Bank Provides loans and advances to its members/non-members for the following purpose.
Personal/Consumer Loan :- Personal/Consumer loan can be granted to a maximum of Rs. 3.00 Lakh to Govt. employees and Rs. 1.00 Lakh to business member applicant.
House Building Advance:- The house building advance is granted to Govt. Employees against the security of their salary and the plot including buildup house to a maximum amount of Rs. 20 lakh BP + G.P X 75 times whichever is less, however H.B.A may be advanced to business sector judging their income from ITR for 15 years maximum.
Vehicle Loan :- vehicle loan is granted to employee as well as business sector to the extent of Rs. 8.00 lakh and above and margin money should be 15%.
Loan against Property:- Loan against property can be granted to applicant member having property in the area of operation of the bank assessing its value up to the maximum amount of Rs. 10.00 lakhs.
Loan against Deposits:- Loan against deposits can be obtained by the depositors at any time upto 85% of their own deposits at any time.
Loan Against NSC/KVP/LIC etc:- Loan against NSC/KVP/LIC can be granted to applicant member upto 85% of its surrender value.
C.C Hypothecation Limit:- C.C Hypothecation Limit may be sanctioned to an applicant member who is an business man against stocks and collateral security.
Special Feature:- 1. We do not charge any processing fee on any kind of loan.
| Sr.No | Type of Loans & Advances | Slab | Rate of Interest |
|---|---|---|---|
| 1 | Education Loan | Upto 4.00 Lakh | 11.25% |
| 2 | House Loan | Above 4.00 Lakh Upto 5 years 5 years to 10 years |
11.75% 10.50% 11.00% |
| 3 | C.C. Hypothecation Limit | Upto 2.00 Lakh Above 2.00 Lakh |
13.50% 14.00% |
| 4 | Personal/Consumer Loan for Short/Medium Term or long term | 15.00% | |
| 5 | Vehicle Loan | Upto 2.00 Lakh Above 2.00 Lakh |
12.75% 13.00% |
| 6 | Loan against Property | 14.00% | |
| 7 | Loan Against Deposits | 2% above the rate being paid on deposits | |
| 8 | Loan against NSC/KVP/LIC | 15.00% |
