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.