What's New

LOANS/ADVANCES

1. HOUSE BUILDING ADVANCE & ADDL. HOUSE BUILDING ADVANCE

   1. Under the scheme, loans at a simple interest of 8% are being provided to the employees for house building advance (fresh) and Addl. House building advance. 

   2. Advance has been given for purposes as follows
      1. Purchase of land & construction of house
      2. Construction of house on existing plot
      3. Purchase of ready-built house
      4. Completion of incomplete building

      5. Renovation of house   

   3. Key highlights of the scheme are as follows
      1. Simple interest rate of 8%

      2. Max. recovery period of 225 months for principal and 75 months for interest 

2. CONVEYANCE ADVANCE (MOTOR CAR, MOTOR CYCLE, MOPED)

   1. Under the scheme, employees are sanctioned loan amounts to purchase conventional motor vehicles such as motor car, motor cycle and moped.

   2. The key highlights of the scheme are as follows 
      1. Motor Car- Rs. 4,00,000/- @12.5% - Recovery period (Principal + interest) – 100+25
      2. Motor Cycle -   Rs. 50,000/- @10% - Recovery period (Principal + interest) – 60+10

      3. Moped – Rs. 25,000/- @10% - Recovery period (Principal + interest) – 60+10

3. ELECTRIC VEHICLE ADVANCE

   1. Under the scheme, employees are encouraged to purchase electric vehicles for which interest-free advance is provided.

   2. The key highlights of the scheme are as follows
      1. Interest-free advance
      2. Recovery period of 100 months
      3. 75% of the cost of vehicle with a max. ceiling of Rs. 15lakh for purchase of electric motor car.

      4. 75% of the cost of vehicle with a max. ceiling of Rs. 2lakh for purchase of electric two-wheeler.