Loans in Pragati Grameena Bank Sindhnoor

Loan Advances by Pragati Grameena Bank:

The banking industry has achieved tremendous progress during the past few years.  Many new banks and financial institutions have entered into the market.  Each one has made rapid strides towards achieving the ultimate objectives of attaining leadership in the banking industry.  This year can easily be termed has the year when loan become fast moving financial goods.  The short fall in interest rates not only brought huge treasure profit for banks, but it also changed the nature of Indian Banking System from servicing a few thousand corporate customers to lakhs of retail customers.  In the recent banking scenario, the loan as a products of gaining importance competitions in the market.  Banking and other non-banking companies are offering in their way. 

Regional Rural Bank:

The Concept of Regional Rural Banks was introduced to the India Banking Industry on 2^nd Oct, 1975 when 5 Regional Rural Banks were established under the Regional Rural Banks Ordinance, 1975.  Later on Regional Rural Banks Act, 2976 replaced the ordinance.   Number of Regional Rural Banks has now reached to 196.

The objective behind setting – up of Regional Rural Banks.  was to promote an organization for development of rural economy where affairs would be con ducted in a commercially organized manner and having local and rural feelings.  Each Regional Rural Banks is sponsored by a Commercial Banks.

Originally at the time of passing of the Act, authorized share capital of  regional Rural Banks was Rs. One crore divided into one lakh shares of Rs. 100 each.  It has been raised to Rs. 5 crores as authorized capital and Rs. 1 crore as paid up Regional Rural Banks (Amendments- Act 1987. Share capital is subscribed by central Government (15%) and Sponsored Bank (35%).

The Regional Rural Banks can carry on its specified area of one or two districts. Regional Rural Banks can have maximum 100 branches.  Each Regional Rural Bank is expected to cover about one crore population.

Banking now a days is not just a transaction nor is it about just receiving on application nor just about operating of an amount nor just issuing a pay order or making a cash payment.  Loans provide the opportunity to catch the customer young an grow with him through his life cycle by catering to their growing needs and aspirations, in term of his requirement for form equipment loan, house loan and vehicle loan for agriculturists.

Pragati Grameena Bank after us wide verity of loan products to suit your requirements.  Coupled with convenience of networked branches ATMs and facility of E-channels like internet and mobile banking, Pragati Grameena Bank brings banking at your door step. Select any of our loan product and provide your details online and our representation will contract you for getting loans.

Pragati Grameena Bank provides home loans to their customers.  Pragati Grameena Bank home loans offers some unbeatable benefits to its customers doorstep service, simplified documentation and guidance through out the process its really easy.

Customer Services Provided by Pragati Grameena Bank, Sindhanoor

CUERRENT ACCOUNT:

It is a type of account which is used by Businessmen (Traders. Firms. Companies & Govt. agencies etc). Here the interest will not be added to the deposited amount. The person can withdraw as may times as he wished & withdrawals are possible through cheques & vouchers. A service charge is charged on the client annually.

BANK ACCOUNT:

It is a type of account where the client can open an account with the minimum amount of Rs.250/- or even nil in special schemes. Here the interest is added on the deposited amount and if the money withdrawal exceeds Rs.25.000 - then it is taxable. 35% interest charged on monthly balance. The depositor can drawn money any time ugh vouchers or cheques. Here generally there is no restrictions on withdrawals & credits for saving & no time limit regarding maturity. In this account address proof & ID proof is compulsory for depositor & other then Govt. Individual accounts photo is compulsory.

RM DEPOSIT ACCOUNT

It is a type of account where the minimum period is 15 days to 120 days. Here Monthly interest can be with drawn from the account.

SPECIAL TERM DEPOSIT ACCOUNT:

It is a type of account where the minimum period of 12 months to 120 months interest and principal amount can be withdrawn after monthly period.

RECURRING DEPOSIT ACCOUNT:

It is a type of account which is monthly investment scheme, where the client in invest fixed amount every month. It can be withdrawn after the maturity period. can this account amount is fixed for fixed term in monthly installment. The limit is 10,000 (individual ale). It have higher rate of interest like term deposits are allowed in exceptional cases. The maximum period is 120 months to 10 years in this ale time limitation is their.

FIXED DEPOSIT ACCOUNT:

It is a type of account where the interest rate is very high compared to other accounts, the minimum period of deposit 15 days & maximum period 120 months. The depositor has choice to receive interest on portion 9monthly, quarterly, half yearly). Otherwise accumulative interest is deposited to deposit. Pre-mature close up ale’s is allowed loan facility is available up to 75% is allowed. If interest is 10,000 per year than depositor has to pay income tax.

Loan Products of PGB

Crop Loans:

Purpose: For raising different types of field crops.

Eligibility: All the formers are eligible.

Loan Amount: As per Scale of finance / need base for different kinds of crops.

Disbursement: Immediately after sanction and documentation.

Security Margin: Upto Rs.50,000/- Loan agreement above Rs.50,000/- Equitable / registered mortgage on landed property margin : 10%

Repayment: After harvest and marketing of agriculture produce.

Records to be provided:

a)       Loan amount upto Rs.50,000/-

i)        ROR

ii)       Holding Certificate

iii)      No due certificate

iv)      Photos (3)

b)       Above Rs.50,000/-

i)        ROR

ii)       Holding Certificate

iii)      No due certificate

iv)      Photos (3)

v)       Encumbrance certificate (13 years)

LOAN AGAINST WARE-HOUSE RECEIPTS

a)                 Purpose :- Any purpose

b)                 Eligibility :- Farmers having land and stored their  produce at State ware-house or Central  ware-house corporation.

c)                  Loan amount :- 70% of the market value of the agriculture
produce stored.

d)                 Disbursement pattern:- Single installment immediately after
Completion of documents.

e)                 Security Margin :- Pledge on ware-house receipts.

f)                   Repayment :- Within the stipulated date of ware-house
Corporation.

g)                 Records to be produced :- 1) Warehouse receipt – State or Central
2) Pledge note from warehouse corporation.

Minor irrigation including lift irrigation:

a)                 Purpose : New well, bore-well, SIP set, IP set, DP set, Pipe line, sprinkler and drip irrigation etc.

b)                 Eligibility : All the farmers owning minimum of 3 acres of land.

c)                  Loan amount : As per NABARD unit cost.

d)                 Disbursement : For development activity in the field, in stages, and purchase of assets as per quotation  directly to the dealer.

e)                 Security & Margin:

1) 1.Loan up to Rs.50,000/-:

i) Loan agreement and hypothecation of moveable assets.

2) 2.Above Rs.50,000/-:

i) Hypothecation of assets created.

ii) Equitable/registered mortgage of landed property.

Margin : 10-25% depending on cost of the scheme.

f)                   Repayment : 5 years to 10 years depending on the scheme.

     1) Minor irrigation including lift irrigation:

g)                 Records to be produce:

          Loan up to Rs.50,000/-:

          i) ROR, Holding certificate, No due certificate.

          ii) To purchase IP set, Pipeline – quotation.

          iii) For lift irrigation : Water lifting permission from department of  Minor Irrigation

Loan above Rs.50,000/-:

i) ROR, Holding certificate, no due certificate.

ii) 13 years emcumberance certificate.

iii) Legal opinion on landed property.

iv) IP set, pipeline, drip sets, sprinkler sets, SIP set etc.,: Quotation.

v) Passport size : 3 photos.

LAND DEVELOPMENT:

a)                 Purpose: For leveling, bonding and silt application.

b)                 Eligibility: All the farmers owning the landed property.

c)                  Loan amount: Rs.4000/- per acre.

d)                 Disbursement: In stages by seeing the progress work pattern.

e)                 Security or Margin:

i) Loan up to Rs.50,000/- : Loan agreement.

ii) Loan above Rs.50,000/- : Equitable/registered mortgage on landed property.

iii) Margin: 10%

f)                   Repayment: 11 years with one year grace period.

g)                 Records to be provided:

     i) Loans up to Rs.50,000/- :

ROR

Holding certificate

Photos – 3

No-due certificate

ii) Loans above Rs.50,000/-

ROR

Holding certificate

13 years EC

Legal opinion on landed property

Photos 3

No due certificate

FARM MECHANISATION:

1.                 Purpose : To purchase tractor+trailor and agriculture equipments.

2.                 Eligibility : Farmer should own 6 acres of perennial irrigated  (12 months) or 15 acres of dry land.

3.                 Loan amount: As per quotation of tractor+trailor+ agriculture implements.

4.                 Disbursement: Directly to the dealer as per quotation enclosed. pattern.

5.                 Security and Margin:

a)                 Hypothecation of tractor+trailor+implements purchased out of bank finance.

b)                 Equitable/registered mortgage of landed property offered as a security.

c)                  Margin : 10-15% of project cost.

6.                 Repayment: 18 half-yearly installments with a grace period of 11 months.

7.                 Records to provided:

a)                 ROR – 5 years.

b)                 Holding Certificate

c)                  No due certificate

d)                 13 years EC

e)                 Legal opinion on landed property

f)                   Quotation for tractor + trailor + implements

g)                 Photos-3

PLANTATION AND HORTICULTURE CROPS :

a)                 Purpose: To promote and encourage farmers to grow different kinds of fruits crops in available infrastructure.

b)                 Eligibility: All the farmers having irrigation source are eligible for loan.

c)                  Loan amount: As per NABARD unit cost and infrastructure to be develop for growing of fruit crops.

d)                 Disbursement: Disbursement of loan amount as per the schedule in pattern stages.

e)                 Security Margin:

Loan up to Rs.50,000/-:

Loan agreement and hypothecation of moveable assets.

Loan above Rs.50,000/-:

     Loan agreement.

Hypothecation of moveable assets created.

Equitable / registered mortgage on landed property offered as security.

Margin : 10-15% of the project cost.

f)                   Repayment : 5-10 years depending upon hypothecation of fruit crops grown and the return on the same.

g)                 Records to be provided:

i)        Loans up to Rs.50,000/- :

     1. ROR - 5 years.

2. Holding certificate

3. Photos – 3

4. No-due certificate

ii)       Loans above Rs.50,000/-

1. ROR-5 years

2. Holding certificate

3. 13 years EC

4. Legal opinion on landed property

5. Photos 3

6. No due certificate

DAIRY DEVELOPMENT COMMERCIAL:

a)                 Purpose: For rearing of milch animals as a allied activity to agriculture It supplements the agriculture income. It will provide full Employment opportunity to family members and labours.

b)                 Eligibility: Farmers having irrigated land to grow green grass and dry fodder required to feed the animals.

c)                  Loan amount: As per NABARD unit cost to purchase CB cows, graded she-buffalos, shed construction, concentrate feed for one  month, veterinary aid etc.

d)                 Disbursement pattern:  Disbursement of loan amounts as per schedule for construction of shed, equipment, animals and concentrate feed.

e)                 Security + Margin.

Loan amount up to Rs.50,000/-:

1.       Hypothecation of animals and its offspring created out <> of bank finance.

2.       Loan agreement.

Loan amount above Rs.50,000/-:

1.       Hypothecation of animals and its offsprings created out of bank finance.

2.       Equitable/registered mortgage of landed property  offered as a security to the loan amount.

f)                   Repayment: 60 equated monthly installments with 3 months grace period

g)                 Records to be produced:

i)        Loans up to Rs.50,000/- :

ROR- 5 years

Holding certificate

Photos – 3

No-due certificate from VSSN and other banks.

ii)                 Loans above Rs.50,000/-

ROR – 5 years

Holding certificate

13 years EC

Legal opinion on landed property

Photos 3

No due certificate

GOLD LOANS:

a)                 Purpose : For any purpose i.e., personal needs.

b)                 Eligibility : Existing customer of the branch

c)                  Loan amount : Rs.450/- per gram

d)                 Disbursement : Immediately after completion of sanction and Pattern documentation.

e)                 Security + Margin: Pledge on gold ornament.

f)                   Repayment : Within 12 months from the date of availment.

g)                 Records to be : Certificate from gold appraiser and demand provided promissory note.

EDUCATION LOAN:

a)                 Purpose: Financial assistance to meritorious students for pursuing higher education in India and abroad.

b)                 Eligibility: Professional courses, engineering, medical, agriculture, veterinary, dental medicine.

c)                  Courses conducted by IIM, IIT etc.

d)                 Studies abroad : Job oriented professional/ Technical courses offered by reputed universities.

e)                 Loan amount : Need based finance subject to repaying capacity of the parents/students with margin.

Rs.7.50 lakhs Studies in India : Maximum

Rs.15lakhs Studies abroad : Maximum

f)                   Disbursement : Disbursement of loan in stages directly to the Institutions, vendors of books, equipments etc. by means of DD/cheques.

g)                 Security & Margin:

Up to Rs.4 lakhs : No security

Above Rs.4 lakhs: Collateral security equal to 100% of the loan amt.

h)                 Margin:

Studies in India : 5%

Studies abroad :10%

Rate of interest: 12% p.a.

i)                   Repayment : Course period + 1 year or 6 months after getting the job, whichever is earlier.

j)                   Repayment in 5-7 years after commencement of repayment.

k)                 Records to be provided:

1)     Marks sheet of last qualifying examination.

2)     Documents evidencing the duration of course and commencement.

3)     Proof of admission to the course.

4)     Photo copies – 3.

5)     Copies of foreign exchange, permit etc.

CONSUMER DURABLES:

a)                 Purpose : To purchase home need items like TV, computer, Refrigerator etc.

b)                 Eligibility : Salarised persons/persons having monthly income.

c)                  Loan amount : Maximum Rs.25,000/- for purchase of consumer durables.

d)                 Disbursement Pattern: As per quotation directly to the dealer.

e)                 Security + Margin : Hypothecation of consumer durables.

          Margin : 15-25%

f)                   Repayment : 36 equated monthly installments.

g)                 Records to be :

1)       Quotation provided

2)       Salary Certificate

3)                 Salary undertaking from drawing officer.

SELF EMPLOYED AND PROFESSIONALS:

a)                 Purpose: To undertake gainful self employment.

b)                 Eligibility: Persons undergone short duration training programmes and Professionals like Doctors Engineers etc.

c)                  Loan amount: Need based or cost of the project to be undertaken.

d)                 Disbursement Pattern:
i) Investment credit – Directly to the dealers/suppliers as per
Quotation.
ii) Working capital - Directly to the borrower to carry-out
the business.

e)                 Security + Margin :

i)        Loan amount up to Rs.25,000/- : Hypothecation of assets     created.

ii)       Above Rs.25,000/- up to : Hypothecation of assets +
Rs.50,000/- third party guarantee

iii)               Above Rs.50,000/- : Equitable/registered  mortgage of immovable property worth equal to the loan amount.

f)       Margin : 10-15%

g)       Repayment : Monthly installments.
h)       Records to be provided :

i)        Quotation for assets purchase out of Bank finance.
ii)       Legal Opinion on immovable property offered as security.

RETAIL TRADERS AND SMALL BUSINESS FINANCE:

a)                 Purpose: For all eligible trading and small business activity.

b)                 Eligibility: All persons engaged in trading activity and petty business.

c)                  Loan amount: Need base advance.

d)                 Disbursement pattern: Cash credit account disbursement for
replenishment of stocks.

e)                 Security + Margin
i) Up to Rs.25,000/- : Hypothecation of stock in trade.
ii) Rs.25000/- to Rs.50000/-: Hypothecation of stock in trade + third party guarantee.
iii) Above Rs.50,000/- : Hypothecation of stock + third party guarantee + registered/equitable mortgage on immovable property.

Margin : 10-15%

f)                   Repayment:
i) Cash credit account repayable on demand.
ii) General Cash Credit: Maximum 18 monthly  installments.

g)                 Records to be provided:
i) Receipts and bills
ii) Stock statement for loan limit of Rs.1 lakh and above
iii) Licence from competent authority.