Margin Money Loan
TARGET GROUP
Residents of Ernakulam District.
PURPOSE
Purchase of Self Employment Equipments & Working capital.
LOAN AMOUNT LIMIT
Up to 10 lakh for individuals and for 25 lakh to societies and institutions approved by Khadhi board
RATE OF INTEREST
Up to 3 lakh @ 14%
Above 3 lakh @15%
REPAYMENT PERIOD
7 years
ELIGIBILITY
Sufficient income to repay the loan amount
The applicant does not have any direct or indirect liability with the Bank. (as loanee or surety)
Who can give job at least one person with every 50000 of the loan amount
GUARANTEE
Approval by the khadi board
Certificate from the project manager (KVIB)
Landed property
MARGIN
10%down payment and for SC /ST 5%
INTEREST REBATE
Applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Approval by the khadi board
Certificate from the project manager (KVIB)
Original deed
FORECLOSURE FEE
Ordinary Loan (med
TARGET GROUP
Residents of Ernakulam District.
PURPOSE
For further treatment referred by the doctors
LOAN AMOUNT LIMIT
Up to 1lakh
RATE OF INTEREST
Not applicable for this loan.
Defaulters will be charged interest at the rate of 6 % p.a on balance outstanding.
Addl .Interest rate of 3 % p.a is charged on overdue installments.
REPAYMENT PERIOD
100 Months
ELIGIBILITY
SALARIED PERSON: Basic pay not less than Rs. 3000/-; total deduction not exceed 50 % of gross salary.
FOR OTHERS: Sufficient personal or family income.)
GUARANTEE
If applicant is an Employee:
1) Upto Rs.50000/- :-Employment Certificate of applicant.
2) Rs.50, 001 to Rs.1, 00,000/- :- 1 Employed surety.
If Applicant is not an Employee :-
1)Upto Rs.50000/- :- 1Employed surety & LTR of applicant
2) Rs.50,001 to Rs.1,00,000/- :- 2 Employed surety & LTR of applicant
IN CASE OF COLLATERAL SECURITY
Security property with a valuation of 170% of applied amount.
A surety with Land Tax Receipt shall be given for the loan applications up to Rs.5 lakhs.
MARGIN
Rs.500/-
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Salary Certificate of the Applicant & Guarantors in the prescribed form
Certificate from the doctor about the disease
Ration card of the patient.
Original Medical Bills should be submitted
( Loan should be applied within 3 months from hospitalization )
House Loan Societi
TARGET GROUP
All Societies affiliated to our Bank.
PURPOSE
House construction /purchase
LOAN AMOUNT LIMIT
Based on the IMBP of the Society . Max. – Rs.5 lakhs
RATE OF INTEREST
12.5%
REPAYMENT PERIOD
174 months
ELIGIBILITY
1) Audit classification should be A or B
2) % of overdues to demand should not exceed 40% and that of House construction Loan should not exceed 15 %
3) 80 % of Estimate
GUARANTEE
On personal & property security (According to Byelaw of the society)
MORATORIUM
6 months
DOCUMENTS TO BE SUBMITTED
1.Prescribed Application Form
2. Committee Resolution.
3 Copy of Audited Balance Sheet & Latest B/ S, Trading A/C, P & L a/c etc.
4. Copy of Bye Law, Copy of defects pointed out in the Audit Report and measures taken for rectification.
5. Certificates regarding the negative Lien on their fixed Assets.
6. Certificate regarding the Non-Membership in other Credit Co.opve Societies.
7 DHL – 3 Form.
8.Plan & Estimate Approved not below the Rank of Asst .Engineer should be obtained
9 .Approval order from concerned Corporation / Municipality / Panchayath.
Property Purchase
TARGET GROUP
Residents of Ernakulam District.
PURPOSE
Purchasing flat, land ,house, shops
LOAN AMOUNT LIMIT
100 LAKH 40 LAKHS
RATE OF INTEREST
Upto 3 lakh 13%
above 3 lakh 13%
REPAYMENT PERIOD
10 YEARS
ELIGIBILITY
Residing in Ernakulam district
Applicant must have property in Ernakulam district
Applicant must not have direct liabilities with the bank
Applicant must have sufficient repayment capacity
Eligible
amount is 60% of the valuation of purchase property in case of loan
applications up to Rs.25 lakhs and 50% of valuation of purchase property
for above Rs.25 lakhs. In case of other properties as security,
eligible amount will be 70% of valuation of security property or 90% of
valuation of purchase property whichever is less.
GUARANTEE
Equitable mortgage of purchasing house or land
Employee surety and surety with land tax receipt
UPFRONT FEE
Not applicable to this loan
INTEREST REBATE
Not applicable to this loan
MORATORIUM
12 months
DOCUMENTS TO BE SUBMITTED
Income proof and certificate
Salary Certificate of the Applicant & Guarantors in the prescribed form
Primary deed, Prior deed and other relevant revenue records.
Original purchase agreement.
Newly registered document after registration.
Surety with LTR for loans up to Rs.5 lakhs.
FORECLOSURE FEE
Service charge @ 1% plus service tax before closing within 2 years