Exclusive features of Bharatiya Mahila Bank
Posted on: 14/Mar/2014 9:52:34 AM
The government inaugurated Bharatiya Mahila Bank (BMB) exclusively for women in the month of November 2013. What are the unique features of this bank? The ultimate feature is the interest rate availed at this bank which is significantly lesser than other government bank rates. Car loans, home loans, education loan others are offered at lesser rate of interest.
Although it is an exclusive bank for women, men can also deal with the bank and it has male employees too. However, priority will be given only to female loan applicants compared to males.
Below are some of the key features of BMB:
- Women can have loan up to two lakh rupees for revamping their kitchen and implement modular kitchen designs at their home. Interest rate for this loan is 12.25 per cent.
- Similarly car loans, home loans, educations loans, etc will also be availed here. Interest rate for car loan will be 10.75 per cent. Whether the loan applicant is a female, or male and female together, the minimum rate of interest will only be 10.50 per cent.
- For house loans up to thirty lakhs, interest rate is fixed as 10 per cent, whereas loans up to 75 lakhs will be charged with 10.25 per cent interest. Loans above 75 lakh will have 10.50 per cent interest. When either of the applicants is a female, the interest rate will be decreased by 0.25 per cent.
- As a step to encourage women customers at BMB, review of loan applications will be done free of cost during the month of March.
- Applicants can avail education loan for studies in both India as well as abroad. Loan up to ten lakh will be availed for studies within India and for abroad studies, the limit is twenty lakhs.
