The Bank offers Personal Loan for various purposes such as meeting medical expenses, renovation of residential accommodation, traveling, marriage etc.
Eligibility : Individuals who are competent to contract as per Indian Contract Act.
Income : Net income of the person should not be less than Rs.5000/- p.m. in case of salaried persons and Annual Income of not be less than Rs.60,000/- in case of others.
Loan Amount : The maximum amount of loan is restricted to Rs. 2,00,000/- only.
Margin : Not applicable.
Security : Since it is a clean loan, security is not insisted upon. Collateral security in the form of Liquid security may be insisted upon depending on the merit of each case.
Guarantee : Personal guarantee of two solvent third parties is insisted upon.
Period of Loan : Loan may be repaid in 36/48/60 Equated Monthly Installments (EMI).
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is PLR + 4%, i.e. 17.50% p.a.
Service Charges : 1% of the loan amount (+ Service Tax + Education Cess) as applicable.
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“Life is where the home is”, it is said. House is the most sacred, peaceful, and loving place one can think of. Apart from owning a house, equip with all the comforts and modern gadgets is dream of all of us. The Bank helps in realizing our dream by financing the purchase of consumer durables and utility articles such as fridge, washing machine, cooking range, computers, etc. under the head “Consumer Loan”.
Eligibility : Individuals, professionals, self employed and businessmen.
Income : Net income of the person should not be less than Rs.5,000/ p.m. in case of salaried persons and Annual Income of not be less than Rs. 60,000/ in case of others.
Loan Amount :Cost or invoice value of the articles to be purchased subject to the maintenance of prescribed margin and subject to a maximum of Rs. 2.00 lakh.
Margin : If the loan amount is less than Rs. 50,000/- - Margin - Nil
If the loan amount is more than Rs. 50,000/- - Margin 25 %
Security : Hypothecation of the articles to be purchased.
Guarantee : One or two solvent third parties depending on Loan amount.
Period of Loan : Maximum period of loan is 60 months. It should be paid in EMI.
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is PLR +3%, i.e. 16.50% p. a.
Service Charges : 0.50% of the loan amount. + Service Tax + Education Cess as applicable.
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In the past, owning a car or two wheeler was matter of prestige and symbol of ones standard of living. Due to economic development and availability of variety of vehicles in the market, it has become a way of life. It leads to comfort of life and helps a person in his profession and vocation. It increases ones efficiency and income generation capacity. Realising this need of the person, the Bank has designed a loan scheme called “Car Loan Scheme"
Eligibility : Any persons such as individuals, professionals, self employed and businessmen. They may be individuals, proprietary Concerns, Partnership Firms, Joint Stock Companies, etc.
Income : The income of the person should such that he is in a position to repay the amount within the stipulated period.
Loan Amount : The loan amount covers the cost of the vehicle as per invoice, registration and one time tax in case of new vehicle and agreement value or market value, whichever is lower, in case of second hand vehicle after maintaining the prescribed margin.
Margin :
A) New Car/Jeep/Van
- 15% of invoice Value (Purchased from Authorised Dealer)
- + RTO one time taxes
B) Second Hand Car/Jeep/Van
- Upto 1 year Old – 30% margin on Purchase Value or Insured Declared Value
whichever is less.
- More than 1 year & Upto 2 years Old- 20% margin on Purchase Value or
Insurance declared Value whichever is less.
Security : Hypothecation of the vehicle to be purchased.
Guarantee :
New Vehicle - One solvent third party.
Second hand Vehicle - Upto 3 Lacs - One solvent third party
Above 3 Lacs - Two solvent third parties
Period of Loan :
New Vehicle - Maximum 5 years
| |
Max Rep. period |
Second Hand Vehicle upto 1 year |
48 months |
Second Hand Vehicle above 1 to 2 years |
36 months |
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is as follows:
| Period |
Rate of Interest |
Second Hand Car |
Upto 3 years |
12.50 % p.a. |
13.50 % p.a. |
Upto 4 years |
13.50 % p.a. |
14.50 % p.a. |
Upto 5 years * |
16.00 % p.a. |
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*Concession - 1.50 % if employed in blue chip company and 1.00% if 50% margin maintained.
Service Charges : 0.50% of the loan amount + Service Tax + Education Cess as applicable.
Prepayment Charges : If the loan is closed before 18 months, a charge of 3% of the loan amount will be levied. No charges are levied if the loan is closed beyond 18 months.
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“Two wheeler” is the vehicle of the common man. As service to the common man, two wheeler loan is considered by the Bank. The Bank grants the loan as Consumer durable loan.
Eligibility : Individuals, professionals, self employed and businessmen.
Income : Net income of the person should not be less than Rs. 5,000/ p.m. in case of salaried persons and Annual Income of not be less than Rs. 60,000/ in case of others.
Loan Amount : The loan amount covers the cost of the vehicle as per invoice, registration and one time tax in case of new vehicle
Margin :
Upto 50,000 - NIL
Above 50,000 - 25% of Invoice
Security : Hypothecation of the vehicle to be purchased
Guarantee : One or Two solvent third parties depending on loan amount.
Period of Loan : Maximum period of loan is 60 months. It should be paid in EMI.
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is PLR + 3% i.e. 16.50% p.a.
Service Charges : 0.50% of Loan amount + Service Tax & Education Cess as applicable.
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| LOAN AGAINST LIQUID SECURITIES: |
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In order to meet the unforeseen and urgent commitment, a loan against liquid security is sought for. Liquid security such as NSCs, KVPs, Life Policies, Govt. Bonds, shares, etc. invested ether for taxation or for any other purpose can be offered as security and avail the loan.
Eligibility : The applicant should be an individual pursuing any profession.
Income : Applicant should have sufficient income to repay the Loan with Interest.
Loan Amount :
In case of Overdraft against shares of reputed companies, Max. Amount of loan is Rs. 10.00 lakh.
In case of other securities such as Govt. securities a, NSCs, Life policies, etc. there is no limit for advance
Margin :
In case of Demat shares – 50 %
In case of L.I.C. Policies – 15% of Surrender Value
In case of other securities – 25%
Security : Pledge / Assignment of the Liquid Securities.
Guarantee : Not Applicable.
Period of Loan : Till the maturity of security or maximum period of 5 years in case of Term Loans whichever is lowest.
Rate of Interest : It is linked with PLR of the Bank.
Incase of Shares and Units of Mutual funds - PLR + 2% i.e. 15.50% p.a.
For Overdraft - 13.50% p.a.
For Term Load - 12.50% p.a.
Service Charges : 0.5% of loan amount + Service Tax + Education Cess as applicable.
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| LOAN AGAINST COMMERCIAL VEHICLES: |
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Commercial vehicles are used for transporting men and materials and hence a part of business activities. Bus, Trucks, Tempos, Jeeps, Tippers, Vans, JCB Loaders, etc are the various vehicles used in the business.
Eligibility : Any individuals who have a valid driving license or permit and reasonable experience in the line of business can approach the Bank for finance for purchase of commercial vehicle.
Income : Applicant The Debt Service Coverage Ratio should not be less than 1.5:1. In other words, the internal accrual should be 1.5 times more than the outgo on account installments and interest of the loan taken.
Loan Amount : The loan amount covers the cost of the vehicle as per invoice, registration and one time tax and body building in case of new vehicle and agreement value or market value whichever is lower in case of second hand vehicle after maintaining the prescribed margin, subject to maintaining sufficient margin, as prescribed by the Bank from time to time.
90% of Chassis
75% if Chassis + Body Build (From Dealer)
Second Hand Vehicle- 50% of Market Value
Margin : As mentioned above.
Security : Hypothecation of the vehicle to be purchased.
Guarantee : Two solvent third parties.
Period of Loan : Maximum period of loan is 60 months in case of new vehicles and 3 years in case of second hand vehicles. Loan amount should be repaid in EMI
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is 14.50% (PLR + 1%)
The concession in ROI will be given as per Credit Rating.
Collateral Security: No Collateral Security for loan amount upto Rs 15.00 lacs
Service Charges : 0.50% of the loan amount + Service Tax + Education Cess as applicable.
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Purpose :
- Purchase of Residential accomodation like flats, bunglows, row houses, etc.
- Construction of flat / house, bunglows, etc.
- Addition / Alteration to the existing Residential accomodation.
Period : The prepayment period may be ranging from 60 months to 180 months.
Margin :
A) In case of salaried persons where direct deduction is available
1. In case of New Flat : 10% on { Agreement value + Stamp Duty + Registration Fee +
Insurance of Flat + Amenities in flat (if agreement for the same is registered.)}
2. In case of Resale Flat : 10 % on { Agreement value or Market Value whichever is lower + Stamp Duty + Registration Fee + Insurance of Flat}
B) Others
10% of market value or agreement value whichever is lower.
C) In case of Loan Amount exceeds Rs. 25 lakhs
15% of the Agreement value or market value, whichever is lower + Stamp Duty + Registration Fee + Insurance of Flat + Amenities in Flat (if agreement for the same is registered.)}
Eligibility : Housing Loan can be availed by individuals, self employed, business man and professionals who desire to purchase house/flat and has regular income to repay the loan.
Loan Amount : The loan amount depends on the repaying capacity of the person. The maximum amount of loan is Rs. 50 lakh per applicant
Disbursement of Loan Amount : Loan amount will be disbursed to the seller / builder of the house/flat. In case of flat/house under construction from reputed Builders, amount will be disbursed in stages depending on the progress of construction.
Rate of Interest :
- Interest is calculated on daily products.
- Interest is charged on monthly basis.
- Interest rate is linked to Prime Lending Rate (PLR)
- If desired by the borrower Fixed Rate of Interest is applied, for first 5 years and thereafter automatically converted to Floating rate.
a) For Salaried person (offering Direct Deduction) : 11.50% p.a. (Floating)
b) For Others : 12.00% p.a. (Floating)
c) For All Other Category : 13.50% p.a. (Fixed for 5 years and thereafter Floating Rate applicable at that time)
Service Charges :
- Upfront processing charges of 0.5% of the loan amount
Maximum Rs. 5,000 for loan up to Rs. 25 lakhs
& Maximum Rs. 10,000 for loan above Rs. 25 lakhs.
- Legal & Valuation charges at actual.
- Search Report charges wherever applicable.
Security :
Prime : Flat / house proposed to be purchased
Collateral : Not insisted upon
Guarantee : Depending on the loan amount, the margin maintained and
whether or not salary deduction is available,guarantee of one or two persons is insisted upon.
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Some times, the borrowers need finance instantaneously and banks take time to process the loan and disburse the loan after documentation. In order to overcome this difficulty, the Bank lends money against the immovable property in the form of Mortgage Loan.
Eligibility : Any persons such as individuals, professionals, self employed and businessmen and industrialists They may be individuals, proprietary Concerns, Partnership Firms, Joint Stock Companies, etc.
Income : The income of the person should such that he is in a position to repay the amount within the stipulated period. In other words, the Debt Service Coverage Ratio should not be less than 1.5: 1
Loan Amount :
- 45 times of the take home salary in case of salaried persons.
- 3.5 times of the annual income as per the Income Tax Returns.
Margin : 50% of the value assessed by Bank’s approved Architect / Valuer.
Security : Mortgage of immovable property
Guarantee : One or two solvent third parties.
Period of Loan :
- For salaried person - 10 years
- For others - 7 years
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is as under:
14.50% - PLR + 1% - up to Rs. 5.00 lakh. for businessmen and salaries persons
15.50% - PLR + 2% - for loan above Rs. 5.00 lakh.
Concession in rate of interest to the extent of 1% is given to A rated customers.
Service Charges : 0.50% of the loan amount + Service Tax + Education Cess as applicable.
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| LOAN AGAINST PLAN & MACHINERY AND/OR MOVABLES: |
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Industrialists and small entrepreneurs need finance for setting up plant & machineries, equipments, other movables such as furniture and fixtures, office equipments, etc. Punjab and Maharashtra Co op. Bank Ltd. is eager to help them in their dream activities.
Eligibility : Any persons such as individuals, professionals, self employed and businessmen and industrialists They may be individuals, proprietary Concerns, Partnership Firms, Joint Stock Companies, etc.
Income : The income of the person should such that he is in a position to repay the amount within the stipulated period. In other words, the Debt Service Coverage Ratio should not be less than 1.5: 1
Loan Amount : The loan amount covers the cost of the plant & machinery or movables as per invoice in case of new vehicle ones and agreement value or market value whichever is lower in case of second hand machineries after maintaining the prescribed margin.
Margin :
25 - 30% :
In case of new machineries.
50% : In case of second hand.
Security : Hypothecation of plant & machinery or movables to be purchased
Guarantee : Two solvent third parties.
Period of Loan : Maximum period of loan is 60 months in case of new plant & machinery or movables and 3 years in case of second hand. It should be repaid in EMI.
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is PLR + 4% i.e.17.50%
Concession in rate of interest is given to as per Credit Rating.
Service Charges : 0.50% of the loan amount + service Tax + Education Cess as applicable.
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| CASH CREDIT AGAINST STOCKS & BOOK DEBTS: |
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The Bank provides fiancé to the business community for working capital needs in the form of cash credit. The working capital is required by them for the meeting the expenses of manufacturing, selling and administration. This becomes handy not only for the industrialists and small entrepreneurs but also to the traders, professionals and self employed persons. Financing working capital is the most popular way lending.
Eligibility : Any persons such as individuals, professionals, self employed, industrialists, traders and businessmen and industrialists They may be individuals, proprietary Concerns, Partnership Firms, Joint Stock Companies, etc.
Income : It depends on the capacity to service the debt and also on limit of advance.
Loan Amount : Depends on the business turnover and also per party limit fixed by the Bank from time to time.
Margin :
25% : Against Raw Materials
25% : Against Book Debts
Security :
Hypothecation of stocks and book debts.
Collateral securities of tangibles if needed.
Guarantee : Two solvent third parties.
Period of Loan : The loan is payable on demand. It is subject to annual review.
Rate of Interest : ROI is linked with the PLR of the Bank. At present, it is PLR + 4% i.e. 17.50% p.a.
Concession in rate of interest is given as per credit Rating.
Service Charges : As per bank Slab
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