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. 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 this scheme is to finance the modern household goods like Television, Refrigerator, Video, Washing Machine, scooter, car, A.C or any kind of Furniture.
Eligibility – The loan is offered for Government or Non-Government employees, Public or Private sector undertaking or corporation employees having the confirmed services from minimum of last 5 yrs.
Quantum of Loan – 75% of value of the goods, minimum loan amount is Rs. 10,000 /- and the maximum loan amount is Rs. 300000/-
Interest – Minimum of 14.0% per annum
Margin – 25%
Security – Cheque of Facility from Employer, third Party Guarantee which is acceptable to Bank, charge on all the items purchase by Loan amount, for loans above 25,000/-
Repayment – 30-60 equated monthly installments, extendable up to 84 months in deserving cases.