Do you have a DEMAT Account with SBI Cap Sec? Then why don’t you avail the loan against your SBI demat account? Yes, SBI is providing various options to avail personal loan against shares, Debentures or Bonds. In fact we have already shared how to get a loan against fixed deposit schemes.
If you are investing in various tools like stock market shares, Debentures or Bonds through SBI platform only, then you can easily avail this facility to get a low interest personal loan from SBI. The best part of availing such services are the lowest interest Rate against SBI loan which is far less compared to typical personal loan available in market.
The purpose of such loans are very clear and which is to meet the need of emergency fund. But Loan will not be sanctioned for (i) speculative purposes {ii) inter-corporate investments or (iii) acquiring controlling interest in company / companies.
LOANS AGAINST SHARES / DEBENTURES / BONDS
Base Rate 09.85% w.e.f. 10.04.2015
| Scheme | Rate of Interest* |
|---|---|
| Equity Plus Scheme | 6.50% above Base Rate, currently 16.50% p.a. |
| Loan against Shares & Debentures | 6.50% above Base Rate, currently 16.50% p.a. |
| Loan to employees to subscribe for ESOPs | 6.50% above Base Rate, currently 16.50% p.a. |
NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.
Key Highlights of SBI Loan Against Shares or Debentures or Bonds
Here are few key details which you will find useful before approaching for SBI Loan Against Shares or Debentures or Bonds.
Eligibility
Very obviously this facility is available only for SBI customers who has already invested though SBI demat accounts. It is offered as an Overdraft or Demand Loan. Loan can only be availed in single name. NRIs are currently not eligible for this loan.
How Much Loan one can apply for?
Minimum Loan Amount : Rs 50,000/- and Maximum Loan:Rs 20.00 lacs (Loans against shares not to exceed Rs 10 lacs if the purpose is for subscribing to IPOs.)
What is the Repayment Schedule
In case of SBI Demand Loan maximum period of 30 months and in case of SBI Overdraft loan auto Renewal every year.
There is no Processing Fees.
Review Charges: Rs.1000 + Applicable service Tax (Applicable only for Overdraft A/C).
What is the Interest Rates
300 bps above Base Rate i.e., 12.70% p.a. currently.
So, if you have a need of emergency cash or personal loan then SBI Loan Against Shares or Debentures or Bonds would be the best suitable way to avoid personal loans with high interest rates. You can refer to SBI online website to get the latest interest rates or any specific terms & conditions changes before applying such loans. For more details refer SBI website now.
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