Personal Banking

Purpose
Business and consumption
Loan Limit
80% of the appraised value of the gold ornament or amount fixed by the bank per gram which ever is less.
Repayment
Within 12 months from the date of disbursement.
Security
Pledge of Gold Jewellery
Purpose of loan
For pursuing professional, graduation and higher education with in as well as out side India. However, capitation fees / donation are not financed.
Eligible persons
Loans can be granted only to Indian Nationals. The parent/guardian of the student should be a permanent resident of the area of operation of the Bank.
For study abroad
Only graduate and higher level studies in colleges/universities/ educational institutions out side India are eligible.
Quantum of finance
Need based finance up to Rs.10.00 lakh for study in India and Rs.20.00 lakh for study Abroad.
Eligibility conditions
The student should have secured admission through Entrance Test/Selection process.
Margin
Up to and including Rs.400,000/- Nil
Above Rs. 4,00,000/- >
For study in India 5 % on the basis of expenses
For Study abroad 15 % on the basis of expenses
Security (Common for both Inland and Foreign Studies)

The loan shall given jointly with parent/guardian in all cases. Up to Rs.400000/- no security.

For loans above Rs.400000/- mortgage of immovable property or pledge of approved securities valued equivalent to 100% of the loan amount & third party co-obligation.

0.5% Concession in rate of interest for girl students.
Repayment terms
1 to 7 years

PRAGATHI SNEHA (PSNL)

ELIGIBILITY
All confirmed employees of reputed Public Sector Undertakings, Central/ State / Semi-Government bodies, Corporations, Private Companies etc, whose salary is being disbursed through our Bank.
Against undertaking by the employer to remit the loan instalments of their employees in a single Cheque who avail loans by deducting the instalment amount out of their monthly salary for the credit of loan account of the concerned employee.
PURPOSE
To meet emergent needs.
QUANTUM OF LOAN
To the extent of 10 months gross salary or Rupees one lakh, whichever is less.
SECURITY
A Suitable co-obligation worth to the loan amount.
B Pledge of NSCs / KVPs / LIC Policies / Term deposits etc., if any available.
REPAYMENT
Repayable in 36 to 60 months or less in equated monthly instalments.

PRAGATHI MOBILE ( PMBL) (PURCHASE OF 4 WHEELERS)

ELIGIBILITY
All individual borrowers including professionals and reputed firms/ company with the following stipulations.
A Salaried individuals should have a minimum of Rs.1.50 lakh gross salary per annum with net take home salary of not less than Rs.7,500/- p.m.
PURPOSE
For purchase of brand new/used four wheelers.
QUANTUM OF LOAN / MARGIN
A Salaried individuals should have a minimum of Rs.1.50 lakh gross salary per annum with net take home salary of not less than Rs.7,500/- p.m.
B 24 times of monthly net take home salary or 2 years net income, whichever is less
In case of used vehicle the margin shall be 50 % of the value of vehicle as assessed by qualified Automobile Engineer or purchase price whichever is less.
REPAYMENT PERIOD
In 60 months in equated monthly instalments.
SECURITY
A Hypothecation of 4 wheeler (vehicle) proposed to be purchased.
B Co-obligation of a suitable person having regular income whose net worth is more than the loan amount.
C Collateral securities like Term deposits, NSCs, KVPs, LIC Policies etc.
D Equitable mortgage (EMT) of site/house/non-agricultural land, if available.

PRAGATHI CHAYA (PCHL)

ELIGIBLE PERSONS
1 Individuals engaged in income generating productive activities like trading, business, agriculture etc.,
2 Salaried individuals confirmed in the service.
3 Self employed persons like Medical Practitioners, Engineers, Architects, Chartered Accountants and others.
4 The age of the borrower should not be more than 55 years at the time of availing the loan.
QUANTUM OF LOAN (PRIORITY SECTOR)
In case of salaried persons, the maximum amount of the loan shall be restricted to 4 year’s gross salary. However, the borrower shall have 40 % net salary (after meeting the installment of the proposed housing loan) at the time of availing the loan.
In case of individuals engaged in business and self employed persons, the maximum amount of the loan shall be 4 years gross annual income. But in such cases, net annual income should be adequate to cover the loan instalments in a year.
The applicant’s income should be supported by following.
1 Salaried persons – salary certificate issued by the pay Drawing Officer and latest ITAO
2 Businessmen, Traders, Professional And Self Employed – Latest previous 3 years’ Balance Sheet and P&L account and STAO / ITAO.
3 Agriculturists - ROR copies, and supportive documents, wherever required.
SECURITY
1 Mortgage of the property.
2 Co-obligation worth to the loan amount irrespective of the loan limit.
REPAYMENT
10 years from the date of disbursement.

PRAGATHI MORTGAGE LOAN (PMTL)

PURPOSE
A To provide loans against the security of Mortgage of , residential & commercial building to the professionals, businessmen, salaried persons, Agriculturists, individuals for meeting genuine needs like marriage, education, Hospitalisation expenses etc.
ELIGIBILITY
A Customers having satisfactory dealings of minimum two years with the Bank.
QUANTUM OF LOAN
50% of the value of property proposed to be mortgaged
SECURITY
1 Mortgage of Non- agriculture landed property with building
2 Co-obligation acceptable to the Bank.
REPAYMENT
Maximum period of 7 years.

LOANS AGAINST APPROVED SECURITIES ( ASVSL / ASOD )

1 LOANS AGAINST LIC POLICIES
ELIGIBLE POLICIES
A Policies standing in the name of the borrower.
B Policies with fixed maturity and assignable.
MARGIN
15 % on the surrender value.
SECURITY
Assignment of L I Policies
REPAYMENT
A Within 4 years or within the maturity date of the Policy, whichever is earlier.
B In case of OD account, tenable for one year or within the maturity date, whichever is earlier.
2 LOANS AGAINST NATIONAL SAVINGS CERTIFICATES (NSCs) / KISAN VIKAS PATRA (KVPs).
ELIGIBLE POLICIES
The NSCs / KVPs standing in the name of applicant only to be considered. Individuals, Firms & Company/ies etc also eligible.
QUANTUM
As per the guidelines issued from time to time. At present the margin norms are as under:
i 90% of face value if the NSCs / KVPs are more than 3 years
ii 75% of face value if the NSCs / KVPs are 2 - 3 years
iii 60% of face value if the NSCs / KVPs are below 2 years
SECURITY
Pledge/lien of NSCs/KVPs
REPAYMENT
within 4 years or up to the maturity date of NSCs / KVPs whichever is earlier.