Sarva UP Gramin Bank -- Personal Loan Scheme for Teachers and Government Employees
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 percent 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 percent 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
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