IFSC - FDRL0NCUB01
GSTIN : 32AAATT2863N1Z7
Updates
Experience Modern Banking services like ATM, Mobile Banking, IMPS, E-Commerce etc....through the faith reposed in the Nilambur Co Operative Urban Bank ....

Unsecured Loans

Unsecured Loans

1.  Personal Loan

Rules and Regulations / Features

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

2.  Loan only for Govt.employees, Teachers, employees of co-operative societies and/or other permanent employees acceptable to the bank. Loan cannot be availed by teachers of unaided schools.

3.  Loan can be availed against the security of own salary certificate.

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

5.  Loanee should have a 3 year service and should have completed the probation period.

6.  The Maximum amount advanced under this scheme will be the 20 times of the net salary or Rs.1,00,000/- (Rs. One lakh only) whichever is lesser.

7.  The due date will be 3 months before the retirement date of the applicant or the maximum period whichever is earlier.

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

9.  Interest will be calculated under diminishing method.

10.  All the loans should be remitted in monthly instalments.

11.  3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overdue.

12.  The Bank has a right to demand deduction from salary when the loan is 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 lakh only)

2.  Surety Loan

(1 LOANEE AND 1 SURETY – SALARY SCHEME)

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 and/or other permanent employees acceptable to the Bank. Loan cannot be availedby teachers of unaided schools.

3.  Loan can be availed against the security own salary certificate and the salary certificate of another employee.

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

5.  Both the loanee and surety should have 3 years of service and should have completed the probation period.

6.  The Maximum amount advanced under this scheme will be the20 times of net salary of the applicant / surety or Rs.2,00,000/- (Rs.Two lakhs only) whichever is lesser.

7.  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.

8.  The due date will be 3 months before the retirement date of the applicant/ surety or the maximum period whichever is earlier.

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

10.  Interest will be calculated under diminishing method.

11.  All the loans should be remitted in monthly instalments.

12.  3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overdue.

13.  The Bank has a right to demand deduction from salary when the loan is 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

`.100001/- to `.200000/-

13.50

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

3.  Clean Loan

(1 LOANEE AND 2 SURETIES – SALARY SCHEME)

Rules and Regulations / Features

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

2.  Both employees and non-employees are avail the loan. Loan can be availed against the security of any other two employees of govt.departments, teachers or co-operative societies and/or other permanent employees acceptableto the bank.

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

4.  Both the sureties should have a 3 year service and should be completed the probation.

5.  The Maximum amount advanced under this scheme will be the20 times of net salary of the applicant / surety or Rs.2,00,000/- (Rs.Two lakhs only) whichever is lesser.

6.  The due date will be 3 months before the retirement date of the sureties or the maximum period whichever is earlier.

7.  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.

8.  Interest will be calculated under diminishing method.

9.  All the loans should remitted in monthly instalments.

10.  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 35 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.Two lakhs only)

4.  Loan Against Deposit

Rules and Regulations / Features

1.  Loan can be availed by either Members or Nominal Members.

2.  Loan can be availed against the security of deposit certificate with the bank. Only the depositor can be availed the loan.

3.  The maximum loan amount is 85% of the deposit amount or the IMBP whichever is lesser.

4.  The maximum tenure is at the maturity date of the deposit. Bank has a right to close the loan on maturity by debiting the amount required from the deposit proceeds. The Balance amount will be deposited for a period equivalent to the existing deposit period or it will be transferred to the savings bank account subject to the discretion of the bank.

5.  It is possible to pledge one or more deposit certificates for availing a single loan. In such cases the maturity date should be same for all the deposit contract certificates which needs to be pledged.

6.  The rate of interest will be 1% incremental on the rate of deposit certificate pledged.

7.  The Bank will mark a lien on the deposit and the certificate will be under the safe custody of the Bank until the closure of loan.

8.  Interest will be calculated under diminishing method.

9.  Interest on deposit certificate will not be allowable until the closure of the loan.

Once the issue procedure of the loan has been completed and the batch generated duly authorized, the loan should not be closed on the same day itself under any circumstances.

Loan Period : No pre specified period. Maximum tenure is at the maturity of deposit.
Rate Of Interest : 1% incremental on the rate of deposit
Maximum Amount :85 % of Deposit Amount

5.  Loan Against Govt.Security / LIC Policies

Rules and Regulations / Features

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

2.  Loan can be availed against the security of Government Security bonds, Indira Vikas Patra, LIC Policies. Only the security \policy holder can be avail the loan.

3.  The maximum loan amount is specified as follows :-

1.  LIC Policy  --  75 % of Surrender Value

2.  NSC  --  75% of face value

3.  KisanVikasPatra  --  75% of face value

4.  Indira VikasPatra  --  75% of face value

4.  The maximum tenure for advances against security of LIC policies shall be 35 months. Bank has a right to demand for recovery of the amount required from the maturity proceeds of the security.

5.  In case of advances against LIC policies, a declaration of the borrower and notice of assignment in the prescribed form may be obtained.

6.  It is possible to pledge one or more certificates for availing a single loan. In such cases the maturity date should be same for all the certificates which needs to be pledged.

7.  The Bank will mark a lien on the security certificate and it will be under the safe custody of the Bank until the closure of loan.

8.  Interest will be calculated under diminishing method.

9.  Once the issue procedure of the loan has been completed and the batch generated duly authorized, the loan should not be closed on the same day itself under any circumstances.

Loan Period : 12 months to 35 months
Rate Of Interest :

Amount Slab

Rate Of Interest

Up to `.50000/-

11.50

`.50001/- to `.100000/-

12.00

`.100001/- to `.300000/-

13.50

`.300001/- to `.500000/-

14.00

Maximum Amount : 75 % of Face / Surrender Value