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 provides financial assistance for holidaying and tours, both inland & foreign.
Eligibility: Salaried employees of reputed organizations, businessmen and self-employed professionals filing Income Tax returns are eligible for this personal loan.
Quantum of Loan: The maximum amount that can be granted as loan is Rs.1 lakh.
Rate of Interest: The rate of interest is 13.00% per annum.
Margin: There is a margin of 20%.
Repayment: The maximum period for repayment of loan is 24 months. The repayment has to be done through equated monthly installments through post dated cheques which have to be produced upfront.
Security & Guarantee: Two guarantors having regular source of income including any family member filing regular Income tax returns has to be there. Hypothecation of valuable items also has to be submitted.