loan. The purpose of this loan is to offer financial assistance to meet personal expenses like, marriage, family functions, medical expenses, travel, etc. The borrower can get a loan of up to Rs. 1.50 lacs depending on his/her repayment capacity. The repayment period is within a range of 12 to 36 months. The loan amount can be anywhere between Rs. 25,000 to Rs. 15,00,000. The security for this loan is third party guarantee of equal means, including securities like LIC policies, NSC, KVIP, Shares, etc.
State Bank of Mysore Loan Against Property : This loan is available to salaried individuals/employees, self-employed and others who are income tax assesses with a net monthly income of minimum Rs. 12,000 (for salaried persons) or net annual income of Rs. 1,50,000 (for self-employed individuals and others). The maximum age of the borrower should not be above 65 years, in order to meet the State Bank of Mysore Loan Against Property eligibility norms. The loan amount can be anywhere between Rs. 1 lakh and Rs. 50 lakhs. For salaried class, the quantum of finance is a maximum of 36 times the net monthly income, while for others it is maximum three times the net annual income. This loan accepts as security equitable mortgage of unencumbered residential house/flat or urban commercial/industry property in the borrower’s name and possession. It can be either self-acquired or vacant property. It is also important to note that rented out property will be accepted as security only where lease is in existence in favour of corporations of good standing and repute. This loan is repayable in 84 EMIs. The one time processing fee is only 1.25% of the loan amount.