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 personal needs of a customer like medical emergencies, marriage, etc. where immediate liquid cash might be required.
Quantum of Loan: Maximum amount that can be granted as loan can be:
– 4.5 times the take home salary in case of salaried persons
– 3.5 times of the annual income as per the Income Tax Returns
Margin: 50% of the value assessed by Bank’s approved Architect / Valuer.
Rate of Interest: The rate of interest for loans is 14.00 % per annum and 15% for overdraft.
Repayment: Subject to Eligibility, for salaried person / proprietor the repayment period is 10 years and for others the repayment period is 7 years.
Security: Mortgage of immovable property is taken as security.
Guarantee: One solvent third party guarantee is required for loan amount above Rs. 3.00 Lakhs