Loan Schemes
The bank lends to its members in and around Thondiyil for farming, trade, self-employment, housing and family needs. Applications are assessed by people who know the place and the people, and decisions are taken here. The interest rate applicable to each scheme is given in the table below.
Interest Rates
| Loan Scheme | Interest Rate (% p.a. onwards) |
|---|---|
| Gold Loan | — |
| Personal Loan | — |
| Agricultural Loan | — |
| Consumer Loan | — |
| Self-Employment Loan | — |
| Business / Industrial Loan | — |
| Ordinary Loan against Property | — |
| Cash Credit / Overdraft | — |
| Housing Loan | — |
Rates are as sanctioned by the bank’s Board and are subject to change. Please confirm the applicable rate at the branch before you apply.
Gold Loan
A loan against gold ornaments. The ornaments are valued at the branch itself and remain in the bank’s safe custody until the loan is closed. This is the quickest facility we offer for an urgent need. See the Gold Loan page for how it works.
Personal Loan
For a family’s personal needs — a wedding, medical expenses, education or another household commitment. It is ordinarily sanctioned against personal surety or such other security as the bank finds acceptable, and repaid in monthly instalments.
Agricultural Loan
For members who farm — cultivation expenses, planting, irrigation, livestock and allied activities. Repayment can be aligned with the crop cycle. Support for farmers has been part of this bank’s purpose from the beginning.
Consumer Loan
For the purchase of household articles and consumer durables — furniture, home appliances and similar needs — repaid in monthly instalments.
Self-Employment Loan
For members starting or running a small venture of their own — a tailoring unit, a dairy unit, a workshop, a small service business. It is most useful where a modest amount of capital is what stands between a family and standing on its own feet.
Business / Industrial Loan
For traders and small industrial units — stock, equipment, premises and expansion. It is assessed on the working of the business and on the security offered.
Ordinary Loan against Property
A general-purpose loan secured on immovable property. It is sanctioned after the title documents have been verified and the property has been inspected and valued.
Cash Credit / Overdraft
A running credit limit for businesses and traders. Draw what you need within the sanctioned limit, repay as receipts come in, and pay interest only on the amount actually used.
Housing Loan
For building, buying, completing or repairing a house. See the Housing Loan page for the process and the documents needed.
Eligibility & Documents
Loans are sanctioned to members of the bank. Whichever scheme you apply under, an application ordinarily needs:
- Proof of identity
- Proof of address
- Recent passport-size photographs
- Proof of income, or of the repayment capacity being relied on
- Security or personal surety, as applicable to the scheme
- Documents relating to the security offered — the title deed and encumbrance certificate for property, or the ornaments themselves for a gold loan
- A completed loan application form, available at each of our offices
Scheme conditions pending. Maximum loan amounts, margin, repayment tenure, processing charges and surety norms differ from scheme to scheme and are fixed by the bank’s Board. They are not published here yet — please confirm with the Head Office, Thondiyil, on 0490 2444 438 before applying.
How to Apply
Loan application forms are available at the Head Office in Thondiyil and at the Nedumpoyil and Poolakkutty branches. Come in with the documents listed above; the staff will tell you what else your particular scheme needs. Working hours: Monday to Friday, 9.30 am to 5.30 pm; Saturday, 9.30 am to 2.00 pm; closed on Sunday. For anything else, see Contact Us.