LOANS
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LOANS
Another important primary function of Payyoli SCB is providing credit facility to the members as and when they required. We provide variety of loans to the customers without imposing any hidden charges and hassle-free.
Gold Loan :-
It is the easiest way of getting credit against gold ornaments. The bank provides loan against gold ornaments with in a short span of time. The process of gold loan payment is very fast and simple . We provide gold loan for a period of 1 month, 3 months, 6 months and one year scheme. We insure all type of gold loans.
Agriculture Gold Loan :-
This type of gold loan is provided with a vision to help the farmers to fulfill their economic needs. The interest rate of this type of loan is very low. The main aim of this type of loan is to strengthen the self suficiency of farmers. The term of this loan is one year.
Overdraft Loan:
Kissan Credit Card :-
To provide adequate and timely support from the banking system to the farmers for their cultivation needs including purchases of all inputs in a cost effective manner .In addition it also includes the short term credit requirements for meeting the needs of allied activities like diary, poultry etc. The rate of interest of this type of loan is very low. The term of this loan is one year. This type of loan is also insured.
Cash credit To Members :-
We provide overdraft facility to the customers for business purpose. This is very helpful for the businessmen to meet their immediate economic needs. We impose a normal rate of interest on withdrawn amount. The renewal period of the loan is one year. The borrower’s share participation of the loan is 2% of loan amount and they can withdraw the share amount after closing the loan .
Other Loans :-
Mortgage Loans :-
This type of loan is suitable for the customers, who need huge amount. This loan is provided against the property of the customers. Our process of this type of loan is very simple and hassle-free. Payyoli SCB provides ML loan up to 50 lakhs very quickly by pledging the documents of the property. The repayment period of this type of loan is 60 months on monthly installment basis. The mortgager is insured with kerala state co-operative riskfund board with an amount up to Rs. 2 lakh .The borrower’s share participation of the loan is 2% of the loan amount and they can withdraw the share amount after closing the loan .
Surety Loan :-
This type of loan is provided to the customers against land tax receipt, salary certificate, two personal guarantee etc. The process of this type of loan is very simple. Payyoli SCB provides loan up to Rs 1 lakh at normal rate of interest mentioned in the circular of the registrar of co-operative society Kerala. This type of loan is also insured with risk fund board. The borrower’s share participation of the loan is 2% of the loan amount and they can withdraw the share amount after closing the loan.
Hire Purchase Loan :-
This type of loan is provided to the customer to purchase house hold properties on installment basis at a normal rate of interest. It is very helpful to increase the purchasing capacity of people and it leads to the economic growth of the country. The borrower’s share participation of the loan is 2% of the loan amount and they can withdraw the share amount after closing the loan.
Mangalya Suthra Loan:-
This type of loan is very helpful to meet the marriage expenses and it is provided against invitation letter and personal guarantee by imposing a nominal rate of interest. The procedure for this type of loan is very simple and the repayment of the loan is on monthly installment basis.
Kudumbasree Loan:-
Payyoli SCB has been extending loans up to Rs.700000/- to Kudumbasree members on linkage basis. Up to Rs. 50, 000 can be availed by a member of the joint liability group mutual security at liberal terms and conditions. The loan scheme is to help them to get loans and save them from other money lenders. It helps the Kudumbasree members to engage in profitable occupation and increase their family income. Up to Rs 300000/- can be availed by self-help groups registered with the bank, The repayment of loan is on monthly installment basis
Vehicle Loan:-
Purchase of a vehicle is a the dream of a common men, if they needs financial assistance we are here to help them. Vehicle loan procedure is very fast and simple with an affordable rate of interest. The borrower can get simple monthly installment for the repayment of loan.
Deposit Loan :-
If a fixed deposit holder has any immediate cash needs, they can get 90% of the deposit amount as deposit loan against the pledging of Fixed Deposit Receipt. Instant cash payment is possible on this type of loan. The maturity of the loan is same as the maturity date of the deposit.
Self Employment Loan :-
If a group of members registered with the bank as self help group, they will get a loan up to Rs 300000/-. For obtaining the loan the group should submit a detailed project report relating to the type of business, area of operation, marketing, purchase of machinery, profitability etc. The main aim of this type of loan is to create employment opportunity.
