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 finances higher education.
Eligibility: The student should be of minimum 18 years of age. Proof of admission needs to be submitted.
Quantum of Loan: The maximum amount of loan is Rs. 3 lakhs.
Rate of Interest: The rate of interest is 11%.
Margin: There is margin of 15%.
Repayment: The repayment of this personal loan has to be done in 60 months through equated monthly installments. (Including 12 months of holiday period)
Security & Guarantee: Two guarantors having a regular source of income including any family members filing regular Income Tax Returns is needed. 50% of loan amount to be secured against hypothecation of household items and the remaining 50 % of the loan amount to be secured by tangible security.