Phone No: 0824 - 2416511, 12

Loan Facility

Personal Loan

A personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet current financial needs. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense. If one looks at the benefits of personal loans, one can start with the fact that the tenure of a personal loan is shorter as compared to a mortgage. Unlike mortgage, which is for ten, twenty, perhaps thirty years, a personal loan is commonly for between one and five years.

Why Choose a Personal Loan?
There's no limit to the number of ways a personal loan can be put to use. It can be taken for any personal reason, such as:

  • A monetary aid for the renovation of your house
  • To meet wedding expenses one of the important and expensive days
  • To buy a new iPhone
  • To plan and spend holidays with the family
  • To simply pay off credit card bills or other debts
  • To meet business requirements such as advertisements or new table tennis table for the team

Personal loans act as the best-suited option to smoothen up cash flow at times of stringency. The key reason for some to prefer a personal loan is because of minimal documentation, fast processing times and the flexibility for use of the loan. Witnessing the huge potential of this market, leading banks and NBFCs in India are offering personal loans to both salaried and self-employed individuals.

Secured Loan

Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien is placed on such item. The finance company or bank will hold the deed or title until the loan has been paid in full, including interest and all applicable fees. Other items such as stocks, bonds, or personal property can be put up to secure a loan as well.

Secured loans are usually the best (and only) way to obtain large amounts of money. A lender is not likely to loan a large amount with assurance that the money will be repaid. Putting your home or other property on the line is a fairly safe guarantee that you will do everything in your power to repay the loan. 

Secured loans are not just for new purchases either. Secured loans can also be home equity loans or home equity lines of credit. Such loans are based on the amount of home equity, which is simply the current market value of your home minus the amount still owed. Your home is used as collateral and failure to make timely payments could result in losing your home.

Secured loans usually offer lower rates, higher borrowing limits and longer repayment terms than unsecured loans. As the term implies, a secured loan means you are providing "security" that your loan will be repaid according to the agreed terms and conditions. It's important to remember, if you are unable to repay a secured loan, the lender has recourse to the collateral you have pledged and may be able to sell it to pay off the loan. 

Vehicle Loan

  1. Application for Vehicle loans from the members shall be accepted subject to the condition that:
    i.He shall become a nominal member of the Bank. 
    ii.The Branch Manager shall be satisfied about the eligibility, repaying capacity, stability, security and purpose of loan. 
    iii.The applicant shall furnish following document.:
    a. Seller Consent Letter/invoice (Cost of Chasis and estimate of body building).
    b.Registration Certificate.
    c.Tax Card
    d.Comprehensive Insurance Certificates.
    f.Valuation Report.
  2. Rate of Interest:
    The Rate of Interest shall be as decided by the Board from time to time subject to the directives of the Reserve Bank of India.

Project Loan

Our Federation has fixed a position in the industry by rendering highly effective Project Loanservices in the market. The monetary personnel in our crew raise capital and finance for previously existing & new and future business entities, who want to increase their field of operations. Furthermore, these workforce offer great help to our patrons for the preparation of project report with bankers, financial institutions and many others.

Fishing Loan

Blue Revolution has created good potential for fisheries development in the country. Bank provides finance to fisheries related activities such as Inland fisheries (construction of fish ponds, purchase of seeds, feeds etc.), Marine fisheries (in-shore, off-shore, deep sea fishing) and brackish water scheme. Individual, fishermans, co-op societies, companies can avail loan. 

Gold Loan

  1. An advance on Gold Jewels will be granted to Nominal Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. Such a person should be a good and regular customer of the Bank or others who are properly introduced.
  2. No jewel loans shall be arranged for amounts for less than Rs.500/- and not more than
    Rs.1,00,000/- per party.
  3. The borrower must declare that the jewels are his own and he must agree to abide by the valuation of the Banks Appraiser. The lien letter taken along with D.P.N. must empower the Bank among other things to sell the jewels in private or public auction and the borrower must also agree to make good any loss on an eventual sale of jewels in adjustments of dues to the Bank.
  4. Loans should be repaid within a period of one year from the date of advance and it should be treated as overdue if the interests in arrears for over 6 months or from the date of expiry of the year from the date of advance whichever is earlier.


There may come a time when you can actually run out of funds and your bank account gets totally barren without a time to spend, that is when the overdrafts come in handy.

What is an Overdraft? Well, an overdraft is nothing but an extension provided on the credit by a financial institution or a bank.

Under this special arrangement of overdraft, you will be able to withdraw money from your account through cheques or other withdrawal processes. But here one thing that you should keep in mind that the credit is extended by the bank or any monetary institution up to a certain limit known as the overdraft limit; once that limit is exceeded, you will not be able to withdraw money any further. The arrangement of paying the interests is similar to that of the other financial loans.

But here is a twist as the overdrafts are of revolving nature thus instead of repaying the borrowed amount within a fixed time period, you can actually keep on borrowing the money and repaying it simultaneously. This is the reason why overdraft is also known as the revolving line of credit. The overdraft facility is generally awarded to SMEs for a year but if you maintain a good rapport with the financial institution and timely repay your debts then this service can be renewed every year. Due to its revolving nature, the overdrafts have proved to be efficient financial solutions for SMEs.

Housing Loan

  1. Purposes  : 
    Housing Loan may granted for the purpose of 
    a. Acquisition of a house or flat or apartment,new or old . 
    b. Acquisition of a site or plot and construction of a house or flat or apartment thereon. 
    c. Construction of a house or flat or apartment on a site or plot of land already acquired.
    d. Extension or renovation of the house or flat or apartment already acquired .
    e. Acquisition of an old house and renovation / extension thereof or acquisition of an old house, its demolition and reconstruction. f.Development of Dwelling House compound such as construction of Compound Wall, Sinking and repair of drinking water well etc.

  3. Eligibility of Loans:
    The intending parties must possess / proposed to purchase the minimum extent of land fixed by the Bank from time to time. The land so possessed / proposed to purchase, should be in the name of the borrower and should have clear title. The permanent employees of the Govt. /Semi Govt. Public limited Companies / Bank Employees may also be eligible for the loan provided they have atleast 7 to 10 years of service to reach superannuation.
  4. Maximum Limit: 
    The maximum limit of Housing Loan is restricted to 35 times of the monthly pay in the case of salaried persons and 3 times of Annual Gross Income in the case of others. Subject to a maximum limit of Rs.10 lakhs.
  5. Margin:
    Loans will be granted upto 60% of the valuation of property including the cost of investments to be made in the land in case of SC and ST and low income group and 50% in case of middle income and other group.
  6. Period :
    Repayment of Loan will be by way of equal monthly instalment (inclusive of interest) and extended over a maximum of 15 years. The repayment of the loan will commence after the next month of completion of construction of house / purchase of house / flat or 12 months of the disbursement of instalment of the loan whichever is earlier.
  7. Co-obligants (Sureties):
    There shall be atleast one co-obligant / surety owing immovable property / salaried persons / or such other persons as decided by the Bank from time to time.
  8. Security: 
    The housing loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the jurisdiction of the Society. In case of direct finance, it should be situated within the territorial jurisdiction of the Branch from where the loan is availed.
  9. Rate of Interest: 
    The Rate of Interest shall be as decided by the Board from time to time subject to the direction of the RBI from time to time.