Eligibility
Loans shall be sanctioned to the A Class members of the bank .
Application of Loan
Loan will be available for all purposes. Apart from specific needs, you will indeed need to raise money for a number of miscellaneous activities. House hold purposes, business, vehicle ,even a wedding – money matters everywhere.
Limit of Assistance
For personal loans, the loan amount for all purposes shall be fixed as a maximum amount of Rs.50000/- for personal loan, Loan shall be repaid in equated monthly instalments spread over a maximum period of 1 year. Borrowers are free to remit more than one instalment or lump sum at any time.
The CCL loan is provided for business purpose, the amount is limited to 500000/- .For this the license of the shop is needed, and sanctioned on the basis of stock valuation. Loan shall be repaid in equated monthly instalments spread over a maximum period of 1 year. Borrowers are free to remit more than one instalment or lump sum at any time.
The vehicle loan is allotted for buying vehicles. The maximum amount is limited as 500000/-.The quotation for the same must be submitted with the application. The allotted value will be 90% of the actual value. Loan shall be repaid in equated monthly instalments spread over a maximum period of 1 year. Borrowers are free to remit more than one instalment or lump sum at any time.
We also provide loan for our financially unstable member’s daughters up to 50000/- for personal security. Loan shall be repaid in equated monthly instalments spread over a maximum period of 3 year. Borrowers are free to remit more than one instalment or lump sum at any time.
Collateral Security
Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank.
Share Linking
Share linking will be 3.50% of the loan amount.
Authority to Sanction the Loan
The Board of Directors shall have the authority to approve and sanction the loan.