LOANS

Business Loan (B.L):

To Start a new business or to develop your existing business, we provide Business Loan with repayable at 36, 48 & 60 months. Up to 10 Lakhs.

Rate of Interest: 15.5% (Reducing Interest)

Documents required for Business Loan:-

  • 10% FD on loan amount.
  • 3 passport size photo.
  • Identity Proof
  • Nationalized Bank’s Advance Cheque.
  • 2 Surety – (SB a/c with St. Milagres)
  • LIC Assignment (Statement of Surrender value)
  • Vehicle Hypothecation.
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Business Licence
  • IT Returns
  • Rent Agreement
  • Stock statement

Note: Loanee should be identified by the Branch Manager.

Housing Loan (H.L) & Mortgage Loans (M.L):

For construction of New House, Apartments, Buildings, Renovation of existing building, Purchase of Shops or to Invest in Real Estate purpose, we provide you easy instalment repayable at 60, 72, 84 & 120 months. Up to 50 Lakhs.

Rate of Interest: 15% (Reducing Interest)

Documents required for Housing Loan:-

  • 3 passport size photo.
  • Identity Proof :–
    1. Nationalized Bank’s Advance Cheque.
    2. 2 Surety – (SB a/c with St. Milagres)
    3. Land Valuation Report.
    4. Building Valuation Report.
    5. Legal Advisor’s Report
    6. Encumbrance Certificate
    7. Record of Rights
    8. Mutation Entry
    9. Sale deed
    10. Land Map
    11. RTC
    12. E-Swathu
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Vehicle Loan (V.L):

We provide Spot Loan facility to our customers for purchase of Bike, Scooter, Auto-Rickshaw, Car, Truck, JCB etc., with easy documentations.

On Road - 75% Loan 30 to 60 Easy Instalments 84 Instalments for Four Wheelers (7 Years) 25% Down payment (on road prize of vehicle)

Rate of Interest: 12.90% (Reducing Interest) For new Vehicle

Documents required for Vehicle Loan:-

  • 3 passport size photo.
  • Vehicle Quotation.
  • Identity Proof
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox
  • Nationalized Bank’s Advance Cheque.
  • 2 Surety – (SB a/c with St. Milagres)

Note: Loanee should be identified by the Branch Manager.

House Appliance Loan (H.A.L):

For purchase of house appliance like T.V, Refrigerator, Furniture’s, Washing Machine etc., we provide easy monthly repayable loan facility.

Rate of Interest: 17% (Reducing Interest )

Documents required for House Appliances Loan:-

  • 3 passport size photo.
  • Quotation of House appliance materials.
  • Identity Proof
  • Nationalized Bank’s Advance Cheque.
  • 2 Surety – (SB a/c with St. Milagres)
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Personal Loan (P.L):

This is a clean loan given to employees Private, Public and Government sectors in order to fulfil their commitments against security of two respectable sureties.

Rate of Interest: 16% (Reducing Interest)

Documents required for Personal Loan :-

  • 10% FD on loan amount.
  • 3 passport size photo.
  • Identity Proof :–
    1. Nationalized Bank’s Advance Cheque.
    2. 2Surety – (SB a/c with St. Milagres)
    3. Latest 2 months Salary Slip.
    4. LIC Assignment (Statement of Surrender value)
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Educational Loan:

For pursuing higher education in India and abroad, we provide loan facility to the student for a courses of 5 Year (like MBA, MCA, LLB, MBBS, BE,..Etc.)

Rate of Interest: 16.5% (Reducing Interest)

Documents required for Personal Loan :-

  • 3 passport size photo.
  • Identity Proof :–
    1. Nationalized Bank’s Advance Cheque.
    2. LIC Assignment (Statement of Surrender value)
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Solar Loan:

For solar water heater and lighting system, we provide loan facility with easy installments.

Rate of Interest: 17% (Reducing Interest)

Documents required for Personal Loan :-

  • 3 passport size photo.
  • Identity Proof :–
    1. Nationalized Bank’s Advance Cheque.
    2. LIC Assignment (Statement of Surrender value)
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Wedding Loan:

To ensure that all the arrangements are perfect for the wedding, we provide easy monthly repayable loan facility up to Rs-5 Lakhs

Documents required for Personal Loan :-

  • 3 passport size photo.
  • Identity Proof :–
    1. Nationalized Bank’s Advance Cheque.
    2. LIC Assignment (Statement of Surrender value)
  • Driving License Xerox
  • Voter ID Xerox
  • Ration Card Xerox
  • Adar Card Xerox

Note: Loanee should be identified by the Branch Manager.

Deposit Loan (D.L):

This loan is given against value of term deposit up to the extent of 75%.

Rate of Interest: F.D.R + 2% (Reducing Interest ) (F.D.R = Fixed Deposit Rate of Interest )

Note: Loanee should be identified by the Branch Manager.

Gold Loan (G.L):

Get instant loan against gold with safe and secure loan processing on the spot. Loans advanced up to 80% of gold valuation.

Rate of Interest: 14% (Reducing Interest)

Note: Loanee should be identified by the Branch Manager.

Over Draft Loan:

Loans provided for the business turn over

Rate of Interest: 17% (Reducing Interest)

Documents required for Over Draft Loan :-

  • Business License
  • Adhar card xerox
  • PAN card
  • Voter ID Xerox
  • Ration Card Xerox
  • IT return
  • Stock Statement
  • Rent agreement

Note: Loanee should be identified by the Branch Manager.

Pigmy Deposit Loan (P.D.L):

Loan against the security of Pigmy Deposit are provided for better convenience to the customers due to their day-to-day transactions.

Rate of Interest:10% (Reducing Interest)

Note: Loanee should be identified by the Branch Manager.

Our CO-Operative EMI(Equated Monthly Installment):

Our cooperative is at par as with any Nationalized Bank or big private Bank in providing quick and prompt service. In order to maintain the same repute and service providing image it is must that new technologies and services must be adopted and put into practice. Apart from many newly introduced schemes the Management wanted to introduce the EMI scheme. Since long our Management and the senior staff members have been working out on this subject. Finally an output is come and following are the rates for the different types of loans through EMI.

Type of loan Advancing Limit Rate of Interest Period
1 Housing loan 3 lakhs and above 15% 5 to 15 years
2 Mortgage Loan 3 lakhs and above 15% 5 to 15 years
3 Vehicle loan ( applicable only for four wheeler and heavy vehicles) Quotation amount 12.9% 3 to 7 years
4 Personal loan Above 2 lakhs 15.5% 3 to 5 years

Rules to be followed while advancing loans through EMI(Equated Monthly Installment):

  • Excess payment: EMI means the party must pay a fixed amount every month. If by chance excess amount is paid, than the party will be charged 2% as the Extra Payment Charges on the excess amount.
  • Premature closure: Similarly EMI calculations are being made prior to loan advancing as per the customer’s repayment capacity. If at all the party decides to pay a lump sum amount and closes the loan before 3 years, then the party will have to bear the Pre Closure Charges of 0.7% on the loan sanctioned amount.
  • Penal Interest: If the monthly installment is not updated on monthly basis, then a penal interest of 25% will be charged on EMI amount.