The Biggest Multi State Co-Operative Bank in South India           

  • CONSUMPTION LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    The required security varies from case to case and as such the proponent has to call on the nearest branch to file his application.

    Collateral Security

    Third party guarantee of Government employee or any person with credentials to the satisfaction of the bank.

    Amount of Loan

    The limit depends on the salary of the employee or income of the proponent, subject to a maximum of Rs.1.00 lac.

    Margin

    Margin 25%

    Rate of Interest

    click here to see

    Tenure of Loan

    Maximum 36 months.

    Contribution to Share Capital

    5% of the amount sanctioned.

    Processing charges

    1% of the amount sanctioned.

    Other charges

    2% on the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees. 

    Required documents

    Salary certificate, KYC documents of Applicant and surety holder/guarantor , undertaking from the employer to deduct the equated monthly installment and directly remit the same to the bank, assets and liabilities statement of self and guarantor, salary certificate of guarantor, one year bank statement of Applicant

    Application Form

      Download Application Form 

     

  • DEPOSIT LOANS

    Eligibility

    The proponent should be the depositor of the Bank..

    Primary Security

    Pledge of the duly discharged term deposit receipt by all the joint holders of the deposit.

    Collateral Security

    No collateral security is required

    Amount of Loan

    85% of the face value of the deposit or 75% of principal + interest to the date of sanction of loan, whichever is higher.

    There is no maximum limit.

    Margin

    15% of the deposit value

    Rate of Interest

    Loan against Bank Term Deposits: 2% over the interest payable on term deposit

    Tenure of Loan

    Remaining period of maturity of deposit.

    Contribution to Share Capital

    Nil

    Processing charges

    Nil

    Other charges

    Nil

    Required documents

    Duly discharged deposit certificate & KYC documents of depositor if not submitted earlier while making deposit

    Application Form

    Download Application Form

     

  • HYPOTHICATION LOAN

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    Loans against hypothecation of goods shall be considered only when the facility is collaterally secured by mortgage of property in the form of a house, irrespective of the amount sought. The value of the property mentioned, as per the Bank valuation should be at least two times of the amount of the proposed loan.

    Collateral Security

    Collateral security in the form of mortgage of property, pledge of gold/NSC/KVP of self or guarantor to the satisfaction of the bank.

    Amount of Loan

    The limit depends on the past financial parameters of the applicant and also depends on the value of the collateral security offered.

    Margin

    Minimum 25% margin and the margin depends on the type of commodity offered for hypothecation.

    Rate of Interest

    Click here to see

    Tenure of Loan

    The maximum period of loan is 60 months. The bank may consider longer tenure in case the business or the project require, as opined by the bank.

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lacs.

    Processing charges

    1% of the sanction loan amount

    Other charges

    0.5% of the loan amount should be paid as equitable mortgage charges, payable under stamp act. For loan accounts with total sanctioned limits of Rs.1.00 lacs and above, an additional amount of Rs.1000/- shall have to be paid for recording the charge with the Registrar of Assurances.

     

    2% of the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees

    Required documents

    Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights)& Latest Rent receipts in original pertaining to House property offered as collateral security, KYC documents of the Applicant along with surety/guarantor , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any,  Income tax returns for the last three years in case of an assessee, income proof(salary certificate), three years balance sheet and profit and loss account in case of business units quotation for the machinery/vehicle, in case of purchase of machinery or vehicle.

    Application Form

      Download Application Form 

     

     

     

  • GOLD LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    Gold deposited by the proponent for pledge, should be only in the form of ornaments. Other forms of gold like Gold Bars, gold biscuits, gold coins shall not be accepted by the Bank. Name of the persons if inscribed on the gold ornaments, should be that of the applicants or a no objection letter is to be submitted from the concerned person along with his proof of identity.

    Collateral Security

    No collateral security is required.

    Amount of Loan

    Amount of loan depends on the quantity and quality of gold subjected to a maximum of total limit of Rs10.00 lacs per individual.

    Margin

    The margin varies as per the guidelines of RBI from time to time and the current margin is 25% of the appraised value of the gold.

    Rate of Interest

    Click Here

    Tenure of Loan

    6 months / 12 months

    Contribution to Share Capital

    Should be enrolled as a nominal share holder by paying fees of Rs.5/-

    Processing charges

    Nil

    Other charges

    0.01%   of value of gold towards insurance of the pledged ornaments.

    Required documents

    Two photographs & KYC documents if the Applicant is not the savings account holder of the Bank& ornaments proposed for pledge.

    Application Form

      Download Application Form 

     

  • MORTGAGE LOAN

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    The applicant should be a major, having a fixed asset in the form of a house which has a market value. The property should have been obtained by purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, rent receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus.

    Collateral Security

    Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor.

    Amount of Loan

    Amount of loan depends on the cost of the project and the value of property proposed for mortgage.

    Margin

    Finance up to a maximum of 60% of the market value of the property as estimated by the bank.

    Rate of Interest

    Click Here

    Tenure of Loan

    The tenure is from 12 months to 120 months, depending upon the income of the proponent and cost of the project.

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lacs.

    Processing charges

    0.6% of the loan amount

    Other charges

    Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage.

     

    2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees.

    Required documents

    Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest Rent receipts in original, KYC DOCUMENTS OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any,  Income tax returns for the last three years in case of an assessee, income proof (salary certificate latest), three years balance sheet and profit and loss account in case of business units, project report in case of new project, quotation for the machinery in case of purchase of machinery or vehicle.

     

  • OVER DRAFT ON DEPOSITS

    Eligibility

    The proponent should be the depositor of the Bank

    Primary Security

    Pledge of the duly discharged term deposit receipt by all the joint holders of the deposit.

    Collateral Security

    Nil

    Amount of Loan

    85% of the face value of the deposit or 75% of principal+ to the date of sanction of loan, whichever is higher. There is no maximum limit.

    Margin

    15% value of deposit

    Rate of Interest

    2% over the interest payable on deposit

    Tenure of Loan

    Remaining period of maturity of deposit

    Contribution to Share Capital

    Nil

    Processing charges

    Nil

    Other charges

    Nil

    Required documents

    Duly discharged deposit certificate and stamped with Rs.100/- deed of continuing guarantee form duly signed by the depositor & KYC documents of depositor if not submitted earlier while making deposit

     

  • OVER DRAFT ON GOLD LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    Gold deposited by the proponent for pledge, should be only in the form of ornaments. Other forms of gold like Gold Bars, gold biscuits, gold coins shall not be accepted by the Bank. Name of the persons if inscribed on the gold ornaments, should be the applicants of loan against pledge of such ornaments or a no objection letter is to be submitted from the concerned person along with his proof of identity.

    Collateral Security

    No collateral security is required.

    Amount of Loan

    Amount of loan depends on the quantity and quality of gold subjected to a maximum of total limit of Rs 10.00 lacs per individual.

    Margin

    The margin varies as per the guidelines of RBI from time to time and the current margin is 25% of the appraised value of the gold.

    Rate of Interest

    Click here

    Tenure of Loan

    12 months & renewable on review

    Contribution to Share Capital

    Should be an ’A’ class share holder of the Bank

    Processing charges

    Nil

    Other charges

    0.01%   of value of gold towards insurance of the pledged ornaments.

    Required documents

    Two photographs & KYC documents if the Applicant is not the savings account holder of the Bank& ornaments proposed for pledge.

  • SMALL BUSINESS FINANCE LOAN(CASH CREDIT/OD/TERM LOAN)

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    For Loans below 2 lakhs-Hypothecation/ of stocks/Machinery/tools/book debts.

    For Loans 2 Lakhs & Above-Hypothecation/EM of stocks/Machinery/tools/book debts.

    Collateral Security

    a)Loans up to  Rs.2.00 lakh-No collateral security required -Third party guarantee who is having immovable property(optional)

     

    b)Above & Including RS.2.00 Lakh: EM of immovable property(buildings) or Third party guarantee who is having immovable property(buildings)

     

    Amount of Loan

    The limit depends on the past financial parameters of the applicant’s business and also depends on the value of the collateral security offered.

    Margin

    Working capital:25%

    Term Loans      :30%

    Rate of Interest

                                Click Here

    Tenure of Loan

    Working Capital: On demand. Renewable at yearly intervals.

    Term Loans: Repayable within 36 months including moratorium period or any other period as decided by the Bank

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lacs.

    Processing charges

    For SBF Loans----No Processing charges

    For Overdrafts----1% of the sanction loan amount

     

    Other charges

    0.5% of the loan amount should be paid as equitable mortgage charges, payable under stamp act. For loan accounts with total sanctioned limits of Rs.1.00 lacs and above, an additional amount of Rs.1000/- shall have to be paid for recording the charge with the Registrar of Assurances.

     

    2% of the share capital amount has to be contributed for the Members Welfare Fund and Rs.25/- towards admission fees

    Required documents

    Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights)& Latest Rent receipts in original pertaining to House property offered as collateral security, KYC documents of the Applicant along with surety/guarantor , PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any,  Income tax returns for the last three years in case of an assessee, income proof(salary certificate), three years balance sheet and profit and loss account in case of business units, quotation for the machinery, in case of purchase of machinery etc..

    No insurance of assets(Stock/Book debts) required for loans upto 1 lakh where as adequate insurance cover required for the stocks hypothecated in respect of 1 lakh above loans.

     

  • SELF HELP GROUP LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility.

    Primary Security

    The goods/machinery/live stock/articles for which the bank has financed are the primary security.

    Collateral Security

    Group member’s joint and / or several guarantees.

    Amount of Loan

    Depends on the activity of the proponent subjected to a maximum limit of Rs.10,000/- per borrower.

    Margin

    Nil

    Rate of Interest

    click here 

    Tenure of Loan

    Maximum 52 weeks

    Contribution to Share Capital

    Should be enrolled as a nominal share holder by paying fees of Rs.5/-.

    Processing charges

    Nil

    Other charges

     

    Required documents

    Copy of the Aadhar Card / Ration Card / Voter’s Card, two passport size photographs, proof of income if any, Should present in the bank as a group.

     

     

  • SHARES AND SECURITIES

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility

    Primary Security

    The National Savings Certificates or  Kisan Vikas Pathra should be in the name of the proponent.

    Collateral Security

    No collateral security is required

    Amount of Loan

    The limit depends upon the purpose of the loan and the value of the security produced.

    Margin

    The margin depends on the age of the savings instrument. The table below indicates the amount of finance.

    Rate of Interest

    link

    Tenure of Loan

    The maximum tenure is the remaining period of maturity of the security.

    Contribution to Share Capital

    Should be enrolled as a nominal share holder by paying fees of Rs.5/-.

    Processing charges

    Nil

    Other charges

    Pledge Charges as per Indian Postal Act.

    Required documents

    NSCs or KVPs proposed for pledge duly marked as pledge by the issuer(concerned post office) given in favour of the Bank

     

     

    Age of the Certificate

    Maximum permissible limit

    1 year

    50%

    2 years

    60%

    3 years

    65%

    4 years

    75%

    5 years

    80%

     

     

  • WEAKER SAHAKARA SAMITI LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility

    Primary Security

    The goods/machinery/live stock/articles for which the bank has financed are the primary security.

    Collateral Security

    Group member’s joint and / or several guarantees.

    Amount of Loan

    Depends on the activity of the proponent subjected to a maximum limit of Rs.10,000/- per borrower.

    Margin

    Nil

    Rate of Interest

    Click Here

    Tenure of Loan

    Maximum 52 weeks.

    Contribution to Share Capital

    Should be enrolled as a nominal share holder by paying fees of Rs.5/-.

    Processing charges

    Nil

    Other charges

     

    Required documents

    Copy of the Aadhar Card / Ration Card / Voter’s Card, two passport size photographs, proof of income if any, Should present in the bank as a group.

    Application Form

      Download Application Form 

     

  • EDUCATIONAL LOANS


    Educational Loans:-

    Eligibility Criterion:


    • Any student who is a major representing himself or a minor student represented by parent or guardian of Indian Nationality and either he / she should be a member or his / her parent is having at least 2 years history in membership of the Bank.


    • Must have secured admission on the basis of merit to professional / technical / other courses through entrance test / selection process.  Deviation / relaxation is also permitted under special circumstances.


    • Must have secured admission to Foreign universities / Institution (for studies abroad)


    Courses:-


    • School education upto +2 (Intermediate)
    • Graduation
    • Post Graduation
    • Professional Courses
    • Courses like ICWA, CFA,CA etc.,
    • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.,
    • Courses offered in India by reputed foreign universities
    • Evening courses of approved institutes
    • And such other courses approved and conducted by UGC / Govt AICTE / AIBMS / ICMR etc., National Institutes and other reputed private institutions acceptable to the Bank.

    Quantum of Loan:-  Need based finance subject to repaying capacity of parents / students with following expenses.

    • Fees payable to School / College / Hostel
    • Examination / Library / Laboratory Fees
    • Purchase of Books / Equipment / Instruments / Uniforms
    • Caution Deposit / Building Fund / Refundable Deposit
    • Travel Expenses Passage Money for studies abroad
    • Purchase of Computers considered necessary for completion of the course
    • Any other expenses required to complete the course like study tours, project works etc.,

    Share Linking:-

    • Maximum 5% of the loan amount shall be contributed towards Share Capital (in a phased manner correlating to disbursement of loan)
    • 2% on Share Capital shall be paid towards Members Welfare Fund and a one time payment of Rs.25/- towards admission Fees.


    Security:-


    • No tangible security up to Rs.1.00 Lakhs
    • Tangible collateral security (immovable property) either of student’s parents or third party and with further income assignment for payment of installments by the student for loans above Rs.1.00 lakhs
    • All loans should be secured by parent(s) / Guardian(s) of the student borrower.  In the case of married person, co-obligator shall be the spouse or parent(s) / parents-in-laws


    Repayment Schedule:-

    • Maximum period for repayment of the loan is 7 years


    Features:-

    • There is a special discount in interest rates for students who were awarded merit awards (Welfare Schemes Link) by the Bank. 
  • HUDHUD CYCLONE RELIEF LOANS

      Bank has winded up 'HUDHUD' loan schemes with effect from 01/04/2015

    The massive hurricane, HUDHUD on 12-10-2014 had distorted the life in the coastal districts in general and Visakhapatnam in particular.  It can be said that it was a never before destruction faced by Vizagites.  The effect of the HUDHUD cannot be seen with naked eye as it had its impact on most of the households, small scale industries and almost on all walks of the life disrupting the peaceful living in the city.  It may take many years to arrive at the position we enjoyed.


    In discharging of its’ social responsibility towards the society and with an aim to assist the needy, The Visakhapatnam Co-operative Bank has announced various new loan schemes under the “Cyclone relief loans” with slashed interest rates and eased disbursement procedure to the public of Visakhapatnam, Vizianagaram, Srikakulam and East Godavari as a relief measure of ‘HUDHUD’ cyclonic storm which was initially taken up till the end of December 2014. However, considering the prevailing situations in the coastal districts, the scheme was extended up to 31/3/2015. 


    The slashed rates will have its impact on the business & profitability of the Bank.  But, when considered the pathetic situation of the public assisted the Bank in its growth & prosperity, it is thought that the bank should standby them leaving the hardship in the financials.


    The different products which are being extended are:-

    1. HUDHUD Rescue – Small Loans - 2014

    a)      A loan of Rs. 5000/- is proposed to be sanctioned to the applicant on the surety of the applicant’s spouse or children duly following KYC norms for principal borrower as well as surety. Necessary documents in support of income proof are to be submitted.

    b)      Rate of Interest is 10% and period of loan is 15 months.

    c)       A nominal membership fee of Rs 5/- is to be remitted towards share capital by the borrower as well as surety

    d)      Loan may be sanctioned to any individual who has been directly or indirectly affected by the cyclone.


    2. Member Cyclone Relief Loan – 2014


    To facilitate immediate relief to our members the following scheme has been designed.


    a)      The amount of Loan may be disbursed basing on the share capital held by the member. The amount of loan that may be sanctioned under this scheme shall be a minimum of Rs. 5000/- and a maximum of twice the amount of share capital held by him / her i.e. up to Rs. 200000/-.


    b)      Apart from personal guarantee of the borrower surety of the applicant’s spouse or children should be given duly following KYC norms (no need to submit a fresh KYC if they are already with the bank) for principal borrower as well as surety.

    c)       Rate of interest upto Rs. 5000/-                                         10%

                                                 5001/- to 25000/-                        11%

                                                     25001/- to 200000/-                12%

    d)      The period of repayment of loan may be fixed duly considering the repaying capacity of the borrower starting from 15 months to a maximum period of 36 months.


    3. HUDHUD Cyclone Relief Assistance Mortgage Loans – 2014

    The loans may be granted to all the existing mortgage loan holders. Loans cannot be granted to borrowers whose accounts are classified as NPA as at 30th September, 2014. Loans cannot be granted for clearance of existing loans or to adjust overdue.

    i)                    Loans up to Rs. 2 Lakhs

     

    a)            Applicable rate of interest is- 11%.

    b)            The period of repayment of loan may be fixed duly considering the repaying capacity of the borrower for a maximum period of 60 months.


    ii)                  Loans from Rs. 200001/- to Rs. 500000/-

     

    a)            The amount of loan up to Rs. 500000/- Rate of interest @ 12%.

    b)            The period of repayment of loan may be fixed duly considering the repaying capacity of the borrower for a maximum period of 72 months.


    iii)                Loans from Rs. 500001/- to Rs. 10 Lakhs.

     

    a)            The amount of loan up to Rs 10 Lakhs. Rate of Interest @ 13%.

    b)            The period of repayment of loan may be fixed duly considering the repaying capacity of the borrower for a maximum period of 84 months.


    iv)                Loans of Rs. 10 Lakhs and above

     

    a)            The applicable Rate of interest - 13%.

    b)            The period of repayment of loan may be fixed duly considering the repaying capacity of the borrower for a maximum period of 120 months.


    4. HUDHUD Business Relief Loans – 2014


    Loans up to Rs. 5000/-                                                                    10% for a period of 15 months

    Loans up to Rs. 5001/- to 25000/-                                              11% for a period of 24 months

    Loans up to Rs. 25001/- to 100000/-                                         12% for a period of 30 months

    Loans up to Rs. 100001/- to 200000/-                                       12.5% for a period of 36 months


    a)      Loan may be sanctioned to the business people for repair of shops, hoarding, electrical repairs, genset repairs and for working capital requirement also (the list is illustrative but not exhaustive) on the security of stocks and small capital investments etc.


    5. Cyclone Relief Gold Loans – 2014

     

    Loans up to Rs. 50000/-                                 11%

    Loans up to Rs. 50001/-                                 12%   

     

  • VCB HOUSING LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. The loan scheme is for financing housing sector for construction as well as purchase of residential houses/ flats.

    Primary Security

    The applicant should be a major; intent to purchase/ construct a house/flat which has a market value is eligible to avail this facility. The property should have been obtained by the vendor through purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, rent receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus.

    Collateral Security

    Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor.

    Amount of Loan

    Amount of loan depends on the cost of construction of the House/value of the property proposed for purchase.

    Margin

    Finance up to a maximum of 60-70% of the market value of the property as estimated by the bank.

    Rate of Interest

    Click Here

    Tenure of Loan

    The tenure is from 12 months to 240 months (including moratorium/holiday period) depending upon the income of the proponent and cost of the project.

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lacs.

    Processing charges

    0.3% of the loan amount

    Other charges

    Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage.

     

    2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees.

    Required documents

    Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest Rent receipts in original, KYC DOCUMENTS OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan, Income tax returns for the last three years in case of an assessee, income proof (salary certificate latest), three years balance sheet and profit and loss account in case of business persons.

     

  • PROFESSIONAL LOANS

    Eligibility

    The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility. The Loans are specially designed for doctors, Chartered Accountants & other professional for purchase of equipment construction/ development of their hospitals, offices & other Assets etc.

    Primary Security

    The property proposed to mortgage should have been obtained by purchase / valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, Property tax receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The Bank should satisfy with the calculation of surplus income and has sole discretion to decide the surplus.

    Collateral Security

    Third party guarantee, if thought necessary by the bank is to be furnished. The bank should satisfy with the credentials of the guarantor.

    Amount of Loan

    Amount of loan depends on the cost of the project and the value of property proposed for mortgage.

    Margin

    Finance up to a maximum of 60% of the market value of the property as estimated by the bank.

    Rate of Interest

    Click Here

    Tenure of Loan

    The tenure is from 12 months to 120 months, depending upon the income of the proponent and cost of the project.

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lacs.

    Processing charges

    0.3% of the loan amount

    Other charges

    Charges as applicable under stamp act and as prescribed by government of Andhra Pradesh from time to time for noting the mortgage.

     

    2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees.

    Required documents

    Original Title deeds, link documents for thirty years (Earlier documents to the title deeds to establish the transfer of rights), Latest tax receipts in original, KYC DOCUMENTS OF Applicant along with sureties/guarantors , PAN card if available, Photographs of self and joint holders of the property, Municipal plan, Income tax returns for the last three years in case of an assessee, last three years balance sheet and profit and loss account in case of existing units, project report in case of new project.

     

  • DAILY COLLECTION LOAN ACCOUNT

    Eligibility

    The loan scheme is designed especially for small business people. The concern should be in the same business activity at least for a minimum period of one year and the business activity should be in the operational area of the branch. The stake holders should be the permanent residents of the area.

    Primary Security

    Hypothecation of stock & book debts etc.

    Collateral Security

    No collateral is required up to 2 laks. Beyond 2.00 lakhs, additional security in the form of Mortgage of immovable property is required to submit.

    Amount of Loan

    Minimum One lakh-Maximum Rs. Five lakhs. (Loan can be availed in multiples of Rs.50000 between One lakh to Five lakhs.)

    Margin

    Finance up to a maximum of 20-25% of past/expected annual sales of the business unit.

    Rate of Interest

    Click Here

    Tenure of Loan

    The tenure is from 90 days to maximum 360 days.

    Contribution to Share Capital

    2.5% of the loan amount subject to a maximum of Rs.5.00 lakhs.

    Processing charges

    0.6% of the loan amount

    Other charges

    2% of the share capital amount has to be contributed towards the Members Welfare Fund and Rs.25/- towards admission fees.

    Required documents

    KYC Documents in respect of the business concern and also the promoters/proprietor/partners etc.If the loan for acquisation of Fixed Assets in the form of tools/machinery/furniture fixtures etc, borrower/s need to produce quotation/proforma invoice at the time of submitting application and on disbursement of the loan, the related bills to be produced

    In case the loan is intended towards payment of trade creditors, they need to submit the proof of existence of debt