Loans Schemes

Housing Loans

Borrowers All our existing customers / New customers properly introduced (only for firms and institutions).
Purpose
  • For construction of Residential house on plot already owned.
  • For renovation/extension/additional construction of house already owned.
  • For repair of the house.
  • To purchase ready built house/flat.
  • To take over existing housing loan a/c (regular a/c) from another Bank/Financial institution.
Loan Amount Eligible loan amount will be calculated according to the project, subject to the repayment capacity of the borrower, based on his income/salary, subject to the maximum of Rs. 35.00 lacs.
Who are Eligible Members of the Bank, Salary earners/businessman/enterprenuer/self-employed/ professional or engaged in any of valid gainful activity.
Security Equitable mortgage of residential house/flat, for which loan availed and third party guarantee of one suitable person.
Repayment In 60 EMIs (Maximum)
Rate of Interest 14% p.a

Personal Loan

Borrowers All salaried persons whose salary is credited at our bank branch or with ECS mandate.
Purpose Purchase of consumer durable, personal consumption expenditure etc.
Loan Amount Rs. 1.00 lakh (maximum) subject to repayment capacity of the borrower.
Who are Eligible Members of the Bank, Salary earners/businessman/enterprenuer/self-employed/ professional or engaged in any of valid gainful activity. Either are Govt. employee or employee of Semi Govt. Dept./ Autonomous Bodies, Corporation, Board, where Govt. stake is involved or employee of certain approved educational/medical institutions.
Security Salary Deduction Certificate, third party guarantee of one persons and check off facility.
Repayment in 24 E.M.Is. (Equated monthly instalments)
Rate of Interest 16% p.a

Business Loan

Borrowers Small businessmen, Small Traders, Petty Vendors.
Purpose
  • To meet capital expenditure in Business/Industrial/Service Sector activity, such as, for purchasing Machinery/Equipments/Furniture etc.
  • To meet long term working capital need in the Business.
  • To take over existing loan (regular a/c) avaited for such purpose from another Bank/financial institution.
Loan Amount After retaining prescribed margin (20% on project involving capital expenditure & 25% on take-over Loans) remaining amount i.e. 75% to 80% of the project cost, (subject to repayment capacity of the borrowers and maximum ceiling of Rs. 35.00 lacs) will be financed.
Who are Eligible Individuals/firms, engaged in gainful Business/ Service sector/Industrial activity in the area of operation of the Bank.
Security For loan upto Rs. 1.00 lac only hypothecation of assets, purchased out of Bank Loan. For Loan above Rs. 1.00 lacs, collateral security by way of equitable mortgage of immovable property will be required. Third party guarantee of one person will also be obtained.
Repayment In 60 EMIs (Maximum)
Rate of Interest 14% p.a

Vehicle Loan

Borrowers Salaried Person whose salary is credit at our bank branch or with ECS mandate or For business people who are Income tax assesses with previous 3 year I.T record.
Purpose
  • Purchase of brand new two wheeler/four wheeler vehicle for personal use.
  • Purchase of brand new three wheeler/four wheeler vehicle for commercial use such as Auto, Loading taxi, Taxi car, Cab, Bus, Truck, Tractor etc.
Loan Amount 75% of cost of Brand new vehicle intended to be purchased, as per quotation, which should contain details, such as, name of standard make/Brand of the vehicle, company's name, Model and cost of vehicle etc. (subject to repayment capacity of the borrower and overall ceiling of Rs. 93.00 lacs).
Who are Eligible All individuals, who are residing and employed in gainfull activity in the area of operation of the Bank and having valid driving licence are eligible for vehicle loan to purchase vehicle for the personal use. Persons/firms, having experience of carrying transport business and having valid drive licence to drive commercial transport vehicles, will be eligible for vehicle loan to purchase vehicle for commercial use.
Security Hypothecation of vehicle (hypothecation clause in favour of Bank will have to be got included in the Registration Certificate of the vehicle purchased out of Bank finance). For loans above Rs.5.00 lacs, equitable mortgage of immovable property will also be required. Third party guarantee of one person (two persons, for loans upto Rs.5.00 lacs) will also be taken.
Repayment Maximum in 60 EMIs.
Rate of Interest __% p.a

Mortgage Loan

Borrowers All our existing customers / New customers properly introduced. For both salaried and non-salaried.
Purpose
  • To meet personal/business needs.
  • To take over regular loan account from another Bank or financial institution.
Loan Amount 65% of the value of immovable property to be mortgaged, subject to repayment capacity of the borrower and overall ceiling of Rs. 5.00 lacs.
Who are Eligible Individuals, who are residing and employed in valid gainful activity in the area of operation of the Bank.
Security Equitable mortgage of immovable property and third party guarantee of one person.
Repayment Maximum in 60 EMIs.
Rate of Interest 16% p.a

Gold Loan

Borrowers All our existing customers / New customers properly introduced.
Purpose
  • To meet personal/business needs.
Loan Amount Rs. 5,00,000 Maximum
Who are Eligible Individuals, who are residing and employed in valid gainful activity in the area of operation of the Bank.
Security Pledge of Gold ornaments duly appraised by the jewel appraiser regarding the purity of gold.
Repayment Interest on Monthly Basis
Rate of Interest 11.50% p.a

Educational Loan

Borrowers All our existing customers / New customers properly introduced.
Purpose
  • Educational Loans for deserving/meritorious students for pursuing higher studies in India / Abroad.
Loan Amount
  • For Studies in India: Max. Rs.10.00 Lakhs
  • For Studies Abroad: Max. Rs.20.00 Lakhs
Who are Eligible Indian Nationals within the area of operation of the Bank.
Security Minimum 200% of the loan amount for the loans above Rs. 0.25 Lacs.
Repayment Maximum in 120 EMI's
Rate of Interest 14% p.a
Loan against deposits (F.D./S.F.D. & R.D.) with the Bank
  • Loan is allowed upto 75% of Deposits (FD/SFD & RD) to the depositors of the Bank.
  • Interest 2% above the actual interest rate of deposit is charged.
  • Loan is allowed promptly and without loss of any time.
Loan against N.S.C. / K.V.P.
  • Persons, who are holding genuine NSCs/KVPs are allowed loan upto 75% of the value of NSCs/KVPs, after getting lien in Bank's favour marked from the concerned post office.
  • Interest is recovered at the rate prescribed by the Bank from time to time (at present 14% P.A.)
Loan against L.I.C. Policy
  • Persons having regular L.I.C. Policy since last 3 years (minimum) may be sanctioned loan upto 75% of the surrender value of that Policy to be ascertained from L.I.C. of India, and after getting the policy assigned in Bank's favour by L.I.C. of India.
  • Interest will be recovered at the rate prescribed by Bank from time to time. (at present 14% P.A.)

Sircilla Co-operative Urban Bank Limited