Malwa Gramin Bank – Kisan Gold Card

By | April 14, 2011

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. The bank is mainly involved in offering help to the farmers in the rural areas; it offers home loan, personal loan, educational loan, festival loans etc.

Purpose                      – The main purpose of the Kisan Gold Card is to invest in improvement of agriculture land, water resources, agriculture Machinery and tools, stock and sheds etc.

 

Eligibility                     – All the Farmers (Kisans) with good Track Record with Bank

 

Loan Limit                  – 1.loan amount is 5 times of the annual agriculture income, 2.50% of the mortgaged land’s value, besides the above said facts the loan amount must not exceed 10 lakh

 

Margin                         – 10 % of the Project Cost

 

Security                      – Charge on the goods financed by the Bank, mortgage of the land valuing 200% of the loan amount

 

Interest                      – 10.5% for loan up to Rs. 200000/-, 12% for loans more then Rs.200000/-

 

Repayment                 – 6-7 years in equal half yearly installments

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *