The bank was formed by amalgamation, on the 31st March 2006, of the five banks, sponsored by SBI, to participate more energetically, with synergy, in the uplift and development of Rural Farm Sector and Rural Non-Farm Sector, with emphasis on the deprived, the Rural Poor, Rural ISB and Rural Crafts. The bank offers home loan, personal loan, education loan, agricultural loan, business loan etc.
Purpose – To Provide hassle free revolving credit to customers based on the assessment of cash flow without insistence on security, purpose and end-use of the credit
Eligibility – All existing customers with more than 3 years of banking history with the branch are eligible for the loan
Quantum of Loan – Based on the assessment of income and cash flow of the entire household – 20% of the annual income or Rs 25000/- whichever is less.
Rate of Interest – For Maximum limit of Rs 25000/- the rate of interest is 13%
Repayment period – O/s should be cleared in yearly / half yearly / quarterly / monthly intervals or at least 20% of the amount should be repaid.
Security – No collateral security
Documents required – Application, DP Note and DP Note Take Delivery Letter, Arrangement letter