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Malwa Gramin Bank – Festivals Loans

by BankBazaar.com Desk on    0 |

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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

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