Sarva U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India…
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 Regional Rural Banks ( Uttar Pradesh Gramin Bank Meerut, Kisan Gramin Bank Budaun,Rani Laxmi Bai Gramin bank Jhansi AND Davi Patan Gramin bank Gonda). The Bank has its Head Office in Meerut.
Purpose: To meet urgent requirements of personal nature as education, marriage of children family functions, Medical Expenses etc. this loan scheme can be utilized.
Eligibility: Permanent employees of institutions including School/Collage PSU’s maintaining SF/CA at the bank in which salary is being credited and Confirmed Govt. employees of Central/State Govt./Teachers are eligible for this loan. The applicant should have a minimum Net monthly Income of Rs.5000/-p.m. at Semi Urban & rural centers ,Rs.7000/-p.m. at urban centers. Carry home pay should not be less than 50% of gross salary.
Quantum of Loan: Term Loan of Rs.10,000/- to Rs.3,00,000/- or 10 times of net monthly Income whichever is lower is granted as personal loan.
Margin: There is no margin for this loan.
Rate of Interest: The rate of interest is 13% per annum. The interest is calculated on a quarterly compounding basis.
Repayment: The repayment has to be done within 48 equated monthly installments.
Security: Two guarantees acceptable to the bank are