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 offer loan for the purchase of new two wheelers.
Eligibility – All existing agriculture borrowers having good track record with bank
Loan Limit – 75% of the Value of Vehicle, Maximum of 25000/-
Margin – 25 % of the value of vehicle
Security – Charge (hypothecation) on vehicle by the Bank, Letter of Guarantee from third Party.
Interest – 13% per annum
Repayment – 10 equal half yearly installments.