loan & schemes

This scheme provides loan facility against mortgage of property at the rate of interest fixed by the Bank. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firms, companies, NRIs and individuals with sufficient repaying capacity including salaried people and agriculturists. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.

Purpose

a. To meet the credit needs of trade, commercial activity, other general business, Profession as also for their bonafide requirements. b. To meet marriage or medical or educational expenses of family members including near relatives. c. To undertake repairs/renovation/extension to the residence/commercial property. d. Purchase of consumer durables. e. To purchase/construct house/flat, purchase of plot. f. To purchase 2/4 wheeler / heavy vehicles. g. For going on pilgrimage/tours/excursions, etc. h. Repayment of existing loans from other Banks

Eligibility

• Persons having A Class or D Class membership in the Bank, engaged in trade, commerce and business, Professionals, Self-employed, Prop. Firms, partnership firms, individuals with high networth, salaried people, agriculturists etc

Procedure

submit application with the following necessary documents

a. The original document of the properties b. Back documents of the property or its duly attested copies c. Possession certificate of the property d. Encumbrance certificate of the property for the last preceding 14 years without any breaks e. Revenue Tax receipts of the property containing the name of the applicant, extended of property,survey number of the property etc. f. Purchase certificate issued by the revenue authorities(if found necessary) g. Copy of the identity card as per the KYC norms. h. Location map i. Income proof

• After verification the Branch will submit the application to HO with their recommendation.

• After getting legal opinion HO will sanction the loan and issue orders.

Charges and other costs

• The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges.

Period

• Upto 60 months

Eligible amount

• Maximum Rs. 50,00,000/-

• percentage of share linking is 2.5 %

Repayment

• Monthly instalment.

• Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day.

Rate of interest

• To see the interest rate please visit the page of Interest rate in this site. The overdue interest rate is 3% .

Over Draft is a credit arrangement with the bank, allowing a person with a current account to use borrowed money up to an agreed limit when nothing is left in the account. An overdraft is a facility granted to customers whereby they can overdraw their current account up to an agreed limit. They can at any time deposit money into the account to reduce the outstanding balance or can draw out money whenever the customers need it, as long as it does not exceed the limit. Interest is calculated on the daily outstanding balance and is normally charged at the end of each month.

Purpose

To meet the credit / working capital needs of trade, manufacturing, commercial activity, other general business, as also for their bonafide requirements

Eligibility

All A-class or D Class member entrepreneurs who are otherwise eligible for sanction of working capital/Term loan for eligible activities or doing Small Scale Industrial units & Tiny units, Small business, Professionals & Self employed persons, Retail traders having 2 years satisfactorily conducted account and New accounts where adequate collateral security is available.

Security

The OD accounts are fully secured advances and sanctioned on the basis of: Mortgage of immovable properties OR Hypothecation of plant and machinery, stock of goods FD receipt etc. Normally, the OD is sanctioned against the security collateral immovable property such as land and building. The sanctioning amount will be limited up to 40% of the valuation of the collaterals. If the OD is sanctioning on the basis of security of mortgage of immovable properties the following documents must be produced and retained in the Bank: The original document of the property Back documents of the property or its duly attested copies Possession certificate of the property. Encumbrance certificate of the property for the last preceding 15 years without any breaks Revenue Tax receipts of the property Purchase certificate issued by the revenue authorities (if found necessary) Copy of the identity card as per the KYC norms Location map Income proof, local body/municipal licence,tin no. If the OD is availing based on the hypothecation of the plant and machinery, the following conditions have to be fulfilled. OD facility under the above category will be paid at the maximum of 50% of the value of goods, mercantile, raw materials, furniture and fittings etc. The valuation will be on cost price. The Manager should visit the business site and satisfy himself / herself the stock and their cost based on documents. A detailed list of items to be pledged or hypothecated with the bank should be collected and a hypothecation agreement must be obtained. The machinery /stock should be insured for the cost price in the joint name of the bank and the borrower. The stock of goods hypothecated should not be of perishable nature and machinery, tools and equipments should not be out dated.

Procedure

Submit application with necessary documents and security. After verification the Branch will submit the application to HO with their recommendation. After getting legal opinion HO will sanction the loan and issue orders.

Charges and other costs

The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges. Please visit the page of service charges in this site

Period

Upto 12 months

Eligible amount

Maximum Rs. 50,00,000/- percentage of share linking is 2.5 %

Repayment

The OD is a running accounts facility where deposits and withdrawals are permitted. Interest will be payable only to the amount withdrawn from the account. Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. At the end of every month, Interest is calculated on daily balance outstanding.

Rate of interest

To see the interest rate please visit the page of Interest rate in this site. The overdue interest rate is 3% .

This scheme provides loan facility for the purpose of construction of dwelling houses or for purchase of an existing dwelling house including the land it situates, against mortgage of property at the rate of interest fixed by the Bank. The product provides an opportunity to customers to fulfill their dreams of constructing a house with a minimum cost and hardship.

Purpose

To purchase/construct house To renovate/extend/repair existing house.

Eligibility

Persons having A-class D Class membership in the Bank, engaged in trade, commerce,salary deposites for professionals.

Security

The Housing loans are secured loans sanctioned on the basis of mortgage of immovable properties.

The property offered as security must be the land in the possession and title deed of the applicant. In order to prove the possession and title of the applicant, the following documents must be produced:

1. The original document of the property 2. Back documents of the property or its duly attested copies 3. Possession certificate of the property 4. Encumbrance certificate of the property for the last preceding 14 years without any breaks 5. Revenue Tax receipts of the property containing the name of the applicant, extend of property, survey number of the property etc. 6. Purchase certificate issued by the revenue authorities (if found necessary). 7. Copy of the identity card as per the KYC norms. 8. A copy of the plan, approved plan by local authority, location map, building plan and the estimated cost of house construction of the constructing/ purchasing house. 9. Income proof.

Procedure

The application should be submitted along with all the relevant documents to create equitable mortgage in favour of the Bank Branch manager, after making a detailed scrutiny and site verification, should report over the application and has to submit the application to the Head Office along with detailed report. After getting legal report & valuator‘s report the loan applications will be sanctioned depending upon the merits of the case. The Housing loans are disbursed on instalment basis, for disbursement of instalments sanctions from the H.O has to be obtained. 1st instalment of loan amount will be disbursed on the completion and reporting of the foundation of the constructing house as per to the submitted plan 2nd instalment will be disbursed on the completion construction of walls up to lintel level 3rd of instalment will be disbursed after completion of roofing either by laying of tiles or completion of concrete terrace The last instalment will be issued only after producing of building tax receipt /completion certificate issued by the engineer/ supervisor/overseer Full amount as one instalment will be disbursed for land with house/ flat. This shall avail with one year from sanction date.

Charges and other costs

The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges. Period Upto 10 Years

Eligible amount

Maximum Rs. 25,00,000/- percentage of share linking is 2.5 %

Repayment

Monthly instalment Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day To see the interest rate please visit the page interest rate.

Surety loan is a personal loan meant to meet the personal needs of common men, or salaried employees working in Government, aided, Co-operative, self-finance institutions up on the security of salary deduction certificates.

Purpose

a. Purchase of consumer durables, computers, professional equipments etc. b. Marriage expenses of self, son, daughter or a dependent near relative. c. Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative. d. For education of self/spouse/ children/ near dependent relatives. e. Any other personal expenses of bonafide nature.

Eligibility

• A class ir D Class members or employed in Government department, local bodies, co-operative Institutions, Banks, Government Company and Corporations, well-known Public and Private Companies, and well-known Private Institutions in the area. Security Surety loans are unsecured loans issued against 2 A class members- personal surety agreements or salary certificates and recovery agreement constituted by sureties and drawing officers. a. The Salary certificate for the purpose shall be of Government department, local bodies, co-operative Institutions, Banks, Government Company and Corporations,well-known Public and Private Companies, and well-known Private Institutions in the area.

b. Conditions :

c. There should be at least 5 years of service remaining for the borrower /surety for a five-year term loan. d. Proportionate reduction in the term of the loan shall be made if the borrower /surety is having the remaining service of below 5 years. e. The salary deduction agreement signed by drawing officer should be submitted in the prescribed form. f. If the salary deduction certificate of the drawing officer itself is submitted as a security for loan, the certificate shall be countersigned by the treasury officer or his immediate superior officer. g. The loan will be sanctioned only after getting the confirmation from the authorities.

h. Procedure

i. The application for a Consumption Loan has to be submitted along with the duly filled up authority letters, Salary deduction agreements, Salary certificates and all the papers related to KYC norms. j. Branch manager, after making a detailed scrutiny, should report over the application and has to submit the application to the Head Office along with detailed appraisal report. k. After a further verification of requisites, the loan applications will be sanctioned depending upon the merits of the case. l Copy of the identity card as per the KYC norms.

m. Charges and other costs

n. The charges levied are forms, insurance, notice and miscellaneous charges. o. Period p. Upto 60 months q. Eligible amount r. The sanctioning amount shall not exceed 10 times of net monthly emoluments of salaried employees. s. Surety under salary certificate Maximum Rs. 200000/- t. 2 A class or D Class Members surety maximum Rs.25000/- u. share linking is 5%.

v. Repayment

w. Monthly instalment.

x. Rate of interest

y. To see the interest rate please visit the page interest rate.

Deposit loans are fully secured loans issued against the security of the deposits kept with the Bank, meant to meet the personal immediate needs of the Depositors.

Purpose

Purchase of consumer durables, computers, professional equipments etc. Marriage expenses of self, son, daughter or a dependent near relative. Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative. For education of self/spouse/ children/ near dependent relatives. Any other personal expenses of bonafide nature.

Eligibility Individuals or institutions having Term Deposit accounts (Fixed deposit , Recurring deposit, Daily deposit ) with the Bank.

Security

Loanee has to pledge the duly discharged original deposit receipt with the Bank. A promissory note should also be executed for the loan amount and interest. If there is more than one depositor in an account all the depositors should jointly apply and execute the bonds.

Conditions:

The loan shall not be sanctioned on a deposit stand in the name of a minor except for the purpose such as education, treatment etc of the minor as per the directives of RBI to the guardian whose name stands in the deposit receipt. Interest due on a term deposit loan will not ordinarily be paid during the tenure of the loan. On due date the principle and interest shall be adjusted to the loan account and the balance will be paid to the depositor. The lien should be noted at the face of the fixed deposit receipt pledged. Loan should not be given on duplicate fixed deposit receipts. An acknowledgement receipt shall be given to the borrowers.

Procedure

The eligible person has to apply in the prescribed form with the original deposit receipt in the Branch office where the applicant maintains his deposit account against its security he wishes to avail loan. After verification the Branch will sanction the loan.

Charges and other costs

No charges collected.

Period

Upto the maturity date of pledged deposit.

Eligible amount

Upto 90% of the deposit amount. No share linking.

Repayment

Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. If the customer did not close the deposit loan A/C before due date the Bank will adjust the loan principal and interest from the deposit amount.

Rate of interest

2% more than the rate of deposits shall be charged for the deposit loan.

Special Scheme @ 7% - In No time- speedy disposal

Gold loan is sanctioned by accepting the gold ornaments of the customer as pledge. Gold loans are often used for short term household requirements, business purposes etc. However, in terms of the cost and ease of availing the loan, and the convenience, gold loans are a better bargain.

Purpose

To meet the credit needs of trade, commercial activity, other general business as also for their bonafide requirements.

Eligibility

Anyone who owns land revenue receipt and gold ornaments can avail the loan provided he/she is the A Class D Class share holder or nominal share holder of the Bank. (Note: minors are not eligible.)

Procedure

Submit the gold ornaments (within a karat range of 18 to 24 k) along with the application in the prescribed format at the branch. The loan will be sanctioned on the base of the gold valuation which involves verification of its purity. Copy of the identity card as per the KYC norms.

Charges and other costs

The charges levied are forms, insurance, notice and miscellaneous charges.

Period

Maximum tenor of 6 months.

Eligible amount

No charges collected.

Period

Upto the maturity date of pledged deposit.

Eligible amount

Bank will periodically review and fix the maximum advance amount payable per gram of gold , which nevertheless will exceed the 85% of the existing market value of the gold.

Repayment

Customers are free to repay part amount of loan and/or accrued interest thereon at anytime.

Rate of interest

To see the interest rate please visit the page of interest rate in this site. The interest will be calculated per day basis. The overdue interest rate is 3% from start date .