Saurashtra Gramin Bank is a Regional Rural Bank, was established under RRB Act, 1976 & Three banks namely JRGB, JAGB & SBGB, new prompted by SBS (now 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 – To offer financial assistance to salaried people to meet personal and business needs
Eligibility – Sufficient Cash flows to repay. Salary disbursed through our branch for Min. for 3 months. Employees of Government reputed PSU or Profit Making Public Limited Company with min of 1 year’s Confirm service.
Rate of Interest – 14%
Repayment Period – In EMI of 12 to 36 months as per capacity wishes of the borrower; Total deduction including EMI not to exceed 60% of salary; Renewal of loans may be considered after 24 Months.
Processing Charge – 1% of loan Amount
Margin – No Margin
Quantum of Loan – Minimum: Rs.30, 000; Maximum: RS.2, 50,000 or 15 NMI whichever is lesser
Security – For loan Up to Rs. 50,000/- : One TPG acceptable to the Bank; 4 Advance Post dated cheques for Quarterly EMI.
For Loan up to Rs. 50,001/- to Rs. 2, 50,000/-: Two TPG acceptable to the Bank; Advance Post dated cheques for Quarterly EMI.
Irrevocable letter of authority from borrower; Letter from employer accepting borrower’s authority letter