Punjab & Maharashtra Co-operative Bank Ltd. – Personal Loan

By | March 29, 2011

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: The Bank offers Personal Loan for various purposes such as meeting medical expenses, renovation of residential accommodation, traveling, marriage etc.

Quantum of Loan: The maximum amount of loan that can be obtained is Rs.2 lakhs.

 

Margin: There is no margin for the loan.

Rate of Interest: The rate of interest of the personal loan is 14.5% per annum.

Repayment: The repayment of loan can be done in equated monthly installments (EMI) in 36 / 48 / 60 months.

Guarantee: Personal guarantee of two solvent third parties are required.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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