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 fund the different festivals like Diwali, Gurpurab, Basakhi, Durga Puja etc.
Eligibility – The loan is offered for Government or Non-Government employees, Public or Private sector undertaking or corporation employees having the confirmed services of at least two years and off cheque Facility.
Loan Limit – 3 times the Basic salary of the employee, maximum of 25000/-
Rate of Interest – Minimum of 14.0% (per annum)
Margin – No Margin
Security – Cheque of Facility, Third Party Guarantee which is acceptable to Bank
Repayment – 10 equated monthly installment