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GSTIN : 32AAATT2863N1Z7
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Experience Modern Banking services like ATM, Mobile Banking, IMPS, E-Commerce etc....through the faith reposed in the Nilambur Co Operative Urban Bank ....

Retail Loans

Retail Loans

  • Parinaya Loan

    Rules and Regulations / Features

    1.  Loan can be availed by A class Members only.

    2.  Loan can be availed against the security of land mortgage / immovable property.

    3.  The Maximum limit that can be advanced under this scheme will be Rs.4,00,000/- (Rs.Four lakh only).

    4.  Loan can be availed only for raising the fund for the marriage of the applicant or direct blood related persons (son, daughter etc).

    5.  A copy of invitation letter should be submitted to prove the purpose.

    6.  Interest will be calculated under EMI method.

    7.  All the loans should remitted in monthly instalments.

    8.  3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overdue.

    The Bank has a right to file suit under KCS / SARFAESI Act when the loan becomes a Non Performing Asset as per RBI guidelines.

    Loan Period :12 months TO 84 months
    Rate Of Interest : 12.5 %
    Maximum Amount :4,00,000/- (Rs.Four lakhs only)

  • Consumption Loan

    Rules and Regulations / Features

    1.  Loan can be availed by A class Members only.

    2.  Loan can be availed against the security of land mortgage / immovable property.

    3.  Interest will be calculated under diminishing method.

    4.  All the loans should be remitted in monthly/quarterly instalments as decided by the bank.

    5.   3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overdue.

    6.  The Bank has a right to file suit under KCS / SARFAESI Act when the loan becomes a Non Performing Asset as per RBI guidelines.

    7.  The Maximum limit that can be advanced under this scheme will be fixed for various purpose as under.

    Loan Period :12 months TO 84 months
    Rate Of Interest :

    Amount Slab

    Rate Of Interest

    Up to `.50000/-

    11.50

    `.50001/- to `.100000/-

    12.00

    `.100001/- to `.200000/-

    13.50

    Maximum Amount :2,00,000/- (Rs.2 lakh only)

  • Vehicle Loan

    Rules and Regulations / Features

    1.  Loan can be availed by A class Members only.

    2.  Loan can be availed against the security of land mortgage / immovable property or the security of any two salaried employees. Only Government employees, Teachers or Co-operative employees are eligible for act as a surety. Both of the employees should be complete the probation period.

    3.  The maximum loan amount is 80% of the market value of the vehicle or maximum amount whichever is lesser. The Maximum limit that can be advanced under this scheme will be Rs.10,00,000/- (Rs.Ten lakhs only).

    4.  This loan shall be issued for purchase of new vehicles and those which are not more than 5 years old.

    5.  The second hand vehicle offered as security should be valued by an expert and his certificates shall be submitted, and 50% of the valued amount may be disbursed as loan. In the case of second hand vehicles, a copy of agreement in stamp paper between the parties regarding the sale may also be submitted.

    6.  Hypothecation will be marked on RC and Spare key will be under the safe custody of Bank until the closure of loan.

    7.  Loan amount can be availed only by demand draft or NEFT to the dealer of vehicle directly.

    8.  Interest will be calculated under EMI method.

    9.  All the loans should be remitted in equated monthly instalments.

    10.   3% overdue interest will be charged in addition of normal rate when the instalment becomes due.

    The Bank has a right to file suit under KCS / SARFAESI Act when the loan becomes a Non Performing Asset as per RBI guidelines.

    Loan Period :12 months TO 60 months
    Rate Of Interest :

    Amount Slab

    Rate Of Interest

    Up to `.1000000/-

    12.00

    Up to `.1000000/- ( If one of the Applicant/s is a Female)

    11.75

    Maximum Amount :10,00,000/- (Rs.Ten lakhs only)

  • Samrudhi Over draft Loan

    Surety OD Loan for employees

    Rules and Regulations / Features

    1.  Loan can be availed by A class Members only.

    2.  Loan can be availed only for Govt.employees, Teachers, and employees of co-operative societies. Loan can’t be availed by teachers of unaided schools.

    3.  Loan can be availed against the security of any two employees of govt.departments, teachers or co-operative societies and/or  other permanent employees acceptable to the bank

    4.  A deduction agreement from the salaryexecuted by the employer should be submitted with the loan application.

    5.  The surety should not be the spouse of the applicant. Both the loanee and surety should have 3 years of service and should be completed the probation.

    6.  In this scheme the applicant will have a right to act as a surety for another loan and the surety will have also a right to apply for a direct loan with the same conditions.

    7.  The due date will be 1 year before from the date of retirement of loanee or surety, or maximum tenure whichever is lesser.

    8.  The Maximum limit that can be advanced under this scheme will be Rs.2,00,000/- (Rs.Two lakhs only).

    9.  The Loan can be availed only after getting confirmation letter from the pay disbursing officer, which is to be sent by the branch manager through a registered post.

    10.  Interest will be calculated under daily balance method.

    11.  Loan should be remit as per cash credit loan rules.

    12.   3% overdue interest will be charged in addition of normal rate when the loan becomes due.

    The loan should be renewed after the term of expiry of the loan subject to the availability of balance service.

    Loan Period :12 months TO 35 months
    Rate Of Interest : 13.50%
    Maximum Amount :2,00,000/- (Rs. Two lakhs only)

  • Education Loan

    Rules and Regulations / Features

    1.  Loan can be availed by A class Members only.

    2.  This loan may be granted for persons who are studying for professional courses such as medicine, engineering, law, and other professional courses.

    3.  The loan shall be advanced for a period of maximum 84 months and a repayment holiday for the first 12 months may be allowed. Interest must be remitted monthly during that period.

    4.  Loan can be availed against the security of land mortgage / immovable property. Loan can be also availed against the security of any other two employees of govt.departments, teachers or co-operative societies and/or other permanent employees acceptable to the bank.

    5.  The Loan can be availed after getting confirmation letter from the pay disbursing officer of the sureties, which is to be sent by the branch manager through a registered post.

    6.  Interest will be calculated under diminishing method.

    7.  All the loans should remitted in monthly instalments.

    8.  3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overdue.

    The Bank has a right to demand deduction from salary when the loan categorized as NPA.

    Loan Period :12 months TO 84 months
    Rate Of Interest :

    Amount Slab

    Rate Of Interest

    Up to `.50000/-

    11.50

    `.50001/- to `.100000/-

    12.00

    Maximum Amount :1,00,000/- (Rs.One lakhs only)