The Punjab & Maharashtra Co-operative Bank Ltd. (PMC bank) started its operations first time on 13th February, 1984. The bank was established with an aim to provide banking services that provides the customer utmost ease and convenience. Within a short span of just 16 years, it has achieved ‘scheduled’ status on 29/01/2000 and is the youngest co-operative bank to achieve the status.
Purpose: For purchase of consumer durables and utility articles such as fridge, washing machine, cooking range, computers, etc. under the head “Consumer Loan”.
Quantum of Loan: The amount of the loan depends on the cost of the consumer durable that has to be purchased as mentioned in invoice.
Margin: There is no margin for loans of amounts less than or equal Rs. 1 lakh. If the loan is of amount more than Rs. 1 lakh, then there is a margin of 25%.
Rate of Interest: The rate of interest of this personal loan is 14.5% per annum.
Repayment: Repayment has to be done in equated monthly installments (EMI). The maximum period for repayment of the loan is 60 months.
Security: Hypothecation of the article purchased is taken as security.
Guarantee: Guarantee of 1 or 2 third party solvent parties are required.