The Borrowers are the Heart of every Bank. They are the key persons to generate the profit of the Bank.
Bank is offering following types of Loan Schemes
Joint Loan & Installment Joint Loan
Joint Loan & Installment Joint Loan will be given to only members of the Bank, with a surety of another member. A member can get this loan only up to 5 times of his Share Certificate amount, with a maximum limit of Rs.25,000.00. The tenure of this loan is 3 Months for the Joint Loan & 10 equal installments for the Installment Joint Loan.
NSC & LIC Bond Loan
Any person holding NSC Bonds and or LIC Certificates can avail of this loan by pledging the Bonds, upto 80% on the face value of the Bond and tenure of this Loan is 12 Months.
Shares & Debentures Loan
Any person holding Bank’s approved Shares and Debentures of Public Sector companies can avail of this loan, by pledging the Share certificates and tenure of this Loan is 12 Months.
To avail this loan the borrower has to pledge his gold ornaments to the Bank and the tenure of this Loan is 12 Months.
This loan will be given by pledging the goods and stocks of the borrower, which are related to his trade/business. Goods will be stored in godowns, under the custody of the Bank and the tenure of this Loan is 3 months.
Loan on Mortgage of Property
This loan will be given for the purpose of the business by mortgaging the immovable property of the borrower after considering security, repayment capacity, credit worthiness and fulfilling documentation procedures and maximum tenure of this Loan is 180 months.
Rental Discounting Scheme
Hypothecation Loan for Vehicles
Hypothecation Loan will be sanctioned to purchase a new or an old vehicle, by hypothecating the same for the personal or commercial use and the maximum tenure is 60 months.
Consumable Article Loan
The Bank is also sanctioning the loan for purchase of new Consumable or Household articles and the maximum tenure of this Loan is 36 Months..
The Bank is sanctioning loans to build a house for the purpose of residence and maximum tenure of this Loan is 180 Months
Cash Credit Loan & Overdraft Loan Account
The Bank is also giving advances to traders and business class in the form of Cash Credit/Overdraft Facility to their running account maintained with the Bank. This loan will be given to meet the working capital needs of the trades, on security of Stocks & the Immovable property. This facility will be sanctioned after considering the working capital requirement and the security and also the transactions made in their accounts. The tenure of this facility will be given for a period of 1 Year and the borrower has to renew this facility every year if the transactions are satisfactory to the bank. Interest is calculated for the amount of debit balance in the account for every day and charged on every month.
Bank is discounting the cheques issued by the reputed corporates/organisations in favour of the account holder of the bank. This facility is given only to the reputed customers of the bank. To avail this facility, the customer should have to get prior sanction from the Bank for a limited amount. In this case, the Bank is discounting the cheques presented in the clearing.