Loans & Advances

Personal Loans
Personal Loans up to Rs.1.00 lacks are granted to individuals & Small income group to enable them to purchase consumer durables such as T.V., Freez, Furniture etc. with a view to improve their standard of living. The rate of interest is 12.50 % (subject to change). To be repaid by 36 monthly installment. For loans above Rs.50,000/- some collectoral security is required.

Business Loans
For development of business Cash Credit Hypo. Limits against the Hyp. Of (Hyp.Stock/Bookdebts) Stock and goods are granted to businessmen. Such stock should be fully paid. No limits is granted against unpaid stock. CC limit is also sanctioned against Hypo.Bookdebts of not exceeding 90 days period. The borrowers are required to submit stock/bookdebts statement every month regularly. The rate various from 12.50 to 13.50 % (subject to change)

Education Loans
Education loans are granted to students for education in india as well as abroad. Such loans to be repaid within five years after completing the studies. The rate of interest is around 10.50 % (subject to change) as per policy.

Vehicle Loans
Vehicle loans are sanctioned to purchase Two/ Four wheelers vehicles. Required to be repaid within 48/60 monthly installments Rate of interest ranging between 11 to 12 %.

Housing Loans
Housing loans are sanctioned to enable individuals to have their own Houses. The property is required to be mortgaged by way of registered equitable mortgage. The rate of interest ranging from 11 to 12 % . 75 to 80 % of the total cost of the property is given by way of loan. The loan is to be repaid within maximum period of 10 years by monthly installment.

Machinery Loans
For the purchase of new machinery for the development of business, loans are sanctioned to small individuals units. The loan to be repaid by 48/60 months by way of equated monthly installments. Rate of interest being 11.50 to 12.50 % (subject to change) as per bank’s Policy.

Property Loans
Property loans are given against mortgage of property. The repayment is between 10/15 years. Rate of interest is 13.00 %. The loan amount is 50 % of latest valuation amount.

Loans against Bank’s FDR
Loans and overdraft against Bank’s Fixed Deposit Receipts up to 90% of the FDR Amount is granted to Deposit holders in case of need. 1% above the rate of interest on FDR is charged.