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 is involved in offering home loan, personal loan, educational loan, auto loans etc.
Purpose – The scheme aims at widening the existing marketing facilities for rural non-farm products.
Eligibility – Registered institutions, Association of Producers, Individuals etc.
Investment – Cost of construction of a new marketing outlet or cost of renovation or expansion of existing outlet and equipping it with the required facilities like sales counters, storage shelves, furniture etc.
Amount of loan – Up to a maximum of Rs.25 lakhs
Margin – 25% of the project outlay
Repayment – 3 to 10 years including initial moratorium period of 12 to 18 months, depending on cash flow projections