Nainital-Almora Kshetriya Gramin Bank (NAKGB) was established on 26th March, 1983. It is sponsored by Bank of Baroda. Presently the bank has over 58 branches across 4 districts of Uttarakhand, Udham Singh Nagar, Nainital, Bageshwar and Almora.
The bank aims to provide banking facilities in rural area and provide financial assistance particularly to small, marginal, landless labourers and other weaker sections. NAKGB is a joint venture of Government of India, Government of Uttarakhand and Bank of Baroda. NAKGB has its headquarters situated in Nainital.
Purpose: This loan is granted to meet the expenses of marriage of daughter / son / dependent brother / sister or self.
Eligibility: Any individual below the age of 60 years, having sufficient income for the repayment of the loan can avail thispersonal loan scheme.
Nature of Credit: This is a Term Loan scheme.
Quantum of Loan: Two times of net annual income or Rs 2 lakhs whichever is lesser is the maximum amount that is granted as loan under this loan scheme.
Security: Equitable Mortgage, Pledge of NSCs, Assignment of LIC policies etc. (Value of collateral security should not be less than loan amount) are taken as security for the loan.