Loans and Advances
The following loans are advanced by the Model Bank.
Vyapara Mithra Loan
| Borrowers | Small businessmen, Small Traders, Petty Vendors |
|---|---|
| Loan Amount | Rs.25,000 –Rs.1,00,000 |
| Payment of Loan | 12 Mnths, 12 EMI’s |
| Rate of Interest | 20% p.a |
| Security | Hypothecation of stock in trade and surety from two persons of IT Assessments. |
Personal Loan
| Borrowers | All salaried persons whose salary is credited at our bank branch or with ECS mandate |
|---|---|
| Loan Amount | Rs.25,000 - Rs.50,000 |
| Payment of Loan | 36 EMI’s |
| Rate of Interest | 18% p.a. |
| Security | Clean Loan. 2 guarantors to be obtained preferably Govt. Employees |
Vehicle Loan
| Borrowers | Salaried Person whose salary is credit at our bank branch or with ECS mandate or For business people who are Income tax assesses with previous 3 year I.T record |
|---|---|
| Loan Amount | For 2wheelers 75% of show room price of Max 75,000/- & 4 wheelers 80% of On road price Max.8,00,000 |
| Payment of Loan | 36 EMI’s | 48 EMI’s | 60 EMI’s |
| Rate of Interest | 15% p.a. |
| Security | Hypothecation of vehicle to be furnished Insurance is to be arranged with Bank’s hypothecation Clause. |
Jewel Loan
| Borrowers | All our existing customers / New customers properly introduced |
|---|---|
| Loan Amount | Rs.25,00,000 Maximum |
| Payment of Loan | Interest on Monthly Basis |
| Rate of Interest | Rs. 4300/- per Gram 12% - upto 5 Lakhs 11% - above 5 Lakhs to 10 Lakhs 10% - above 10 Lakhs |
| Security | Pledge of Gold ornaments duly appraised by the jewel appraiser regarding the purity of gold. |
Overdraft Against Jewels
| Borrowers | All our existing customers / New customers properly introduced (only firms) |
|---|---|
| Loan Amount | Rs.25,00,000 |
| Payment of Loan | Interest on Monthly basis |
| Rate of Interest | Rs. 4000/- per gram @ 13% P.A |
| Security | Pledge of Gold ornaments duly appraised by the jewel appraiser regarding the purity of Gold. |
Mortgage Loan
| Borrowers | All our existing customers / New customers properly introduced. For both salaried and non-salaried |
|---|---|
| Loan Amount | Rs.30,00,000 |
| Payment of Loan | 36 to 60 EMI’s |
| Rate of Interest | 12% - 15% P.A. |
| Security | Simple/ registered mortgage of property or Deposit of Title Deed of the property. |
Overdraft Against House Property (SOD)
“Increase in Quantum of Loan amount will be considered based on the Bank policy from time to time”.
| Borrowers | All our existing customers / New customers properly introduced. (only for firms and institutions) |
|---|---|
| Loan Amount | Rs.30,00,000 or 50% of the property value whichever is lower. |
| Payment of Loan | To be brought into credit one in a year, servicing of interest on monthly basis. |
| Rate of Interest | 15% P.A. |
| Security | Simple/ registered mortgage of property. |
