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.
Purpose – The main purpose of this scheme is to buy, repair and maintain the house.
Eligibility – The home loan is offered based on the income of the Borrower
Quantum of Loan – As per requirement and merits of each case
Rate of Interest – Minimum of 12.5% (per annum)
Margin – 20%
Security – Mortgage of the home which is to be repaired, constructed or purchased, in case it is found insufficient to cover the loan, additional 3rd party guarantee with the security is obtained
Repayment – 10 – 20 years in monthly or half yearly installments