North Malabar Gramin Bank is one of the 84 Regional Rural Banks operating in the country established under Regional Rural Banks Act 1976. The ownership is vested with the Government of India, Government of Kerala and Syndicate Bank. In the course of 30 years of existence, NMGB has established itself as a fundamentally strong and financially viable Regional Rural Banks in the country.
The Bank was established on the 12th of December 1976 with its Headquarters in Kannur (Kerala – India). The Bank currently has 178 branches with 2 Extension Counters viz, 78 branches in Kannur and 1 extension counter.
Purpose – The loan is offered for any personal needs on the customer.
Eligibility – Applicants with high integrity and having sufficient repaying capacity from known sources
Quantum of Loan – Minimum loan amount offered by the bank is Rs. 50000/-
Margin – 30% where asset is created and in all other cases 50%
Repayment – Within a maximum period of 84 months unlike other personal loan offered by the bank
Security – Mortgage of property worth more than double the value of the loan, Properties Consisting of buildings which are leased out or rented out will not be accepted, One Co-obligants having landed property worth more than the loan amount.