LOAN SCHEMES
RETAIL LOAN
Personal Loan Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Employees of Punjab Govt., PSU, Boards, Corporations, Aided Schools/Colleges, Universities, Public Sector Banks, Premier Medical Institutions, General Insurance Companies, Punjab State Cooperative Bank, District Central Cooperative Banks in the State of Punjab, Cooperative Organizations in the State of Punjab etc. No employee will be given this loan facility, who is defaulter in repayment of loan under any other scheme. |
| Purpose | Credit facility for meeting out socio-economic needs of employees. |
| Loan Limit | 20 times of gross monthly salary or Rs. 15 lakh which ever is less. However, it should be ensured that the carry home salary should be 40% of the gross salary after deductions. |
| Margin | No margin money required. |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Maximum 10 years. |
| Collateral Security | One Good Guarantee as per satisfaction of the bank. |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Consumer Loan to Salary Earners
| Type | Remarks |
|---|---|
| Beneficiary | Individual Salary Earners and Non salary earners holding Saving bank/current account with the Bank. |
| Purpose | For the Purchase of Consumer Durables and meeting other Socio Economic Needs. |
| Loan Limit | 20 times of gross monthly salary or Rs.3.00 lac or whichever is less. However, it should be ensured that the carry home salary should be 40% of the gross salary after deductions. In case of non-salary earners, the amount of loan shall not exceed Rs.50,000/- per borrower or 75% of the cost of the article to be purchased whichever is less. |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Maximum 5 years. |
| Collateral Security | One Good Sureties as per satisfaction of the bank. |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Overdraft Facility to salaried employees having Salary Account with Coop. Bank
| Type | Remarks |
|---|---|
| Beneficiary | The beneficiary will be a regular/permanent employee of Punjab Govt., Semi Govt., Autonomous Bodies, Boards & Corporations, Apex, District, Cooperative Institutions or any other organization with the approval of BOD, whose salary is being credited in the saving account of bank branch. |
| Loan Limit | Maximum 3.00 lakhs |
| Margin | No margin money required. |
| Rate of Intt. | As decided by Bank from time to time. |
| Repayment period | Renewable each year |
| Collateral Security | Two Good Sureties as per satisfaction of the bank. |
Urban Housing Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Individual and members of Coop. House Building Societies. |
| Purpose | Purpose Purchase of built up houses, construction of new house, repairs/ Renovation and addition of existing house in urban areas. |
| Loan Limit | The Maximum loan amount will be Rs.75.00 Lakh per borrower, however, in case of bank having net worth less than Rs 100 crore, the limit will be Rs. 50.00 lacs subject to other terms and conditions of the scheme. For repairs/ renovation/ addition/ alteration is Rs 1.00 Lakhs (As per RBI Letter) Loan amount for purchase of plot shall not exceeds 50% of the total loan sanctioned. Maximum age limit is 65 years at the time of maturity of the loan.. |
| Margin | 25% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Maximum 15 years. |
| Collateral Security | House property to be financed by the bank. |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Sehkari Education Loan Scheme
| Type | Remarks |
|---|---|
| Purpose | To provide financial assistance to deserving and meritorious students. For pursuing higher studies in India or abroad. |
| Loan Limit | Maximum amount upto Rs.20.00 Lakh |
| Margin | No margin required. |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | The recovery of principal amount will start after one year of total duration of course or after 6 months of getting the job/employment by the applicant whichever is earlier. However during the moratorium period the interest will be recovered on monthly basis. After moratorium period the loan will be recovered in maximum period of 60 months. |
| Collateral Security | The loan scheme can be availed by wards of salaried employees of the cooperative Banks and Punjab Government/Chandigarh Administration and the employees of their Boards, Corporations as well as non-salary earners subject to submission of adequate income proof. Securities In case of salaried employees: No collateral Security shall be taken for loan upto Rs. 5.00 lac in case of parents/ guardian of student is salaried employee of Punjab Govt./ Apex and Central Cooperative Institutions/ Board/ Corporation. However an undertaking/ irrevocable letter authorizing DDO/ Employer for deduction of installment of loan u/s 39 of the Punjab Cooperative Societies Act 1961 shall be obtained. In case loan is above Rs.5.00 lac, the loan will be advanced against collateral security valuing 150% of the amount of loan. The collateral security can be in the form of land/building, NSC/KVP/LIC Policy /Bank deposits. In case of employees of PSCB/DCCB: No collateral Security shall be taken for loan upto Rs. 15.00 lac in case of parents/ guardian of student is salaried employee of PSCB/DCCB. However an undertaking/ irrevocable letter authorizing DDO/ Employer for deduction of installment of loan u/s 39 of the Punjab Cooperative Societies Act 1961 shall be obtained. In case of other than salaried employees: No collateral Security shall be taken for loan upto Rs. 1.00 lakh. In case of loan above Rs.1.00 lakh, the loan will be advanced against collateral security valuing 150% of the amount of loan. The collateral security can be in the form of land/building, NSC/KVP/LIC Policy/Bank deposits. In addition to above in all categories mentioned above, one guarantor known to the bank will also be taken. |
Vehicle Loan Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Individual, Firm, HUF, Companies, Trust and Cooperative Societies. |
| Purpose | For the purchase of new vehicle for business and personal use. |
| Loan Limit | Maximum amount up to Rs.15.00 Lakh |
| Margin | 10 to 25% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Maximum 8 years in monthly or half yearly for Farmers. |
| Collateral Security | Hypothecation of the vehicle. |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Sehkari Gold Loan (SeGOL) Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Individuals above 25 years of age, Any individual (singly or jointly) with Steady/any source of income including Bank’s Employees. Borrower with age above 18 years & upto 25 years will also be eligible with the condition that co-applicant with age of 25 years & above and earning member from his/her family, must be ensured. Initially the scheme will be implemented only in Main Head Quarter Branch Office situated at DCCB Level/Apex Bank having strong room and proper security arrangements. |
| Purpose | To provide financial assistance for meting out emergency expenses, personal requirement of individuals, such as house repair, marriage, medical treatment, educational purpose, consumption expenses etc. |
| Loan Limit | 65% of current market value of Gold (Ornaments etc.) depending upon market scenario. The Branch Manager to ensure and check the daily price of gold as per its card rate. The current value of Gold can be considered to be on fortnightly basis that is on first and fifteen of the month. The loan will be disbursed directly into saving/current account of the borrower. a) Minimum Loan Amount-Rs.25,000/- b) Maximum Loan amount-Rs.2.00 Lakh |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | The period of the loan shall not exceed 12 months from the date of sanction. The interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction. |
| Collateral Security | Gold (Ornaments & coins issued by Banks/Post Office/jewelers) having purity of 18 carat or above. |
| Processing fee | 0.50% of sanctioned amount plus applicable GST shall be recovered from the borrower upfront. |
| Valuation charges | Appraiser fee: 0.25 % of the loan amount subject to a minimum of Rs.500/-. The valuation charges will be borne by the borrower at the time of sanction of the loan. |
E-Rickshaw Loan Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Any Individual or transport operator |
| Purpose | Purchase of E-Rickshaw for commercial use |
| Loan Limit | For New E-Rickshaw only: 85% of the on road price or Rs.1,00,000/- (Rupees One Lakh only) whichever is less. The Battery repLakhement after one year shall be borne by the borrowers from his own sources. |
| Margin | 15% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | The loan amount along with interest will be repaid in a maximum period of 36 months by monthly installments. |
| Collateral Security | Primary: Vehicle purchased with the amount of the loan will remain hypothecated to the Bank as security of the advance. Collateral: Nil. One Guarantor known to the bank. |
| Processing fee | As fixed by PSCB/DCCB from time to time. |
OTHER LOAN
Direct Loan To Joint Liability Group (JLG)
| Type | Remarks |
|---|---|
| Beneficiary | a) The scheme will be implemented on the lines of financing individuals in the Joint Liability Group. b) Joint Liability Group means such informal groups wherein the number of members shall be four. c) Every member should be from different families but same social environment and involved in same economical activities. |
| Purpose | The objective of scheme is to extend collateral free loans to self employed ladies, unemployed or low-income individuals through JLG formed through MPCASS/MPCS/FLC Counselors as business correspondent. |
| Loan Limit | Considering that the loan to be granted is against the mutual guarantee offered by the group, maximum amount of loan will be restricted to Rs. 1,00,000 per individual. |
| Margin | Nil |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | 30 months |
| Collateral Security | However, the mutual guarantees offered by the members will be taken. |
| Processing fee | As fixed by PSCB/DCCB from time to time. |
Saral Vyapar Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Individual, Sole Proprietor/Partnership Firms, Private Limited Companies engaged in manufacturing, service and trading activity. A few examples: Retail traders in Fast Moving Consumer Goods (FMCG)/ Textiles/ Readymade Garments/ Watches/ Luggage /Consumer Durables / Tiles & sanitary ware/ Book Stores/ Cement/ Pharmaceuticals, dealers in groceries, jewellers, Dhaba/Restaurant owners, carpenters, sweet shops, barbar shops etc. Current account customers (saving bank account holder in case of proprietorship firms) maintaining satisfactory relationship with us/other banks from last one yearand engaged in manufacturing/trading/servicing activity. |
| Purpose | A-To meet working capital requirement (WCTL). B- Term Loan-To meet financing need for development/renovation of shop or purchase of equipment/furniture. |
| Loan Limit | Maximum amount up to Rs.5.00 Lakh. |
| Margin | 15% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Renewable on annual basis |
| Collateral Security | Equivalent to minimum 150% (collector value) of the loan amount in the form of built up immovable property either residential or commercial. Open plot within municipal limits with proper demarcation can also be accepted as collateral security. The value of construction shall be taken as maximum amount of Rs.1000/- per sq. ft. for A Class construction. |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Cash Credit Facility to Traders
| Type | Remarks |
|---|---|
| Beneficiary | Individual, Sole Prop, Firm, Coop. Societies or a company doing manufacturing / trading business/ providing services having an assured income. |
| Purpose | For meeting working capital requirements of business. |
| Loan Limit | For new units-The maximum amount of Cash Credit Limit under these Rules shall be Rs. 25 Lacs. For existing Regular Limit in the books of Bank from last 3 years, if the borrower desires to increase the limit as per his eligibility, the maximum amount of Cash Credit Limit under these Rules shall be Rs. 40 Lacs as per eligibility. |
| Margin | 25% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Renewable on annual basis |
| Collateral Security | Immovable properties for the value of 150% of the loan amount If loan exceed Rs 50000/- |
| Processing fee | 0.50% of the loan amount sanctioned with minimum of Rs.500/- and maximum of Rs.5000/- per loan case. |
Sehkari Green Energy Loan Scheme
| Type | Remarks |
|---|---|
| Beneficiary | Loan may be advanced only to individuals/entities/institutions whose past track record is good. |
| Purpose | Installation of solar panels |
| Loan Limit | Maximum 85% of the total project cost or Rs.15.00 lakh whichever is less for institutions like schools, colleges, hospitals etc. and upto Rs.5.00 lakh for an individual and upto Rs.3.00 lakh in case of financing through MPCASS. |
| Margin | 15% |
| Rate of interest | As decided by Bank from time to time. |
| Repayment period | Loan shall be advanced for maximum period of 5yesrs. Loan will be repaid in EMIs. |
| Collateral Security | Hypothecation of assets created out of Bank’s loan. Mortgage of immovable property (150% Collateral) in case loan amount is more than 1 Lakhs. One guarantor known to the Bank. In case of salaried individual, collateral security is not required. If the applicant or the co-applicant who is a Punjab Govt./Central Govt./PSU/Co-operative Sector employee and directly approach the bank for this loan then collateral security can be waived upto a loan amount of Rs.5.00 lakh. |
| Processing fee | As fixed by PSCB/DCCB from time to time. |