Loan interest rate
As per BDR 23-11-2022, members whose credit score is 700 and above are to be charged below mentioned Benchmark rates (Minimum rates) of interest for loans.
These rates are applicable to the borrowers, only as long as the borrower is standard. Otherwise prevailing interest rates will be applied as per the norms.
The borrower has to undertake/declare in writing that he will keep the loan A/c Regular or else the Rate of Interest on loan will be charged as per normal rates and not as per specified rates as applicable related to Credit Score.
Interest rates for the borrower having Credit Rating Score between 625 to 699, minimum rate of Interest +2% will be charged.
Interest rates for the borrower having credit Rating Score <625, minimum rate of interest +3% will be charged.
As per BDR Dt:23/11/2022 w.e.f. 01-12-2022
| Bench Mark Rates /Minimum Rates | |
| Business Loan | 9.90 % |
| Business Cash Credit Loan | 9.90 % |
| Industrial Loan | 9.90 % |
| Loan to Educational Institutions | 9.90 % |
| Loans to Professionals | 9.90 % |
| Commercial Vehicle Loan | 10.90 % |
| Motor Car Loan | 9.90 % |
| Rate of Interest (Not Bench Mark ROI) |
|
| Housing Loan | 9.50 % |
Interest on loans
This is to inform you that the Rate of Interest on following Loans have been revised in the BDR held on 23/11/2022 with immediate effect.
As per BDR DT. 23-11-2022, W.E.F. 01-12-2022
| No of days and years | Revised w. e. f. 13-07-2022 | Revised w. e. f. 01-12-2022 |
| Up to 10 Lakhs | 12.00 | 12.90 |
| Above 10 Lakhs to 25 Lakhs | 12.00 | 12.90 |
| Above 25 Lakhs to 50 Lakhs | 13.00 | 12.90 |
| Above 50 Lakhs | 13.00 | 12.90 |
| P Loan | 16.00 | 16.00 |
| Gold Loan | 11.00 | 10.90 |
| NSC Loan | 12.00 | 12.00 |
| Special Category Loan for Educational and Charitable Institutions | 12.00 | 12.90 |
| TOD | 18.00 | 18.00 |
|
Deposit Loan (Above the Deposit Rate) Senior Citizen Deposit Loan |
2.00 1.50 |
2.00 1.50 |
| Pigmy Deposit Loan | 18.00 | 18.00 |
| Hyp. Loan New Vehicles Commercial & passenger/Cars/Two Wheeler |
10 .90 | 14.00 |
| Other HYP Loan like Machinery etc. | 12.50 | 12.50 |
| Education Loans | 9.90 | 9.90 |
| Housing Loan up to Rs. 60 lakhs | 9.75 | 9.50 |
| Constrution Loans | 16.00 | 14.00 |
| Micro Industries (Loan upto Rs. 5 Lakhs) | 11.00 | 12.90 |
| Non Priority Loans like (clearing of old debts, ceremonies etc) |
16.00 | 14.00 |
- Process charges @1% for all loans where Process Charge is applicable.