Cash Credit

Rules and Regulations / Features

• Loan can be availed by A class Members only.
• This loan shall be sanctioned to business men / small retail traders / small business entrepreneurs.
• Loan can be availed against the security of land mortgage / immovable property.
• The Maximum limit that can be advanced under this scheme will be Rs.25,00,000/- (Rs. Twenty-Five Lakh only).
• Applicant should produce all the related papers of his business concern every year (Audited P&L Account, Balance sheet, Stock Statement, filed Income Tax statement etc).
• Hypothecation of plant and machinery may be accepted as security.
• The Loan account can be operated like a running account.
• Cheque book facility will be made available for operating the loan.
• Interest will be calculated at daily balance method and debited monthly in the account. If the interest is not remitted in monthly, normal interest should be charged for this interest at the time of remittance.
• The loan must be renewed every calendar year.
• The Bank has a right to file suit under KCS / SARFAESI Act when the loan becomes a Non Performing Asset as per RBI guidelines.

Gold Loan

Rules and Regulations / Features

• Loan can be availed by A class Members or Nominal Members.
• Loan can be availed against the security of gold ornaments or gold coins only
• Loans shall not be disbursed against valuable stones. Actual weight of gold must be assessed in cases where the ornaments pledged contain any other precious stones.
• Only individual customer can avail the loan.
• The minimum weight for ornaments to be pledged under 3, & 6-month Scheme will be 1gm.
• Interest will be calculated under diminishing method.
• After the due date of the loan, 2 % overdue interest will be charged in addition of normal rate.
• Partial repayment will be permitted from the second day of pledging.

Deposit Loans

Loans up to 80% of the total deposited amount is sanctioned as loans on the security of various term deposits. Please contact the branches for more details.

Surety Loans (Personal Loans)

Loans up to 1 lakh is allowed under this scheme to the members for various purposes. Three members are to be involved in this scheme, one principal borrower and two sureties. The loan amount that can be disbursed is calculated based on the income of the borrowers. The repayment period will be up to 5 years (conditions apply).

Gold Cash Credit

An innovative cash credit scheme under which Gold Ornaments are taken as security for sanctioning a cash credits. The ornaments are allowed to replace with other ornaments once in three months, but without reducing the original weight pledged.