Pigmy Loan
Interest Rate
2% over the interest payable on the Pigmy deposit.
Pigmy loans are small-ticket loans offered primarily by Anantapuramu Cooperative Urban Bank institutions to individuals, especially those in rural and semi-urban areas.
These loans are typically provided against the balance accumulated in a pigmy deposit account, where customers make small, regular daily or weekly deposits.
Pigmy loans are designed to cater to the urgent financial needs of small traders, self-employed individuals, and low-income groups, offering a quick and accessible source of credit.
The repayment terms are flexible, and the interest rates are usually competitive, making them a vital financial tool for promoting financial inclusion.
- Primary Security: The loan is secured by pledging the duly discharged term deposit receipt by all the joint holders of the deposit.
- Amount of Loan: The loan amount is up to 85% of the Current value
- Margin: 15% of the deposit value.
- Tenure of Loan: The maximum tenure is the remaining period of maturity of the deposit.
- Contribution to Share Capital: Nil.
- Processing Charges: Nil
- Other Charges: Nil
- The applicant must be the customer of Anantapuramu cooperative urban bank
- The applicant must have pigmy deposit bonds for Anantapuramy Cooperative urban bank
- Maximum loan amount that can be sanctioned up to 85% of current value for reinvestment deposit
