Greater Bank is The Greater Bombay Co-operative Bank Ltd which was formed in 1952. The bank focuses on serving the community with attractive deposits and lending schemes that are dynamic and adaptable to the changing times. Greater Bank offers a personal loan scheme to individuals who require finance for different needs. The loans are granted for tenures of 3 to 5 years. The bank has a wide eligibility criteria and offers attractive interest rates.
Loan Purpose: Greater Bank offers the personal loan scheme to eligible applicants who require money to fund genuine needs.
Loan Limit: The maximum loan amount granted by the Greater Bank is Rs.2 lakhs for individuals. For others, the maximum amount is subject to the net monthly earnings.
Tenure: The tenures offered on the personal loan differ between individuals and self-employed. For individuals, the tenure is 60 months, while the self-employed are granted 36 months.
Interest Rate: Interest is calculated on a daily reducing balance. Interest rates granted range between 14.5% and 16% per annum.
Security: Security is required in the form of personal guarantors and hypothecation of valuables.
Shareholding: Applicants will receive 1% share of the loan amount under regular membership. The personal guarantors will be made nominal members.
The following applicants are eligible for a personal loan from Greater Bank:
Security is required mostly in the cases where applicants do not receive their salary through ECS.
There are four different interest rates offered on the Greater Bank personal loan. The interest rate depends on the salary of the individual or the group tie up of the business. The interest is calculated on a daily reducing balance.
|Business exposure||Company||Interest rate|
|Under a Group Tie up with specific category companies who have a minimum business exposure of Rs.200 lakhs.||Confirmed employees of large corporates, multinational companies, limited companies, PSUs, Central and State Government and Professionals.||14.50% per annum|
|Under a Group Tie up with specific category companies who have a minimum business exposure of Rs.100 lakhs.||Employees of medium corporates.||15.00% per annum|
|Nil||For small companies.||15.50% per annum|
|Salary credit||Company||Interest rate|
|ECS salary credit not available||Employees of Private Limited Companies, Business Category||16.00% per annum|
The following is the list of documentation that applicants must submit to avail a personal loan from Greater Bank:
You can apply for a personal loan by contacting the nearest Greater Bank branch. The branch locations are available online on the Greater Bank website.
Greater Bank offers a maximum of Rs.2 lakhs to individuals under the personal loan scheme.
The personal loan is granted for any purpose you wish. Greater Bank offers finance for individuals to meet any genuine need.
Yes, you can still avail of personal loan. However, there should be a facility for the bank to be able to deduct the loan EMI amount every month from your bank account. The loan will be granted depending on your employment and the company you work for as approved by the Greater Bank Corporate Office.
You can submit any Government issued ID proof such as PAN card, Passport, Driver’s License, Aadhaar Card, Voter ID and so on.
ECS stands for Electronic Clearing Service. An ECS salary credit means that your employer deposits your salary into your bank account directly.