Phone: 0172-5061415, 5067036, 5049212 | Fax: 0172-2620746.

THE PUNJAB STATE COOPERATIVE BANK LTD.

 

Faqs

FREQUENTLY ASKED QUESTIONS

Q. Who is eligible to open the Bank account ?
Ans. Any individual can open an account jointly or severely i.e. with son, daughter, wife or any other relative or person.

Q. What is the minimum deposit for opening the Saving/Current Account?
Ans. Saving Bank Account can be opened with Rs. 500/- without cheque book facility and with Rs. 1000/- with cheque book facility. Current A/c can be opened with Rs.5000/-.

Q. What are the documents required for opening of account?
Ans.Any Two documents from each of the following two lists


List no. 1 
1. Passport
2. Election ID Card
3. Pan Card
4. Govt./ Defence ID Card
5. ID Card of Reputed Employers
6. Driving Licence

List No. 2
1. Credit Card Statement
2. Salary Slip
3. Income/Wealth Tax Assessment Order
4. Electricity Bill
5. Telephone Bill

Q. Whether nomination facility is available or not for the account opening account?
Ans. Nomination Facility is available for the benefit of the customers.

Q. Whether nomination facility available for locker hirer?
Ans. Nomination facility also available for locker hire.

Q. Can illiterate person open bank account ?
Ans. Illiterate person can open bank account.

Q. What are the documents required for the opening of current account of Partnership?
Ans. Following are the documents required for the opening of current account of partnership:

  1. Photo of all the partners.
  2. Identity proof of all the partners.
  3. Copy of partnership deed.
  4. Authorization letter from all the partners to operate the account on the behalf of partnership account.

 

Q. What type of loans are given by the Punjab State Coop. Bank Ltd.?
Ans. The Punjab State Cooperative Bank has been providing the loan for consumer durables, for the purchase of house hold goods, vehicles loan for the purchase of Car/Jeep etc., personal loan for socio-economic need, house loan for the construction of house and repair/renovation/alternation of existing house and Education loan for the higher study of child.

Q. Who is eligible for this loan?
Ans. Any Govt. /Semi Govt or Chandigarh Administration employee can avail the above mentioned loan.

Q. What is the maximum amount of loan, which I can avail?
Ans. The maximum amount of loan which can be granted for different schemes are as under:-

  1. Consumer Durable loan : Rs. 2.00 lac
  2. Personal Loan : Rs. 4.00 lacs
  3. Vehicle loan : Rs. 10.00 lacs
  4. Housing loan : Rs. 25.00 lacs
  5. Education loans : Rs. 10.00 lacs

 

Q. Can I apply jointly with my spouse for the house loan? Will both our salaries be taken into consideration for calculating the loan amount?
Ans. Yes, your along with your spouse salaries can be clubbed for the purpose of calculator of the loan amount. This can be done either when the property is jointly held with spouse or the spouse stands as a guarantor. Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.

Q. Please let me know the purpose for which I can avail Housing Loan?
Ans. For construction of house, for purchase of house /flat, for carrying out repairs/renovation/alterations in the existing house.

Q. What securities are required for taking housing loan?
Ans. Only mortgage of property for which finance is given in the favor of bank required.

Q. Whether interest applicable is flat rate or at reducing balance?
Ans. Interest is charged on reducing balance.

Q. What is the processing fee charged by the bank on the Housing Loan?
Ans. Very Nominal charges i.e. 0.50% on the loan sanctioned.

Q. Whether there is any penalty for the pre-closure of loan?
Ans. There is no penalty for pre-closure of loan and an individual can adjust his account fully at any time after taking the loan.

Q. What are the criteria for Sanctioning of Personal Loan?
Ans. Personal Loan can be sanctioned up to 12 times of gross monthly salaries or Rs. 4.00 lacs whichever is less.

Q. What is the tenure of Personal Loan?
Ans. The maximum tenure of personal loan is 7 years.

Q. What are the types of courses for which education loans are given?
Ans. Education loan are given for pursuing all types of education viz. general, professional, technical and vocational courses.

Q. How much loan amount can I avail under education loan scheme?
Ans. Need based finance subject to repaying capacity of the parents, students with  the following ceiling:
    For Studies in India : Rs. 5.00 Lacs
    For Studies abroad : Rs. 10.00 Lacs