Name of the Scheme : Pravasi Swagath Scheme
Target group : NRIs returning forever to India, who have been banking with us for at least 5 years.
Purpose : to start any new ventures acceptable to the bank / for development of existing ventures in order to ensure a steady flow of income to support their future .
Upper age ceiling : 60 years at the time of application
Working of the scheme : The borrower must start saving in any of the deposit schemes of the bank such as SB/CD/ RD/ FD /KND etc. After a suitable project has been identified by the borrower, he / she can approach the bank for finance. Bank will provide need based assistance subject to a maximum of 5 times of the deposit amount outstanding in the name of the borrower at the time of application , as term loan / WC for starting any new venture / improvement of existing venture owned by the borrower.
Primary Security : Hypothecation of assets created out of loan amount
Collateral Security : Please contact the nearby branch
Rate of Interest : Click here to view the latest Rate of Interest
Processing/Upfront fee : Working Capital 0.25% , Term loan 0.50%
Repayment period : Term Loans will have to be repaid within a period of 60 months from the date of document by equated monthly installments . Holiday period not exceeding 6 months shall be considered in deserving cases. However, the total repayment period including holiday shall not exceed 66 months.
Borrowers will be eligible for technology based service products such as Sibernet,
( internet banking), SIB Premium, AWB facilities , ATM cum debit card & Mobile banking free of cost.
The scheme details are furnished in brief only. For more details please contact any of the branches.