PURPOSE

The Bank offers Personal Loan for various purposes such as meeting medical expenses, renovation of residential accommodation, traveling, marriage etc.

LOAN AMOUNT

The maximum amount of loan is restricted to Rs. 2,00,000/- only.

PERIOD OF LOAN

Loan may be repaid in 36/48/60 Equated Monthly Installments (EMI).

RATE OF INTEREST

14.50* % p.a.

MARGIN

Not applicable.

GUARANTEE

Personal guarantee of two solvent third parties.

*Condition Apply

“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”.

PURPOSE

For purchase of consumer durables and utility articles such as fridge, washing machine, cooking range, computers, etc. under the head “Consumer Loan”.

LOAN AMOUNT

Cost or invoice value of the articles to be purchased subject to the maintenance of prescribed margin.

PERIOD OF LOAN

Maximum period of loan is 60 months. It should be paid in EMI.

RATE OF INTEREST

14.50* % p. a.

MARGIN

If the loan amount is less than Rs. 1,00,000/- - Margin - Nil
If the loan amount is more than Rs. 1,00,000/- - Margin - 25 %

GUARANTEE

One or two solvent third parties depending on Loan amount.

SECUTIRY

Hypothecation of the articles to be purchased.

*Condition Apply

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"

PURPOSE

To purchase a four wheeler

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.

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

Period	New Car / Jeep/ Van	Second Hand Car
Upto 3 years	11.50* % p.a.	13.50* % p.a.
Upto 4 years	13.00* % p.a.	14.50* % p.a.
Upto 5 years	14.00* % p.a.

MARGIN

A) New Car/Jeep/Van

    - 10% 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

No third party guarantee required*

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.

*Condition Apply

“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.

PURPOSE

To purchase a two wheeler.

LOAN AMOUNT

The loan amount covers the cost of the vehicle as per invoice, registration and one time tax in case of new vehicle.

PERIOD OF LOAN

Maximum period of loan is 60 months. It should be paid in EMI.

RATE OF INTEREST

14.50* % p.a.

MARGIN

Upto 1,00,000 - NIL

Above 1,00,000 - 10% of Invoice

SECURITY

Hypothecation of the vehicle to be purchased

GUARANTEE

One or Two solvent third parties depending on loan amount.

*Condition Apply

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.

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

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

For Overdraft - 13.50* % p.a.

For Term Load - 12.00* % p.a.

In case of Shares and Units of Mutual Funds - 13.50* % p.a.

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

One / Two solvent third parties

*Condition Apply

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.

PURPOSE

To purchase a vehicle for commercial use

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% of Chassis + Body Build (From Dealer)

Second Hand Vehicle - 50% of Market Value

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

14.50* % p.a.

MARGIN

As mentioned above.

SECURITY

Hypothecation of the vehicle to be purchased.

Collateral Security:

No Collateral Security for loan amount upto Rs. 20.00 lacs. If guaranteed by transport operator owning fleets 10 or more or any corporate guarantee as per Banks discretion.

GUARANTEE

One or Two solvent third parties depending on loan amount

*Condition Apply

Purpose

1. Purchase of residential accommodation like flats, bungalows, row houses, etc.
2. Construction of flat / house, bungalows, etc.
3. Addition / alteration to the existing residential accommodation.

Loan Amount

Maximum upto Rs. 50 Lakh per beneficiary of a dwelling unit.

Period

Ranging from 60 Months to 180 Months

Rate of Interest

Interest is calculated on daily products.

1] For low cost housing loan where the market value and the agreement value, both are upto Rs. 7 Lakhs, we offer a special rate of interest as follows:

i) Floating - 9.50* %p.a.
    
ii) Fixed cum Floating -

    A)

• For the 1st year of the Loan – 8.50* % p.a. (Fixed)
• For the 2nd year of the Loan – 9.00* % p.a. (Fixed)
• From the 3rd year onwards the floating rate prevailing at that time will be applicable

    B) 13.50* % p.a. (Fixed rate for 5 yrs & from the 6th year onwards the floating rate prevailing at that time will be applicable.)

2] For housing loan where the agreement value as well as the market value is higher than Rs. 7 Lakhs we offer the rate of interest as follows:

i) Floating -

• Loan amount upto Rs. 25 Lakh : Floating – 10* % p.a
• Loan amount above Rs. 25 Lakh to Rs.50 Lakh : Floating – 10.5* % p.a.

ii) Fixed cum Floating -

    A)

• For the 1st year of the Loan – 9.00* % p.a. (Fixed)
• For the 2nd year of the Loan – 10.00* % p.a. (Fixed)
• For the 3rd year of the Loan – 11.00* % p.a. (Fixed)
• From the 4th year onwards the floating rate prevailing at that time will be applicable.

    B) 13.50*% (Fixed rate for 5 yrs & from the 6th year onwards the floating rate prevailing at that time will be applicable.)

Margin

15% (on agreement Value + Stamp Duty + Registration Fees + Amenities in Flat if agreement for the same is registered)

*Conditions Apply

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.

LOAN AMOUNT

Maximum Loan Amount can be

- 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.

Subject to Eligibility

PERIOD OF LOAN

- For salaried person / proprietor - 10 years

- For others - 7 years

RATE OF INTEREST

For Loan - 13.00* % p.a.

For Overdraft - 14.00* % p.a.

MARGIN

50% of the value assessed by Bank's approved Architect / Valuer.

SECURITY

Mortgage of immovable property

GUARANTEE

One solvent third party guarantee for loan amount above Rs. 3.00 Lakhs

*Condition Apply

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.

LOAN AMOUNT

Loan amount covers the cost of the plant & machinery or movables as per invoice and agreement value or market value whichever is lower in case of second hand machineries after maintaining the prescribed margin.

PERIOD OF LOAN

Maximum period of loan is 60 months. It should be repaid in EMI.

RATE OF INTEREST

13.50* % p.a.

MARGIN

25 - 30% : In case of new machineries.

50% : In case of second hand.

SECURITY

Hypothecation of plant & machinery or movables to be purchased

Collateral Security:

Collateral Security can be insisted upon depending on size of Credit Facility, means of applicant, lending relationship with Bank & Credit Rating of the Borrower account.

GUARANTEE

Two solvent third parties

*Condition Apply

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.

PURPOSE

Working Capital for business

LOAN AMOUNT

Depends on the business turnover and also per party limit fixed by the Bank from time to time.

PERIOD OF LOAN

The loan is payable on demand. It is subject to annual review.

RATE OF INEREST

13.50* % p.a.

MARGIN

25% against stock and book debts.

SECURITY

Hypothecation of stocks and book debts.

Collateral securities of tangibles if needed.

Guarantee : Two solvent third parties.

*Condition Apply

Education loan is granted for higher studies in colleges in India and abroad in any educational field in college affiliated with recognized universities, medical colleges, technical institutions, pharmaceutical colleges, Information Technology etc, so that students from poor & middle classes as well as brilliant and needy students can take advantages of the scheme. [The scheme will not cover any correspondence course].

APPLICANT

If student is minor, Parents / Guardian will be applicant/s.

In case student is above 18 years of age, he/she will be the applicant for the loan. The parents will be co-applicants.

LOAN AMOUNT:

For Inland Education:

Minimum - Rs. 10,000/-

Maximum - Rs. 10,00,000/-

Abroad Education:

Minimum - Rs. 50,000/-

PERIOD

If course period is less than 3 Years - 84 Months (inclusive of total moratorium period)

If course period is more than 3 years - 120 months (inclusive of total moratorium period)

RATE OF INTEREST

For Male Student:

For Moratorium Period - 11.00* % p.a.

For repayment period - 12.00* % p.a

For Female Student:

For Moratorium Period - 10.00* % p.a.

For repayment period - 11.00* % p.a

MORATORIUM PERIOD

Course period +6 months (No moratorium period for loan amount below Rs. 1.00 Lakh

MARGIN

Inland - 10% on Total Expenditure*

Foreign - 15% on Total Expenditure*

*(Total Expenditure includes Tuition fees, Term fees, Living Expenses, Travelling, Cost of Books, Examination fees, etc.)
Scholarship should be included in the margin

NO MARGIN

a) For loan amount upto Rs. 2.00 Lakhs
b) If 100% Collateral Security is offered in the form of immovable property or Liquid Security

SECURITY

Collateral Security

1. If Loan Amount is upto Rs. 2.00 Lakhs - No Collateral Security.
2. If Loan Amount is upto Rs. 5.00 Lakhs - Tangible Securities (Bank’s FDR’s, Govt. Securities etc) or Movable Security (Vehicle) or Immovable Property - Minimum 60%.
3. If loan amount is above Rs. 5.00 Lakhs – Tangible Securities (Bank’s FDR’s, Govt. Securities etc) or Movable Security (Vehicle) or Immovable Property - Minimum 100%

GUARANTOR

1) Two Guarantors
2) In case 100% Collateral Security is offered in the form of Immovable Property or Liquid Security then, No Guarantor required

*Condition Apply