North Malabar Gramin Bank is one of the 84 Regional Rural Banks operating in the country established under Regional Rural Banks Act 1976. The ownership is vested with the Government of India, Government of Kerala and Syndicate Bank.
The Bank was established on the 12th of December 1976 with its Headquarters in Kannur (Kerala – India). The Bank currently has 178 branches with 2 Extension Counters, 78 branches in Kannur and 1 extension counter, 48 branches in Kasargod district, 9 branches and 1 extension counter in Waynad district, 16 branches in Ernakulum, 11 branches in Kottayam district, 7 branches in Alappuzha district and 9 branches in Kollam district.
Purpose – The scheme intends to provide loans for purchase of new four wheeler vehicles only
Eligibility – Only professionally qualified Doctors/Engineers/Chartered Accountants who are engaged in Self Employment ventures are eligible under the scheme. Those who are working in Government service are not eligible unlike other car loan.
Amount of loan – The loan amount shall be limited to 85% of the cost of vehicle.
Security – Hypothecation of vehicle, one credit worthy co-obligant
Repayment – The loan is to be repaid in 60 monthly installments including an initial repayment holiday of three months.