Amanath Co-operative Bank Ltd – Business Loan

By | March 29, 2011

On 13th January, 1977, Janab Dr. Mumtaz Ahmed Khan and Janab K.Rahman Khan founded the Amanath Co-operative Bank and within a short span of 26 years, the Bank has attained the status of Karnataka’s first scheduled Urban Co-operative Bank. The Reserve Bank of India conferred the “Scheduled Status” on Amanath Bank effective from 29th January, 2000 and has included the name of the bank in the second schedule to the Reserve Bank of India act, 1934. Amanath Bank is the first urban Co-operative bank in Karnataka to be awarded this prestigious status.

 

Purpose: This loan finances business ventures.

Eligibility: Traders, Workshops, Hotels and other Business ventures having business establishments/ license to pursue the related profession can avail this personal loan.

Quantum of Loan and Rate of Interest:

Unsecured Loans up to Rs. 50,000/- at 15%

Business Loans/Other Loans up to Rs. 2 lakhs at 13%

Business Loans/Other Loans above Rs. 2 lakhs at 14%

Cash Credit/Overdraft Limit up to Rs. 2 lakhs at 14%

Cash Credit/Overdraft Limit above Rs. 2 lakhs at 14%

Margin: There is a margin of50%.

Security & Guarantee: Hypothecation of assets & collateral security double in value of the property if the amount is above Rs. 50,000/-.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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