Assam Co-operative Apex Bank – Loans Advances Interest Rates
The Assam Co-operative Apex Bank Loan Products: Loan for Tea sector, agriculture loans, Home Loan, Personal Loan, Car Loan, SME Loans, Education Loans, Marriage Loans, Medical Loans. Find Interest Rates, Documents, lowest EMI Per Month Online at Deal4loans.com
Established in 1948 The Assam Co-operative Apex Bank has helped the people of Assam with various banking products and other bank related services. To undertake different activities for the development of the state Assam Co-operative Apex Bank has mobilized Deposit Resources for more than Rs 1400 crores and has advanced over Rs 550 crore.
Operating in a many semi-urban and rural areas of Assam, this Bank has helped the people of the state to move from a traditional way of banking to a modern facility and nourish the habit of banking. It also has a door-to-door accessibility.
ACAB contributes various loan products to the people of Assam. Agricultural loan, Personal loan, Loans to Tea Sector, NHFDC loan, Consumer loan, Car/Motor cycle loan are some of the basic loans provided by the bank.
Salients features and details of the above mentioned loans are highlighted on the below tables.
Agriculture Loan
Farmers in Assam receives financial support at times of need from the bank to develop their farming qualities and quantities. The loan is provided on the basis of their loan holdings.
Features
| Eligibility | · The applicant must prove his/her repayment records and land within the Area of the Branch.
· Any applicant who is a potential customer of the bank and one possessing land within the range of the Area of the Branch. |
| Schemes | · Corp Insurance Scheme
· Short-Term Crop loan through GPSS/LAMPS · Medium Term-Loan · SGSY Scheme · Scheme for Development/Strengthening of Agriculture Marketing Infrastructure grading and Standardization. · Capital Investment Subsidy Scheme for Commercial Production Unit of Organic inputs under “National project on organic farming” |
Loans to Tea Sector
Assam Co-operative Apex Bank has been financing and helping Tea Gardens of Assam since 1950’s. The government of India has appointed ACAB as one of the 9 banks in India to finance the Tea Estates under a scheme of Government guarantee.
During the 1964 Apex Bank continued to finance the Tea Gardens through a society called the Assam Tea Planters Co-operative Society Ltd.
Features
| Interest Rates | · Upto Rs 50,000 : Term Loan – 12.50%, CC account – 12.00%
· Above Rs 50,000 up to Rs 2 lacs : Term Loan – 13.50%, CC account – 13.00% · Above Rs 2 lacs up to Rs 5 lacs : Term Loan – 14.00%, CC account – 13.50% · Above Rs 5 lacs up to Rs 25 lacs : Term Loan – 15.00%, CC account – 14.00% · Above Rs 25 lacs : Term Loan – 14.25%, CC account – 13.50% |
| Penal Interest | 2% penal interest is charged if there is any delay in repaying the loan amount. |
| Eligibility | Individuals and Societies |
| Types of Tea Advances | Short Term Loan, Medium Term Loan, Long Term Loan to
· Small Tea Growers · Green Leaf Growers · Gardens with Factories · Bought Leaf Factories. |
| Recovery Measures | · Settlement facility
· Restructuring and Rescheduling facilities · Proceedings under BPDR Act 1913 · Proceedings under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. · Other legal measures |
NHFDC Loan
NHFDC Loan specially made for disabled person to establish their own small business or manage their study expenses by sanctioning loan through ACAB.
Features
| Interest Rates | Income generating activities to disabled person
· upto Rs 50,000 : 5% p.a. · above Rs 50,000-upto Rs 50 lacs : 6% p.a. · above Rs 50 lacs : 8% p.a. (1% compensation to women borrowers) Education/Training to disabled person · 4% p.a. (0.5% compensation to women borrowers) |
| Eligibility | Income generating activities to disabled person
· Disabled person · Resident Indian · 40% or more disability · age between 18 to 60 years of age · relevant educational/technical/vocational qualification/experience and background Education/Training to disabled person · Resident Indians · Disabled person · 40% or more disability |
| Repayment | Income generating activities to disabled person
· you can repay the loan amount within a period of 7 years. Educational/Training to disabled person · you can repay the loan amount within a period of 7 years |
| Facility | Income generating activities to disabled person
· Small business setting in Service/Trading sector · Purchasing vehicle for commercial purpose · For setting up small industry units · Agricultural Activities · Self-employment amongst persons with mental retardation, cerebral palsy and autism. Educational/Training to disabled person · To meet tuition fees · For pursuing professional courses. |
- Personal Loan
ACAB issues personal loan to meet personal expenses. Individual could sanction this loan for attaining personal financial needs like marraige, social ceremonies, tour, medical expense etc.
- Consumer Durable Loan
Consumer Durable Loan issued by ACAB is beneficial if you are planning to buy any consumer durable goods like television, air-conditioner, refrigerator, personal computer etc.
- Car/Motorcycle Loan
Assam Co-operative Apex Bank provides Car/Motorcycle Loan to purchase four-wheelers or two-wheelers to personal use.
