Andaman and Nicobar State Co-operative Bank – Loans & Advances Interest Rates
Andaman and Nicobar State Co-operative Bank Loan Products: Home Loan, Personal Loan, Car Loan, Credit Card, Farm Loans, Education Loans, Marriage Loans, Medical Loans. Find Interest Rates, Documents, lowest EMI Per Month Online at Deal4loans.com
Andaman and Nicobar State Co-operative Bank functions as an apex bank. It’s two tier cooperative credit is structured with Primary Agriculture Credit Societies (PACS), which is an elementary unit and also a smallest co-operative credit institutions that accepts the function of any other major banks. The PACS exercise at the grassroots level i.e at village level or gram panchayat.
Andaman and Nicobar State Co-operative Bank has 29 branches in total all over the island helping locals/co-operative societies with financial support to undertake various farming and non-farming activities through their short-term loan.
Loans provided by A&N State Co-operative Banks are
- Farm Loan
- Non-Farm Loan
- Education Loan(especially for women)
- Marriage Loan for Girl Child
- Medical Treatment Loan for Women
- Loan for Private Working Women
- Personal Loan to SHG Member through SHG
View the features of the loans provided by A&N State Co-operative Bank Ltd.
Farm Loan
Features
| Interest Rates | · Agricultural loans through PCS : 9.50% per annum.
· KCC/SAO from PACS : 7.00% · Agricultural Loan(direct leaving) : |
| Categories | · KCC/SAO from PACS : 7.00%
· Agricultural Loan(direct leaving) : |
| Tenure | · Short Term Loan : 36 months
· Medium/Long Term Loan : 60 months · Long Term Loan : ranging up to 15 years |
Non-farm Loan
Some of the Non-farm Loans provided by A&N State Co-operative banks are :
Housing Loan
| Interest Rates | · Up to Rs 30 lacs : 10.75%
· Above Rs 30 lacs : 11.25% |
| Processing Fees | · Up to Rs 50,000 – charge Rs 100
· From Rs 50,000 – charge Rs 250 · Above Rs 1 lac – charge Rs 250 per lac. |
| Margin | · 25% of the total cost of construction/purchase of 5 years old house or new flat.
· 30% for obtaining house which is above 5 years old. · 30% of the predicted cost of addition/extension. |
| Repayment | · Acquiring a house : you can repay the loan amount within 20 years through EMI.
· Repair/Renovation of house : you can repay the loan amount within a period of 5 to 7 years. |
Personal Loan
| Interest Rates | · Up to 3 years : 13.75%
· Above 3 years : 14.50% |
| Loan Amount | The loan amount is Rs 2 lacs |
| Margin | Minimum margin is 25% of the cost. |
| Repayment | You can choose a tenure 12, 18,24, 36, 48 months |
Educational Loan
| Interest Rates | 13.25% |
| Loan Amount | No ceiling. However for education loan to study in India is Rs 10 lacs and abroad Rs 20 lacs. |
| Margin | Minimum margin of 15% to 25% on the total expense. |
| Repayment | Repayment is based on th e repayment capacity of parents. However, it should not exceed 3 years. |
Miscellaneous
| Interest Rates | 13.25% |
| Security | · Above Rs 1 lac : Mortgage of the land etc.
· Below 1 lac : Two personal guarantee preferably government servant. |
| Purpose | Basically for medical treatment |
Small business/Business Enterprise Loan
| Interest Rates | 13.25% |
| Loan Amount | The maximum loan amount is Rs 10 lacs including working capital of Rs 5 lacs. |
Vehicle Loan (Small road/water transport operator)
| Interest Rates | 13.25% |
| Loan Amount | No limitation. However, the purchase of vehicle is limited to only 2 vehicles. |
| Margin | · The maximum limit is 55% of the values of the vehicle.
· 45% is to be deposited as the balance margin money. |
| Repayment | You can repay the loan amount within 5 years in monthly/quarterly installments. |
Gold Loan
| Interest Rates | 12.25% |
| Loan Amount | The maximum loan amount is Rs 4 lacs |
| Margin | The maximum amount of the gold loan must not exceed 60% of the market value |
Education Loan for Girl Child
Features
| Interest Rates | 11% per annum |
| Processing Fees | As per the bank norms |
| Margin | Nil |
| Quantum of Loan | The maximum loan amount is Rs 3 lacs |
| Repayment Period | 3 years and the loan amount must be repaid in 36 EMIs. |
Terms and Condition
- For a period of 3 years the depositor must open a Recurring Deposit Account of Rs 500 per month.
- Any borrower must enroll as a D’class shareholder of the bank by taking the shares of the D’ class member.
Marriage Loan for Girl Child
Features
| Interest Rates | 11% per annum |
| Processing Fees | As per the bank norms |
| Margin | Nil |
| Quantum of Loan | The maximum loan amount is Rs 3 lacs |
| Repayment Period | 3 years and the loan amount must be repaid in 36 EMIs. |
Terms and Conditions
- For a period of 3 years the depositor must open a Recurring Deposit Account of Rs 500 per month.
- Any borrower must enroll as a D’class shareholder of the bank by taking the shares of the D’ class member.
Medical Treatment Loan for Women
Features
| Interest Rates | 11% per annum |
| Processing Fees | As per the bank norms |
| Margin | Nil |
| Quantum of Loan | The maximum loan amount is Rs 3 lacs |
| Repayment Period | 3 years and the loan amount must be repaid in 36 EMIs. |
Terms and Conditions
- For a period of 3 years the depositor must open a Recurring Deposit Account of Rs 500 per month.
- Any borrower must enroll as a D’class shareholder of the bank by taking the shares of the D’ class member.
Loan for Private Working Women
Features
| Interest Rates | 11% per annum |
| Processing Fees | As per the bank norms |
| Margin | Nil |
| Quantum of Loan | The maximum loan amount is Rs 25,000 |
| Repayment Period | 3 years and the loan amount must be repaid in 36 EMIs. |
Terms and Conditions
- For a period of 3 years the depositor must open a Recurring Deposit Account of Rs 200 per month.
- Any borrower must enroll as a D’class shareholder of the bank by taking the shares of the D’ class member.
Personal Loan to SHG Member through SHG(Self-Help Group)
Features
| Interest Rates | 11% per annum |
| Processing Fees | As per the bank norms |
| Margin | Nil |
| Quantum of Loan | Maximum loan Rs 50,000 per member |
| Repayment Period | 3 years and the loan amount must be repaid in 36 EMIs. |
Terms and Condition
- In case of this loan the SHG group manage a seperate loan ledger which is then later investigated by the bank staff when the need arises.
- The repayment of principal interest must be transferred to the bank immediately by the borrowing members.
