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State Bank of Travancore is a subsidiary of the State Bank Group, originally established as Travancore Bank Ltd. on 12th September, 1945 sponsored by the erstwhile Princely State of Travancore. It also has private share holders. It is the premier bank of Kerala, where it handles the majority of its business. As of March 31, 2015, the Bank has a network of 1157 branches and 1602 ATMs, covering 18 states and 3 Union Territories. Between 1959 and 1965, SBT acquired a number of small, private banks in Kerala.
About State Bank of Travancore
When it comes to social responsibility, the Bank has always played a proactive role through various means, such as 960 social circles providing self-less community service, organizing free medical camps, free cancer detection camps, rehabilitation programs, programs for improving the facilities of orphanages, old age homes, pain and palliative centres, programs for the benefit of the student community, training programmes, and skill development programmes, and infrastructural development for schools through toilets and smart classrooms.
Being a public sector bank, State Bank of Travancore services is committed to the policies of the Government for social development. It offers credit to the Priority Sectors as well as the special schemes announced by the Government. When it comes to priority sector lending, the Bank lives up to its developmental role and has an active participation in meeting the benchmarks for priority sector advances stipulated by the Government from time to time.
State Bank of Travancore financial services has also set up exclusive Small and Medium Enterprises branches with a view to attach due priority to this sector. Regional Care Centres have been established for fast redressal of grievances, besides introducing several loan products to suit the requirement of the specific sub sectors. As far as agricultural development is concerned, the Bank delivers a stellar contribution through in various ways including, specialized Krishi Point branches, Kissan Gold Card Scheme, finance to Agri Clinic and Agri Business Centre, Karshaka Suhrut, finance to Coconut Development Board, etc. It is also the preferred bank of choice for NRIs, which is reflected in the fact that it has the highest number of NRI deposits in the state of Kerala. State Bank of Travancore banking services also takes adequate care to extend the maximum convenience to NRI customers, through many initiatives, such as, correspondent banking arrangements with 19 banks worldwide, Foreign Currency Loans, NRI Family Card, RI Help Desk, and so on.
State Bank of Travancore Loans
State Bank of Travancore 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 State Bank of Travancore home loan eligibility criteria, all residents with a regular monthly income and at least an NMI of Rs. 12,000 can avail this loan. If the applicant is an NRI, he/she should have a minimum NMI of Rs. 15,000. Salaried persons, self-employed businessmen, professionals and agriculturists with a steady monthly income and a minimum of 3 years of standing/experience in their line of activity, are eligible for this loan. The borrower should be at least 18 years of age. The age should be such that he/she can close the account before attaining the age of 70 years. A maximum of 3 co-borrowers are permitted. Home Loan from State Bank of Travancore is sanctioned by taking into account the project cost, margin, EMI/NMI, and loan to value ratio, with the maximum quantum of finance being Rs. 500 lacs.
According to the Bank’s Housing For All Scheme, it provides home loan with Central Government Subsidy to EWS/LIG persons for acquisition/construction of house/repair or extension of house. The maximum permissible period of the loan will be 15 years. State Bank of Travancore loan advantage is that, loans under this scheme are eligible for GOI subsidy of 6.5 % on the bank’s interest over the full period of the loan for an amount of up to Rs. 6 lacs.
State Bank of Travancore Personal Loan : The Bank has – a. Normal Personal Loan b. Elite Personal Loan for Government/PSU employees, and Corporate Personal Loan for Corporate employees. Under this scheme, all permanent employees of Central/State/Quasi Government, PSUs, Defense Personnel, Central/State Govt. Schools, Colleges, Universities recognized by UGC with a minimum completed service of 1 year. Besides, all employees in Private Sector Companies whose salary account is maintained with the Bank and with at least 3 years of service experience. The minimum age of the applicant should be 21 years, while the maximum age is 3 years before the date of retirement. For Government employees, the minimum NMI is Rs. 20,000, while for Corporates, it is Rs. 10,000. According to State Bank of Travancore loan details, the repayment period is 60 months. When it comes to quantum of finance, it is a maximum of Rs. 4 lacs (or 12 times of NMI) for persons with NMI up to Rs. 40,000; for elite borrowers, with an NMI above Rs. 40,000, the amount of loan is a maximum of Rs. 10 lacs, (or 15 times of NMI).
State Bank of Travancore Loan Against Property : This term loan caters to personal needs of borrowers by collateral security of mortgage of immovable properties. Referred to as Suvidha Loan, this scheme lays down eligibility criteria, according to which the applicant should be an existing customer of the bank with a satisfactory track record of more than one year. Employees of Govt./Quasi Govt./reputed companies/establishments, can avail this loan. Any self-employed individual or professional (who are income tax assesses), or engaged in agricultural and allied activities, can avail State Bank of Travancore finance. For salaried persons, the minimum net monthly income should be Rs. 20,000, while in the case of others, the minimum net annual income should be Rs. 2,50,000. The income of the spouse may be added if he/she is a co-borrower. Also, the age of the borrower should not exceed 65 years at the time of sanction. The quantum of loan is 36 times the NMI for salaried persons or 3 times the net annual income for others. The repayment period is 120 months from the date of sanction or period of retirement, whichever is shorter.