Loans
HOUSING LOAN
Purpose : Purchase of Residential premises.
Eligibility : Minimum 5 years of permanent service of applicant and sureties or profitable business for 5 years.
Loan Amount : Residential Premises Rs.15.00 lacs or 50 times of net salary/ income of applicant, whichever is less.
Repayment : Maximum 180 consecutive monthly instalments.
Purpose : Purchase of Commercial premises.
Loan Amount : Commercial Premises Rs.30.00 lacs.
Repayment : Maximum 180 consecutive monthly instalments.
MORTGAGE LOAN
Purpose : Working Capital Finance,Purchase of Plant & Machinery, Vehicle, etc.
Eligibility : Applicant should own any mortgageable Immovable property having sellable value, and should have monthly income to repay the applicable loan Instalments.
Loan Amount : Maximum upto Exposure limit of the Bank or Upto 50 times of monthly net income.
Repayment : 84 Consecutive monthly instalment.
LOAN AGAINST RENT RECEIVABLE
Purpose : Working Capital Finance, purchase/repairs of business /residential premises, educational, marriage, medical expenses, investment (other than speculative purpose)etc.
Eligibility : The applicant should be lessor of the property. He may be an individual or a body corporate registered under the relevant law of land. The lessee should be a reputed organization. The lessee should be acceptable to the Bank.
Guarantors : Guarantee of minimum 2 persons of good means.
Max. Loan amount : To the extent of Total Rent Receivable.
Repayment : According to lease period.
LOAN FOR PURCHASE OF CONSUMER DURABLE
Purpose : Purchase of Consumer durable products, such as Fridge, T.V., A.C., Computer, Washing Machine, Microwave, etc.
Eligibility : Minimum 5 years of permanent service in reputed Firms/ Co. or profitable business for 5 years.
Loan Amount : Maximum Rs.50,000/- without any margin.
Gurantors : Two
Repayment : Maximum 60 consecutive monthly instalments.
LOAN AGAINST PLEDGE OF GOLD & SILVER ORNAMENTS
Eligibility : Owner of gold and/or silver ornaments.
Maximum Amount : Rs. 2.00 lacs.
Repayment: 15 months. Interest should be paid regularly atleast once in three months.
LOAN AGAINST TERM DEPOSITS
Eligibility : Having term deposit with our bank.
Maximum Amount : 90% of the Deposit amount.
Repayment : Maximum 36 months or period of deposit receipt whichever is earlier.
VEHICLE LOAN
New Vehicle:
Purpose : Purchase of any type of vehicle. Also to purchase and to repair vessel/barge/tug,etc.
Eligibility : Maximum of 90% of the Proforma Invoice + Taxes & Insurance.
Repayment : Maximum 60 consecutive monthly instalments.
Old Vehicle
Purpose : Purchase of second hand vehicle (which is not more than 5 years old) /vessel/barge/tug, etc.
Eligibility : Maximum of 50% of the valuation of Vehicle vessel.
Repayment : Maximum 36 consecutive monthly instalments.
PERSONAL LOAN
Purpose : House Repair, Marriage Ceremony, Medical Exps., Tuition Fees, Tours, Purchase of Household furniture, etc.
A) Secured (Under Sec.49 of MCS Act 1960)
Eligibility : Minimum 3 years of permanent service in Public Ltd. Co., Reputed firms & Undertakings.
Loan Amount : Maximum Rs.2.00 lacs with 2 Sureties. Applicant should have ‘take home’ salary of 25% after deducting EMI of proposed loan.
Repayment : Maximum 60 consecutive monthly instalments.
B) Unsecured
Eligibility : Minimum 2 years of permanent service in Pvt. Ltd. Cos, Partnership / Proprietory firms of 5 years or profitable business.
Loan Amount : Maximum upto Rs.50,000/- with 3 sureties (Maximum Loan available is 12 times of your net monthly salary / income).
Repayment : Maximum 48 consecutive monthly instalments.
LOAN AGAINST PLEDGE OF GOVT.SECURITY.(NSC,KVP,LIC Policies, etc)
Eligibility : Holding the above securities.
Maximum Amt. : 50% of the face value of NSC, KVP, of 2 years old & 75% of the face value more than 2 years old. 80% of the surrender value of LIC Policies.
Repayment : 36 months or upto the date of maturity whichever is earlier.
EDUCATIONAL LOAN
Purpose : For higher education at abroad or in India in any institute affiliated to recognized University.
Eligibility : Applicant should have consistent and good academic record. Duration of course must be clear& specific. Parents should have sound source of income to repay the loan.
Loan amount :
Inland : Maximum Rs.5.00 lacs.
Abroad : Maximum Rs. 5.00 lacs.
Repayment: Maximum 84 months excluding Moratorium Period (Moratorium period will be as decided on case to case basis). Interest accrued during the period of moratorium will have to be paid regularly as and when charged. Repayment will be in equated monthly instalments.
BUSINESS LOAN
Loans and advances are granted to business community by way of Cash Credit/Overdrafts/Term loans against the security of Raw material/Stock / Finished goods/Book debts/Work Order, machinery etc., Such Credit limit is renewed and enhanced on merit every year.
OVERDRAFT FACILITY FOR SALARY EARNERS
Credit/Loan facility to Savings Bank Account Holders, who deposit their salary through ECS or cheques in their accounts with us.
