The Greater Bombay Co-operative Bank Ltd, more popularly known as Greater Bank, was established over five decades ago on 10th December 1952. The bank was established with a single motto of serving the society in large. In 1996, the bank achieved the “Scheduled Bank “status. The Bank has been functioning very well in the recent years and has successfully crossed a deposit mark of more than Rs.1200 crores and a business mix of more than Rs. 2000 crores.
Purpose: This loan can be availed for any personal / business / any other needs of an individual.
Eligibility: Any person having sufficient capacity to repay the loan can avail this personal loan.
Quantum of Loan: The quantum of loan can vary from Rs. 5,000/- to Rs. 15,000/-.
Rate of Interest: The rate of interest is 14% per annum fro loans of up to Rs. 1 lakh. Foe loans above Rs. 1 lakh the rate of interest is 13% per annum.
Margin: In case of non hall- marked gold kept as security the margin is 30%. In case of hall- marked gold being the security, the margin is 25% only.
Security & Guarantee: The gold ornaments are pledged to the bank which is taken as the security for the loan.