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: This personal loan finances industrialists and small entrepreneurs who need finance for setting up plant & machineries, equipments, other movables such as furniture and fixtures, office equipments, etc.
Quantum of Loan: Loan amount covers the cost of the plant & machinery or movables as per invoice and agreement value or market value whichever is lower in case of second hand machineries.
Margin:
25 – 30%: In case of new machineries.
50%: In case of second hand.
Rate of Interest: 13.5% per annum
Repayment: Loan should be repaid by EMI within 60 months.
Security: Hypothecation of plant & machinery or movables purchased. Collateral Security can be insisted upon depending on size of Credit Facility, means of applicant, lending relationship with Bank & Credit Rating of the Borrower account.
Guarantee: Two solvent third parties.