Cauvery Kalpatharu Grameena Bank is one of the Regional Rural Banks established under Regional Rural Banks Act, 1976. It is jointly owned by Government of India, State Bank of Mysore and Government of Karnataka, the share capital is contributed in the ratio of 50:35:15 respectively.
It is a Scheduled Commercial Banks permitted to carry all kinds of business. The bank offers a variety of loan products such as personal loan, agricultural loan, vehicle loan etc.
Purpose – Purchase of new two or four wheelers
Eligibility – Salaried Employees, professional and self employed such as doctors, chartered accountants, advocates, contractors, persons engaged in small business or small scale industries, agriculturists
Quantum of Loan – 75% of the cost of the vehicle
Period of Loan – minimum 3 years; maximum 5 years in equated monthly installments.
Other conditions – The advance will be sanctioned for new vehicles only, borrower or applicant should have valid driving license, and bank’s lien should be marked on the RC book by the RTO concerned, vehicle to be comprehensively insured for full value with Bank clause, salaried employees to produce irrevocable authorization for deduction of installments from the salary