INTEREST RATES ON ADVANCES W.E.F. 01/03/2013

SR

PARTICULARS

EXISTING

PROPOSED

1

Banks Minimum Lending Rate (MLR)

14.50

14.50

2

Priority Sector Advances

 

 

A.

Crop Loans

 

 

i.

Crop Loans up to `3,00,000/-

7.00

7.00

ii.

Crop Loans over & above `3,00,000/-

13.50

13.50

B.

Loans to SHGs

 

 

i.

SHG: - For crop cultivation where crop insurance is available (in case of ple activities, if main activity is crop loan, then applicable)                                                                                          

7.00

7.00

ii.

Revolving Cash Credit limit to SHGs (SGSY/NON-SGSY) for other than crop cultivation without availability of crop insurance.

 

a.

Up to ` 50,000/-

13.00

13.00

b.

Above ` 50,000/-

13.50

13.50

iii.

Loans to SHG under SGSY (key activity)

14.50

14.50

C

MSMEs

 

 

i.

Up to ` 50,000/-

14.00

13.50

ii.

Above ` 50,000/- & up to 2.00 lakh

14.50

14.00

iii.

Above `2.00 lakh & up to 5.00 lakh

15.00

14.50

iv.

Above ` 5.00 lakh

15.50

15.00

D

Housing Loan

 

 

Sanction Limit

Repayment period (including moratorium period)

Up to 5 years

Over 5 years to 10 years

Above 10 years

Up to ` 25.00 lac
(Under Priority sector)

        9.75      

10.25

10.75

Above ` 25.00 lac
(Under Non-Priority sector)

10.25

10.75

11.25

E

Education Loan

EXISTING

PROPOSED

i.

Up to ` 4.00 lakh

13.00

13.00

ii.

Above ` 4.00 lakh

14.00

14.00

 

 

 

EXISTING

PROPOSED

F

Other aggregate Limit (includes OPS)

 

 

i.

Up to ` 50,000/-

14.50

14.00

ii.

Above ` 50,000/- & up to 2.00 lakh

15.00

14.50

iii.

Above ` 2.00 lakh & up to 5.00 lakh

15.50

15.00

iv.

Above ` 5.00 lakh

16.00

15.50

 

 

 

 

 

G

Loan against Ware house receipt

14.50

14.50

2% interest subvention for extending credit support up to ` 3.00 lac at 7% interest p.a. to SF & MF having KCC with our Bank for a period
up to six months. In this case the interest should be charged at the rate of 7% p.a. 

 

SR

PARTICULARS

EXISTING

PROPOSED

3.

Non-Priority Advances

 

 

i.

Personal Loans (i) Secured Loan

16.00

16.00

 

                       (ii) Unsecured Loan

17.00

17.00

Ii

Vehicle Loan (i) New Vehicle

13.00

14.00

 

                  (ii) Second hand vehicle

15.00

15.00

iii.

Loans for purchase of consumer durables

16.00

16.00

iv.

Mortgage Loan    (i) Term Loan

15.50

15.50

 

                          (ii) Overdraft Limit

16.00

16.00

v.

Loan / Overdraft against NSC / KVP / LIC policies as per scheme

17.00

17.00

vi.

Loan against Gold ornaments

16.00

14.00

Vii.

Discounting of Future Cash Flows / Lease Rentals

14.50

14.50

viii.

Cheques / Bills purchased (Branches to purchase only cheques issued by Central / State Govt departments / RBI, DDs / Pay-slip issued by Schedule bank. Private party cheques are not to be purchased.

17.50

17.50

ix.

Loans / OD against TDR of our bank

 

 

a.

For self

2% above rate of interest on Deposits

2% above rate of interest on Deposits

b.

Third Party

17.50

17.50

x.

Other Non-Priority Sector Advances not included above (Loan to landlord for branch premises / loan for commercial / shopping complexes, loan to contractors etc.

17.50

16.00

 

xi.

Temporary over limit in working capital / cash credits (maximum 10% of limit

2% over & above normal rate of interest minimum ` 250/- per occasion (on over limit amount)

2% over & above normal rate of interest minimum ` 250/- per occasion (on over limit amount)

Xii

Overdrawing in current & saving Bank deposit accounts

18% subject to `100/- per occasion

18% subject to `100/- per occasion

 

4.

STAFF LOANS

A)

Loans at concessional rate of interest

1.

Staff housing loans (For new & additional Loans only)

a)

Up to Rs.1.10 lakhs

5% (Simple)

b)

Above Rs.1.10 lakhs and up to Rs.5.00 lakhs

10% (Simple)

c)

Above Rs.5.00 lakhs & up to Rs.6 lakhs

11% (Simple)

2.

Staff vehicle loan for two wheeler / four wheeler (New & second hand vehicle not more than three years & subject to availability of comprehensive insurance)

a)

Up to Rs.80,000/-

8.50% *

b)

Above Rs.80,000/-

12.00%($)

B)

Staff Loans as per schemes formulated at Bank level

 i)

Clean OD  + Personal term Loan (Subject to terms as per scheme)

4% below MLR i.e. 10.50% p.a.

ii)

Loans/OD against NSC/KVP

9.25%

iii)

Housing loan over & above concessional loan scheme or for second house

At rate of interest applicable to public.

 

(*) OR @ cost of funds of Bank as per Balance Sheet of Bank as at 31st March of previous year whichever is higher.

($) OR at minimum lending rate offered to the Public whichever is lower.

Charging of Penal Interest – To improve recovery and to inculcate financial discipline amongst the borrowers, it has been decided to charge penal interest as under.

Sr

Category of Advances

Type of Default / Area of Applicability

Penal rate of Interest

Amount on which penal rate is to be applied

1

All Short / Medium / Long Term Loans

Installments in default

2%

On the amount defaulted and for the period up to which default continues.

2

All working Capital Cash Credit limits including SHGs / KCCs / Overdraft

Monthly / Quarterly / Half Yearly interest in arrears

2%

On the amount of interest not paid and up to recovery of such interest.

3

All working Capital Cash Credit limits

Late / Non submission of stock statements, financial statements

1%

For the period of default on limit sanctioned.

4

All working Capital Cash Credit limits

Turnover is less than 5 times or less than projected turnover.

1%

On product of entire year.