ln order to help staff members to obviate various difficulties arising out of COVID-19 Pandemic and subsequent Lockdown, Bank has initiated special loan scheme for staff members. The details are as follows.
Name of the Scheme | COVID 19-Staff Loans |
Eligibility | All staff members |
Amount of loan |
Officers -Rs 50,000.00 Clerks :Rs.25,000.00 Trainess and Rs :10,000.00 Consolidated employees :Rs 10,000
|
Repayment Shedule | 24 EMI-salary recovery |
purpose | Any Genuine purpose |
Rate of Interest | 8.00% Monthly Compound |
Other Conditions |
1) Take home pay should be minimum 40% of gross pay after deducting all the loan instalments including the one for the proposed loan 2) Salary deduction should be effected.. 3) Branch Manager should certify the latest salary slip and enclose to the application form and submit to ZMs |
Sanctioning Authority |
1) Zonal Manager for all staff working in Branches 2)Central Officer for Zonal Managers and for staff working in Central office 3) Zonal Managers should report their sanctions to HR department, HO, on daily basis , in excel sheet indicating name of the employee, code no, Branch, Gross salary, Net Salary, amount of loan sanctioned, EMI |
Name of the Scheme | Tou up Loan |
Eligibility | All existing borrowers whose loans are having NIL overdues as at the end of previous month |
Purpose of loan | Any genuine purpose. However documentary proof of end use, like quotation/estimate/declaration etc to be obtained |
Amount | Need Based |
Security | Immovabel property of value/surplus value of existing secutities at least double the loan amount |
Assessment | Basing the amount of investment and repayment capacity, duly discounting the EMIs of existing loans |
Repayment Schedule |
Need Based. Maximum 10 Years EMI should not be more then 50% of the total EMIs already fixed for the existing loans |
Rate of Interest | 10.00% |
Other conditions |
1) Disubrsements should be made in such a way to ensure the end use, 2) Amount should not used for payment of existing loans with our bank |
Processing | Branches should process the loans duly obtaining ML application and appraisal should be made as per the process note format already communicated to the branches. Zonal manager should also furnish his recommendations. Delegated sactioning powers should be decided as per the total limits enjoyed by the borrower, including the proposed loan |
ln orderto extend assistance to various segments of the society, especially in the crucial period Of COVID Pandemic and subsequent Lock Down, Bank has introduced scheme.The details are as follows.
Name of the Scheme | COVID l9 Assistance Loan-Auto Loan |
Purpose |
For purchase of Auto/TAXI |
Amount of Loan | 75% of the cost fo the vehicle to be purchased |
Eligibility |
1) The applicant should be residing in the vicinity of the branch for a minimum period of 5 years. 2) Age should not be morethan 50 3) He should possess professional driving license 4) He should have aadhar card |
Primary Security |
Hypothecation of Vehicle-C book endorsement and duplicate keys |
Security/Surity |
1) Security of mortgage of the property of double the value of the loan or 2) Surety of an employee of Govt/Semi Govt/Reputed organizagion with a monthly net salary equal to or more than EMI 3) Surety should have un expired service beyond two years of due date |
Amount of Loan |
Maximum Rs.5.00 lakhs |
Repayment | 36 EMIs with suitable holiday |
Interest Rate |
Secured Loan : 8.00% Unsecured Loan :9.00% |
Processing Charges | Nil |
Insurance | Insurance of vehicle mandatory WITH BANKS CLAUSE |
Income Assessment |
Economics should be worked out.Monthly income and expenditure to be assessed and surplus to be ascertained.Basing on the surplus amount, EMI and loan should be fixed. |
ln orderto extend assistance to various segments of the society, especially in the crucial period Of COVID Pandemic and subsequent Lock Down, Bank has introduced scheme.The details are as follows.
Name of the Scheme | COVID l9 Assistance Loan-Clearance of debts |
Eligibility |
1) All indlviduals who borrowed from informai sources due to COVID 19 pandemic and subsequent lock down. 2) Should be permanent resident in the vicinity of the branch for minimum 5 years 3) Individuals, employees, small traders, small business men, professionals, etc 4) Should have Aadhar |
Amount of Loan | Need Based with a maximum of Rs.2.00 lakhs |
Security/Surety |
Mortgage of immovable property of double the value (or) surety of an employee working in Govt/Semi Govt/Reputed organizagions with net salary of more than EMI of the loan
|
Repayment Shedule | 36 EMI with suitable gestation |
Rate of interest |
If Secured :8% Unsecured : 9% |
Other conditions |
1) Declaration for the borrowing 2) ID Proof and Address proof 3)Spouse should also be Coobligant 4)Funds should not be used for repayment of existing loans with our Bank 5)Source of income shoulb be ascertained and documented |
Sanctioning Powers | Central office |
ln orderto extend assistance to various segments of the society, especially in the crucial period Of COVID Pandemic and subsequent Lock Down, Bank has introduced scheme.The details are as follows.
Name of the Scheme | covid l9 Assistance-Business |
Purpose | For starting or continuing any Business/Industry/Service |
Amount of Loan | 75% ofthe cost of the investmented |
Eligibility |
1) The applicant should be residing in the vicinity of the branch for a minimum period of 5 years 2) The shop should be in the vicinityof the branch 3) Age should not be more than 60 4) He should posses trade licence 5) He should have aadhar card and PAN CAED |
Primary Security | Hypothecation of shop and stocks |
Security/Surety |
1) security of mortgage of the property of double the value of the loan or 2) Surety of an employee of government/ semi government/ reputed organisation with a monthly net salary equal to or morethan EMI 3) surety should have un expired service beyond two years of due date |
Amount of Loan | Maximum Rs.3.00 akhs |
Repayment | 16 EMls with suitable holiday |
Interest rate |
1) Secured Loan : 8.00% 2) Unsecured Loan : 9.00% |
Assessment of Income | Economics should be worked out. Monthly income and expenditure to be assessed and surplus to be ascertained. Basing on the surplus amount, EMI and loan amount should be fixed. |
Name of the Product | VCBL Rent Plus |
Customers eligible to apply | All types of customers like lndividuals,Proprieta ry Concerns, Pa rtnerships, Companies, Trusts, Societies etc, who are owning properties which are leased out on Rent or ProPosed to be leased out |
Nature of facility | Term Loan |
Security | The property wlrich is leased out or proposed to be leased out. ln case the property could not be mortgaged,alternate property can be mortgaged. Properties leased out to Schools,Colleges, Hospitals, Old age Homes, etc cannot be mortgaged as security,Security should be SARFAESI compliant |
Amount of Loan | Least of the following 1) 60% of the value of the ProPerty mortgaged 2) 75% of the rent receivable for the residual lease period or loan period, which ever is lower minus totalof advance deposit, property tax, service tax, TDS, and other statuto dues payable during the period. |
Minimum and Maximum amounts |
Rs.1.00 lakh to Rs.5.00 crores |
Tenants | MNCs, Banks, Companies, Partnerships, Propriety concerns, I nd ividua ls. Properties leased out to Schools, Colleges, Hospitals, Oldage Homes, etc cannot be mortgaged as security. |
Repayment Period | 120 months or Residual Period of lease, which ever is less. |
Rate of interest | 10.50% |
Processing charges | 0.60% |
Take over charges | 2.00% |
Other Conditions | ECS/ Post dated cheques Tripartite Agreement from tenants |
Eligibility | The loan scheme is designed especially for small business people. The concern should be in the same business activity at least for a minimum period of one year and the business activity should be in the operational area of the branch. The stake holders should be the permanent residents of the area. |
Primary Security | Hypothecation of stock & book debts etc. |
Collateral Security | No collateral is required up to 2 laks. Beyond 2.00 lakhs, additional security in the form of Mortgage of immovable property is required to submit. |
Amount of Loan | Minimum One lakh-Maximum Rs. Five lakhs. (Loan can be availed in multiples of Rs.50000 between One lakh to Five lakhs.) |
Margin | Finance up to a maximum of 20-25% of past/expected annual sales of the business unit. |
Rate of Interest | Click here |
Tenure of Loan | The tenure is from 90 days to maximum 360 days. |
Contribution to Share Capital and others | 2.5% of the loan amount of which, 1% as share capital subject to a maximum of Rs.1.50 lakhs & 1.5% as Term deposit . |
Processing charges | 0.6% of the loan amount |
Other charges |
2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees. |
Required documents |
KYC Documents in respect of the business concern and also the promoters/proprietor/partners etc.If the loan for acquisation of Fixed Assets in the form of tools/machinery/furniture fixtures etc, borrower/s need to produce quotation/proforma invoice at the time of submitting application and on disbursement of the loan, the related bills to be produced In case the loan is intended towards payment of trade creditors, they need to submit the proof of existence of debt |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. The Loans are specially designed for doctors, Chartered Accountants & other professional for purchase of equipment construction/ development of their hospitals, offices & other Assets etc. |
Primary Security | The property proposed to mortgage should have been obtained by purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, Property tax receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus. |
Collateral Security | Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor. |
Amount of Loan | Amount of loan depends on the cost of the project and the value of property proposed for mortgage. |
Margin | Finance up to a maximum of 60% of the market value of the property as estimated by the bank. |
Rate of Interest | Click here |
Tenure of Loan | The tenure is from 12 months to 120 months, depending upon the income of the proponent and cost of the project. |
Contribution to Share Capital and others | 2.5% of the loan amount of which 1% as share capital subject to a maximum of Rs.1.50 lakhs &1.5% as Term deposit |
Processing charges | 0.6% of the loan amount |
Other charges |
Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage. 2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees. |
Required documents | Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest tax receipts in original, KYC documents OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan, Income tax returns for the last three years in case of an assessee, last three years balance sheet and profit and loss account in case of existing units, project report in case of new project. |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. The loan scheme is for financing housing sector for construction as well as purchase of residential houses/ flats. |
Primary Security | The applicant should be a major; intent to purchase/ construct a house/flat which has a market value is eligible to avail this facility. The property should have been obtained by the vendor through purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, rent receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus. |
Collateral Security | Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor. |
Amount of Loan | Amount of loan depends on the cost of construction of the House/value of the property proposed for purchase. |
Margin | Finance up to a maximum of 60-70% of the market value of the property as estimated by the bank. |
Rate of Interest | Click here |
Tenure of Loan | The tenure is from 12 months to 240 months (including moratorium/holiday period) depending upon the income of the proponent and cost of the project. |
Contribution to Share Capital and others | 2.5% of the loan amount of which 1% as share capital subject to a maximum of Rs.1.50 lakhs &1.5% as Term deposit |
Processing charges | 0.6% of the loan amount |
Other charges |
Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage. 2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees. |
Required documents | Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest Rent receipts in original, KYC DOCUMENTS OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan, Income tax returns for the last three years in case of an assessee, income proof (salary certificate latest), three years balance sheet and profit and loss account in case of business persons. |
Bank has winded up 'HUDHUD' loan schemes with effect from 01/04/2015
The massive hurricane, HUDHUD on 12-10-2014 had distorted the life in the coastal districts in general and Visakhapatnam in particular. It can be said that it was a never before destruction faced by Vizagites. The effect of the HUDHUD cannot be seen with naked eye as it had its impact on most of the households, small scale industries and almost on all walks of the life disrupting the peaceful living in the city. It may take many years to arrive at the position we enjoyed.
In discharging of its’ social responsibility towards the society and with an aim to assist the needy, The Visakhapatnam Co-operative Bank has announced various new loan schemes under the “Cyclone relief loans” with slashed interest rates and eased disbursement procedure to the public of Visakhapatnam, Vizianagaram, Srikakulam and East Godavari as a relief measure of ‘HUDHUD’ cyclonic storm which was initially taken up till the end of December 2014. However, considering the prevailing situations in the coastal districts, the scheme was extended up to 31/3/2015.
The slashed rates will have its impact on the business & profitability of the Bank. But, when considered the pathetic situation of the public assisted the Bank in its growth & prosperity, it is thought that the bank should standby them leaving the hardship in the financials.
The different products which are being extended are:-
To facilitate immediate relief to our members the following scheme has been designed.
The loans may be granted to all the existing mortgage loan holders. Loans cannot be granted to borrowers whose accounts are classified as NPA as at 30th September, 2014. Loans cannot be granted for clearance of existing loans or to adjust overdue.
i) Loans up to Rs. 2 Lakhs
ii) Loans from Rs. 200001/- to Rs. 500000/-
iii) Loans from Rs. 500001/- to Rs. 10 Lakhs.
iv) Loans of Rs. 10 Lakhs and above
Loans up to Rs. 5000/- | 10% for a period of 15 months |
Loans up to Rs. 5001/- to 25000/- | 11% for a period of 24 months |
Loans up to Rs. 25001/- to 100000/- | 12% for a period of 30 months |
Loans up to Rs. 100001/- to 200000/- | 12.5% for a period of 36 months |
Loans up to Rs. 50000/- | 11% |
Loans up to Rs. 50001/- | 12% |
Need based finance subject to repaying capacity of parents / students with following expenses.
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility |
Primary Security | The goods/machinery/live stock/articles for which the bank has financed are the primary security. |
Collateral Security | Group member’s joint and / or several guarantees. |
Amount of Loan | Depends on the activity of the proponent subjected to a maximum limit of Rs.10,000/- per borrower. |
Margin | Nil |
Rate of Interest | Click here |
Tenure of Loan | Maximum 52 weeks. |
Contribution to Share Capital | Should be enrolled as a nominal share holder by paying fees of Rs.5/-. |
Processing charges | Nil |
Other charges | |
Required documents | Copy of the Aadhar Card / Ration Card / Voter’s Card, two passport size photographs, proof of income if any, Should present in the bank as a group. |
Application Form | Download Application Form |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility |
Primary Security | The National Savings Certificates or Kisan Vikas Pathra should be in the name of the proponent. |
Collateral Security | No collateral security is required |
Amount of Loan | The limit depends upon the purpose of the loan and the value of the security produced. |
Margin | The margin depends on the age of the savings instrument. The table below indicates the amount of finance. |
Rate of Interest | Click here |
Tenure of Loan | The maximum tenure is the remaining period of maturity of the security. |
Contribution to Share Capital | Should be enrolled as a nominal share holder by paying fees of Rs.5/-. |
Processing charges | Nil |
Other charges | Pledge Charges as per Indian Postal Act. |
Required documents | NSCs or KVPs proposed for pledge duly marked as pledge by the issuer(concerned post office) given in favour of the Bank |
Age of the Certificate | Maximum permissible limit |
---|---|
1 year | 50% |
2 years | 60% |
3 years | 65% |
4 years | 75% |
5 years | 80% |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | The goods/machinery/live stock/articles for which the bank has financed are the primary security. |
Collateral Security | Group member’s joint and / or several guarantees. |
Amount of Loan | Depends on the activity of the proponent subjected to a maximum limit of Rs.10,000/- per borrower. |
Margin | Nil |
Rate of Interest | Click here |
Tenure of Loan | Maximum 52 weeks |
Contribution to Share Capital | Should be enrolled as a nominal share holder by paying fees of Rs.5/-. |
Processing charges | Nil |
Other charges | |
Required documents | Copy of the Aadhar Card / Ration Card / Voter’s Card, two passport size photographs, proof of income if any, Should present in the bank as a group. |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security |
For Loans below 2 lakhs-Hypothecation/ of stocks/Machinery/tools/book debts. For Loans 2 Lakhs & Above-Hypothecation/EM of stocks/Machinery/tools/book debts. |
Collateral Security |
a)Loans up to Rs.2.00 lakh-No collateral security required -Third party guarantee who is having immovable property(optional) b)Above & Including RS.2.00 Lakh: EM of immovable property(buildings) or Third party guarantee who is having immovable property(buildings) |
Amount of Loan | The limit depends on the past financial parameters of the applicant’s business and also depends on the value of the collateral security offered. |
Margin | Working capital:25% Term Loans :30% |
Rate of Interest | Click here |
Tenure of Loan | Working Capital: On demand. Renewable at yearly intervals. Term Loans: Repayable within 36 months including moratorium period or any other period as decided by the Bank |
Contribution to Share Capital and others | 2.5% of the loan amount of which 1% as share capital subject to a maximum of Rs.1.50 lakhs &1.5% as Term deposit. |
Processing charges | For SBF Loans----No Processing charges For Overdrafts----0.6% of the sanction loan amount |
Other charges |
0.5% of the loan amount should be paid as equitable mortgage charges, payable under stamp act. For loan accounts with total sanctioned limits of Rs.1.00 lacs and above, an additional amount of Rs.1000/- shall have to be paid for recording the charge with the Registrar of Assurances. 2% of the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees |
Required documents |
Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights)& Latest Rent receipts in original pertaining to House property offered as collateral security, KYC documents of the Applicant along with surety/guarantor , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any, Income tax returns for the last three years in case of an assessee, income proof(salary certificate), three years balance sheet and profit and loss account in case of business units, quotation for the machinery, in case of purchase of machinery etc.. No insurance of assets(Stock/Book debts) required for loans upto 1 lakh where as adequate insurance cover required for the stocks hypothecated in respect of 1 lakh above loans. |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | Gold deposited by the proponent for pledge, should be only in the form of ornaments. Other forms of gold like Gold Bars, gold biscuits, gold coins shall not be accepted by the Bank. Name of the persons if inscribed on the gold ornaments, should be the applicants of loan against pledge of such ornaments or a no objection letter is to be submitted from the concerned person along with his proof of identity. |
Collateral Security | No collateral security is required. |
Amount of Loan | Amount of loan depends on the quantity and quality of gold subjected to a maximum of total limit of Rs 10.00 lacs per individual. |
Margin | The margin varies as per the guidelines of RBI from time to time and the current margin is 25% of the appraised value of the gold. |
Rate of Interest | Click here |
Tenure of Loan | 12 months & renewable on review |
Contribution to Share Capital | Should be an ’A’ class share holder of the Bank |
Processing charges | Nil |
Other charges | 0.01% of value of gold towards insurance of the pledged ornaments. |
Required documents | Two photographs & KYC documents if the Applicant is not the savings account holder of the Bank& ornaments proposed for pledge. |
Eligibility | The proponent should be the depositor of the Bank |
Primary Security | Pledge of the duly discharged term deposit receipt by all the joint holders of the deposit. |
Collateral Security | Nil |
Amount of Loan | 85% of the face value of the deposit or 75% of principal+ to the date of sanction of loan, whichever is higher. There is no maximum limit. |
Margin | 15% value of deposit |
Rate of Interest | 2% over the interest payable on deposit |
Tenure of Loan | Remaining period of maturity of deposit |
Contribution to Share Capital | Nil |
Processing charges | Nil |
Other charges | Nil |
Required documents | Duly discharged deposit certificate and stamped with Rs.100/- deed of continuing guarantee form duly signed by the depositor & KYC documents of depositor if not submitted earlier while making deposit |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | The applicant should be a major, having a fixed asset in the form of a house which has a market value. The property should have been obtained by purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, rent receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus. |
Collateral Security | Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor. |
Amount of Loan | Amount of loan depends on the cost of the project and the value of property proposed for mortgage. |
Margin | Finance up to a maximum of 60% of the market value of the property as estimated by the bank. |
Rate of Interest | Click Here |
Tenure of Loan | The tenure is from 12 months to 120 months, depending upon the income of the proponent and cost of the project. |
Contribution to Share Capital and others | 2.5% of the loan amount of which 1% as share capital subject to a maximum of Rs.1.50 lakhs &1.5% as Term deposit |
Processing charges | 0.6% of the loan amount |
Other charges |
Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage. 2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees. |
Required documents | Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest Rent receipts in original, KYC DOCUMENTS OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any, Income tax returns for the last three years in case of an assessee, income proof (salary certificate latest), three years balance sheet and profit and loss account in case of business units, project report in case of new project, quotation for the machinery in case of purchase of machinery or vehicle. |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | Gold deposited by the proponent for pledge, should be only in the form of ornaments. Other forms of gold like Gold Bars, gold biscuits, gold coins shall not be accepted by the Bank. Name of the persons if inscribed on the gold ornaments, should be that of the applicants or a no objection letter is to be submitted from the concerned person along with his proof of identity. |
Collateral Security | No collateral security is required. |
Amount of Loan | Amount of loan depends on the quantity and quality of gold subjected to a maximum of total limit of Rs10.00 lacs per individual. |
Margin | The margin varies as per the guidelines of RBI from time to time and the current margin is 25% of the appraised value of the gold. |
Rate of Interest | Click Here |
Tenure of Loan | 3 months /6 months / 12 months |
Contribution to Share Capital | Gold loan borrowers are not required to maintain any share capital with the bank |
Processing charges | Nil |
Other charges | 0.01% of value of gold towards insurance of the pledged ornaments. |
Required documents | Two photographs & KYC documents if the Applicant is not the savings account holder of the Bank& ornaments proposed for pledge. |
Application Form | Download Application Form |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | Loans against hypothecation of goods shall be considered only when the facility is collaterally secured by mortgage of property in the form of a house, irrespective of the amount sought. The value of the property mentioned, as per the Bank valuation should be at least two times of the amount of the proposed loan. |
Collateral Security | Collateral security in the form of mortgage of property, pledge of gold/NSC/KVP of self or guarantor to the satisfaction of the bank. |
Amount of Loan | The limit depends on the past financial parameters of the applicant and also depends on the value of the collateral security offered. |
Margin | Minimum 25% margin and the margin depends on the type of commodity offered for hypothecation. |
Rate of Interest | Click here to see |
Tenure of Loan | The maximum period of loan is 60 months. The bank may consider longer tenure in case the business or the project require, as opined by the bank. |
Contribution to Share Capital and others | 2.5% of the loan amount of which 1% as share capital subject to a maximum of Rs.1.50 lakhs &1.5% as Term deposit |
Processing charges | 0.6% of the sanction loan amount |
Other charges |
0.5% of the loan amount should be paid as equitable mortgage charges, payable under stamp act. For loan accounts with total sanctioned limits of Rs.1.00 lacs and above, an additional amount of Rs.1000/- shall have to be paid for recording the charge with the Registrar of Assurances. 2% of the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees |
Required documents | Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights)& Latest Rent receipts in original pertaining to House property offered as collateral security, KYC documents of the Applicant along with surety/guarantor , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any, Income tax returns for the last three years in case of an assessee, income proof(salary certificate), three years balance sheet and profit and loss account in case of business units quotation for the machinery/vehicle, in case of purchase of machinery or vehicle. |
Application Form | Download Application Form |
Eligibility | The proponent should be the depositor of the Bank. |
Primary Security | Pledge of the duly discharged term deposit receipt by all the joint holders of the deposit. |
Collateral Security | No collateral security is required |
Amount of Loan | 85% of the face value of the deposit or 75% of principal + interest to the date of sanction of loan, whichever is higher. There is no maximum limit. |
Margin | 15% of the deposit value |
Rate of Interest | Loan against Bank Term Deposits: 2% over the interest payable on term deposit |
Tenure of Loan | Remaining period of maturity of deposit. |
Contribution to Share Capital | Nil |
Processing charges | Nil |
Other charges | Nil |
Required documents | Duly discharged deposit certificate & KYC documents of depositor if not submitted earlier while making deposit |
Application Form | Download Application Form |
Eligibility | The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. |
Primary Security | The required security varies from case to case and as such the proponent has to call on the nearest branch to file his application. |
Collateral Security | Third party guarantee of Government employee or any person with credentials to the satisfaction of the bank. |
Amount of Loan | The limit depends on the salary of the employee or income of the proponent, subject to a maximum of Rs.1.00 lac. |
Margin | Margin 25% |
Rate of Interest | Click here to see |
Tenure of Loan | Maximum 36 months. |
Contribution to Share Capital | 5% of the amount sanctioned. |
Processing charges | Nill |
Other charges | 2% on the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees. |
Required documents | Salary certificate, KYC documents of Applicant and surety holder/guarantor , undertaking from the employer to deduct the equated monthly installment and directly remit the same to the bank, assets and liabilities statement of self and guarantor, salary certificate of guarantor, one year bank statement of Applicant |
Application Form | Download Application Form |