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Bharat Overseas Bank Loans
Bharat Overseas Bank offers a host of loan products to cater to the various needs of the consumers. There are loans for corporate, commercial and NRI customers of the bank.
About Bharat Overseas Bank Loans
Bharat Overseas Bank provides a comprehensive variety of loan programs to individuals and small, medium and large scale business enterprises to fulfill their financial necessities and grow their business.
Loans offered by commercial banking division of Bharat Overseas Bank
Given below are the different types of credit facilities offered by Bharat Overseas Bank to its business customers:
- Working capital financing for trading, manufacturing and service industries against the receivables, stocks and so on.
- Short and long term loan facilities for SSI (small scale industries) and medium scale manufacturing units are available for buying equipments and tools.
- Finance against export receivables and pre-shipment finance for exports are available with lucrative terms and conditions
- Bharat Overseas Bank offers financing facilities with affordable and simple terms and conditions for direct agriculture and associated agricultural activities.
- Bharat Overseas Bank also offers credit facilities under Government-backed schemes such as SGSY, PMRY, SJSRY and so on.
- The bank also offers project finance.
Bharat Overseas Bank has experience in dealing with exports, imports and global business deals. The bank is also well-resourced to deal with any type of import deal which involves making arrangements for buyer's credit overseas.
Bharat Overseas Bank offers the following credit facilities exclusively for exporters:
- Export credits - pre-shipment and post-shipment
- Loan against duty draw back cheques
- Foreign currency loans and rupee loans
- Letter of guarantees and letter of credit
Besides the above credit facilities, Bharat Overseas Bank offers loan facilities for purposes except cultivation/agricultural activities and investing in real estate market. This credit facility is available under the NRI Banking Division of Bharat Overseas Bank. An NRI (Non-resident Indian) can open a Non Resident Ordinary Account to avail this facility. NRIs can also avail loan facilities against FCNR/NRE Deposits.
Loans offered by personal banking division of Bharat Overseas Bank
Bharat Overseas Bank has also launched a housing loan scheme which is known as Sree Griha Housing Loan. It is a truly attractive financing option to buy your dream home.
Shakti Consumer Loan
The Shakti Consumer Loan has been designed by Bharat Overseas Bank to purchase consumer durables and cars. This loan is available at simple terms and conditions with quick approval.
Salient features for car loans:
- Simple financing for new vehicles and second-hand vehicles up to 1 year old
- Exclusively for self-employed individuals, professionals and businessmen
- Competitive interest rates
- Repayment in simple installments upto 48 months
Salient features for 2 wheeler loans and consumer durables:
- Group loan scheme for corporate employees
- Finance available for a variety of 2 wheelers and consumer durables
- Repayment in simple installments upto 36 months
- Competitive interest rates
Saraswhathi Educational Loan
Now getting higher education is just a matter of time, thanks to Saraswathi Educational Loan.
This loan is a godsend for students with a good educational track record and a goal to go places. Saraswhathi Educational Loan is a unique loan scheme for Professional and Post Graduate courses of study in reputed universities/institutions both in India and overseas. Hostel fees, tuition fees, expenses of books, airfare (for studying overseas) and examination fees are included in the scheme.
- For education in India, the maximum loan amount is Rs. 7.5 lakhs and for education overseas, the maximum loan amount is Rs. 15 lakhs
- Interest rates: Only PLR (currently 13.5%) for above Rs. 4 Lakhs and a discount of 1% for loans lower than Rs. 4 lakhs
- Repayment term of the loan ranges from 5 to 7 years
The students can pay off the loan instantly on finding a job/employment following his studies or following the moratorium period allowed by the bank, which will vary from 6 months to 12 months on finishing of the course.
Other personal loans available from Bharat Overseas Bank
Bharat Overseas Bank also offers the following types of personal loans:
- Loan against NSCs and other government securities
- Loan against all forms of deposits of the bank and Reserve Bank of India relief bonds
- Loan against stocks and shares