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Loans & Advances
TYPES OF LOANS
  1. Transport Loan
  2. Business Loan
  3. Consumer Loan
  4. Cash Credit Loan
  5. Loan Against NSC/KVP/LIC/TDR
  6. Gold Loan
  7. House Building Loan
  8. Property Loan
  9. Education Loan
  10. Personal Loan
Growth of Loans and Advances
Transport Loan
Eligibility : One member may avail transport loan i.e. Truck, Bus, Tractor, Jeep, Car, Tempo and other transport / passenger carrier etc.
Securities :
  1. 50% of the value of the quotation as tangible security which includes 35% in fixed deposit and share capital to be deposited in Creditco and another 15% collateral security like surrender value of LIC/ NSC/ KVP/ Other Bank FD etc.
  2. Hypothecation of financed vehicle with comprehensive insurance.
  3. Post dated cheques.
  4. Guarantee by two members .
Rate of Interest : 14% P.A (Reducing balance)
 
Special Features :
  1. No processing fee.
  2. Interest calculated on Reducing balance.
  3. Speedy disposal of loan proposal.
  4. Fixation of installments basing on repaying capacity.Maximum-48 monthly installments.
  5. Arrangement for recovery from daily deposit account.
     
 
     
Business Loan
Eligibility : One member may avail business loan for trading being a proprietorship or partnership concern. Purposes include vegetables, fruits, flowers, confectionery, retail or wholesale trading , Hotels , Restaurants , small/cottage industries & fruit processing etc.
Securities :
  1. Tangible collateral security of 30% of loan amount.
  2. Share capital of 5% of loan amount.
  3. Rest of the sanctioned amount should be covered by assignment of LIC policies, pledging of NSC/KVP/Other bank FDR either by borrower or by guarantors.
  4. Hypothecation of vehicle with comprehensive insurance either by borrower or guarantor.
  5. Mortgage of land & building either by borrower or by guarantor.
  6. Post dated cheques.
  7. Guarantee by two members.
Rate of Interest : 14% P.A (Reducing balance)
 
Special Features :
  1. No processing fee.
  2. Interest calculated on reducing balance.
  3. Speedy disposal of loan proposal.
  4. Fixation of installments basing on repaying capacity.Maximum-36 monthly installments.
  5. Arrangement for recovery from daily deposit account.
     
     
 
     
 
Consumer Loan
Eligibility : One member may avail consumer loan to purchase consumer durables i.e. motor bike, scooter, moped etc.

Securities :
  1. He / She should necessarily be a salary earner or a professional having monthly income.
  2. Collateral securities of 50% of the quotation value which includes fixed deposit of 30% and 5% towards share capital.
  3. Assignment of LIC policy either by borrower & guarantor. Furnishing of surrender value of the policy.
  4. Pledge of NSC/KVP/Any other bank FD either by borrower or guarantor.
  5. Guarantee by two members .
  6. Post dated cheques.
  7. H.P. of financed vehicle / assets with comprehensive insurance.
Rate of Interest : 16% P.A (Reducing balance)
 
Special Features :
  1. No processing fee.
  2. Interest calculated on Reducing balance.
  3. Speedy disposal of loan proposal.
  4. Fixation of installments basing on repaying capacity.Maximum-36 monthly installments.
  5. Arrangement for recovery from daily deposit account.
Cash Credit Loan
Eligibility : A proprietorship / partnership firm being  a member of cooperative may avail cash credit loan for trading, purchase & processing of raw material etc..

Basis for determination of credit limit :

  1. Yearly turn over in the preceding year & its projection for the succeeding year.
  2. Stock Report.
  3. Purchase & Sale report.
  4. Balance sheet & P/L A/C.
  5. Projected balance sheet.
Securities :
  1. 100% collateral security of the limits which includes 30% fixed deposit & 5% towards share capital.
  2. Post dated cheques.
Rate of Interest : 14% P.A (Reducing balance)
Special Features :
  1. 1. No processing fee.
  2. Interest calculated on Reducing balance.
  3. Speedy disposal of loan proposal.
  4. Limit fixed for one year with provision for renewal.
  5. Arrangement for recovery from daily deposit account.
Loan Against NSC/KVP/LIC/TDR
Eligibility : A member of the cooperative may borrow the above loan upto 75% of the value of the above securities against pledge of NSC/KVP/TDR and assignment of LIC policy furnishing surrender value certificate.

Rate of Interest : 14% P.A (Reducing balance)

Special Features :
  1. No processing fee.
  2. Interest calculated on Reducing balance.
  3. Speedy disposal of loan proposal.
 
Gold Loan
Eligibility : One member may avail Gold loan from the Cooperative for purchase of pure 999 Gold coin/ Silver coin which is available in Creditco for sale and also mortgaging own jewellery / ornaments at a concessional rate of interest.

Rate of Interest : 14% P.A (Reducing balance)

Special Features :
  1. No processing fee.
  2. Interest calculated on Reducing balance.
  3. Speedy disposal of loan proposal.
  4. Fixation of Installments basing on repaying capacity. Maximum 12-monthly Installments.
  5. Arrengement of Recovery from Daily Diposit Account.
 
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