Saurashtra Gramin Bank is a Regional Rural Bank, was established under RRB Act, 1976 &
Three banks namely JRGB, JAGB & SBGB, new prompted by SBI since 1978.
These three Banks were amalgamated into one Bank namely Saurashtra Gramin Bank as per the Government of India directives since 02/01/2006.
The bank is actively involved in offering loans such as home loan, personal loans, car loan, education loan, business loans etc.
Purpose – Purchase of new/old cars
Eligibility – Age: 21 – 65 years; Professional and self employed Persons, Employees of Govt. / Semi Government or any other reputed institutions.
Agriculturist: 5 Acre irrigation or 10 Acre Dry land (cultivable if no other term liability is there); Trader, Manufacturers and others are eligible for the car loan
Quantum of Loan – Rs. 15.00 lakhs OR 30 times of net monthly income in case of salaried person. In other cases 2.5 times of net annual income
Repayment Period – Within 7 years for new vehicles; If old vehicle, repayment period should not exceed 7 years form original sale date.
Processing Charge – NIL
Margin – Up to Rs. 6 lakhs: 15 %; Above Rs. 6 lakhs: 30 %; For used car: 30% on valuation report from Govt. approved valuer.
Security – Primary: Hypothecation of vehicle, Advance post dated cheques or check off facility.
Collateral: Security by way of pledge of LIC / NSC to cover at least 35 % of value or Third Party Guarantee / Third Party Guarantee of Spouse