Sarva U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 4 RRBs (Uttar Pradesh Gramin Bank Meerut, Kisan Gramin Bank Budaun, Rani Laxmi Bai Gramin bank Jhansi AND Davi Patan Gramin bank Gonda).
The Bank has share Capital of Rs 6.00 Crore, subscribed by Central Government, Punjab National Bank and Government of Uttar Pradesh in the ratio of 50:35:15.The Bank has its Head Office in Meerut.
Purpose: This loan finances purchase of two-wheelers of models approved by the bank.
Eligibility: The applicant farmer should have a minimum of 1 acre agricultural land.
Quantum of Loan: 80% of the cost the vehicle as mentioned in the loan application is granted as loan.
Margin: There is a margin of 20% for this loan just like the car loan.
Rate of Interest: The rate of interest is 12.5% per annum.
Repayment: Repayment can be done in half yearly or annual installments. The maximum period within which the repayment has to be done is 5 years.
Security: Hypothecation of the vehicle is taken as primary security. Registered mortgage of land is taken as the collateral security for the loan.