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New package of Home Loan upto 30th June 2009- Quotes for Life Insurance coverage of the borrowers
As per the directive of the Government of India, Public Sector Banks have decided to offer two new schemes for all New Home Loan Borrowers which will be valid upto 30th June 2009. The schemes will not apply for swapping of loans.
The aforesaid Home loan schemes shall be as under :
Parameters |
Scheme- 1 |
Scheme2 |
Quantum of loan |
Upto Rs.5.00 Lac |
Above Rs.5.00 Lacs & Max Rs.20.00 Lacs |
Tenor of Loan |
Max 20 years |
Max 20 years |
Age group |
21 to 60 yrs. |
21 to 60 yrs. |
Interest |
8.50% p.a for the first five years. The benefit of any lower rates of interest will be passed on to the borrower. The rate of interest shall be re-set after five years from the date of drawal of the first installment and the borrower will then have the option for going for a fixed rate or a floating rate of interest. |
9.25% p.a for the first five years. The benefit of any lower rates of interest will be passed on to the borrower. The rate of interest shall be re-set after five years from the date of drawal of the first installment and the borrower will then have the option for going for a fixed rate or a floating rate of interest. |
Margin |
10% |
15% |
Processing Chgs |
NIL |
NIL |
Pre-payment chg |
NIL |
NIL |
Life Insurance cover |
Free for the entire amount of B/O |
Free for the entire amount of B/O |
Considering the fact that this is a package introduced by the bank as per the direction of the Government of India, we would request you to quote you most competitive premium structure for insuring the life of the borrower(s) of the above home loan products.
- The premium quoted should be inclusive of service tax payable if any, and should be not be loaded with any administrative charges etc, as the premium is to be borne by the Bank.
- Requirement of medical examination report should be clearly spelt out.
While furnishing the above quotes you are also advised to confirm the following:
- Your company has a valid IRDA license for procuring Life Insurance business in India.
- You have a track record of minimum SIX years of operations in life insurance business in India as on 31.03.08;
- You have at least two foreign/private/public sector banks as channel partners under Banc assurance or have two tie up arrangement for stand alone products as on 31.03.08. Tie up with RRB’s and Co-operative Banks will not be considered for this purpose.
- You have a network of at least 100 outlets/branches including points of sale (POS) across the country.
- You have a recorded a progressively increasing trend in their premium collection turnover for the last three years and the same for March 2008 should be at least Rs.500 Crs
Kindly ensure to provide specific documentary evidence in support each of the aforesaid mandatory requirements. Failure to provide the same could be sufficient grounds for rejection of the quote and/or treating it as invalid.
We shall thank you to respond to this mail by 31st December 2008 (Wednesday) by 4.00PM in a sealed cover address to our Asst.General Manager-Retail Banking (Insurance Marketing), Head Office, 2nd Floor Annex, 10, BTM Sarani, Kolkata-700 001.
The quotes will be opened on 1st January 2009 by 3.30 PM.
General Manager
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