FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Malwa Gramin Bank – Festivals Loans
Malwa Gramin Bank is a project of State Bank of Patiala. The Bank was established on 27th Feb 1986. It is 100 % computerised on CBS platform. At present the Bank is operating in 371 villages with 53 branches and is operating in 5 Districts of Punjab.
The Bank has achieved tremendous growth in business during the year 2010-11. In bank’s deposits grew to the level of Rs. 563.84 crore with a net increase of Rs. 52.11 crore over 2009-10. The advances of the Bank grew to the tune of Rs. 471.62 crore, a net increase of Rs. 61.18 crore over 2009-10. The bank is mainly involved in offering help to the farmers in the rural areas; it offers home loan, personal loan, festival loans etc.
Purpose – The main purpose of the scheme is to fund the different festivals like Diwali, Gurpurab, Basakhi, Durga Puja etc.
Eligibility – The loan is offered for Government or Non-Government employees, Public or Private sector undertaking or corporation employees having the confirmed services of at least two years and off cheque Facility.
Loan Limit – 3 times the Basic salary of the employee, maximum of 25000/-
Rate of Interest – Minimum of 14.0% (per annum)
Margin – No Margin
Security – Cheque of Facility, Third Party Guarantee which is acceptable to Bank
Repayment – 10 equated monthly installment