Chikmagalur Kodagu Grameena Bank was established in the year of 1984 under the RRB Act1976. The Bank is named after the Districts Chikmagalur and Kodagu where the operational network is spread. The Bank is sponsored by the Corporation Bank a premier public sector Bank. The Bank has its Head Office at Chikmagalur, Karnataka State.
The bank offers home loan, personal loan, vehicle loan, agricultural loan, business loan, educational loans etc.
Purpose – Purchase of any kind of new two wheelers only
Eligibility – Applicant having an independent source of annual income of Rs.50000/- and above, and having valid permanent driving license is eligible for the loan under the scheme.
Quantum of Loan – Maximum of 75% of the cost of the vehicle (Registration and insurance amount should be excluded for arriving at the cost of the vehicle)
Margin – Minimum of 25% of the cost for monthly installment, 30% for quarterly /half yearly and 35% for the yearly installment
Repayment – Repayment Monthly /Quarterly/Yearly depending on Applicant’s Income
Security – Hypothecation of the vehicle to be purchased; Suitable third party guarantee of a person other than family member of the applicant
Insurance – Comprehensive insurance should be made at the cost of the applicant and policy should contain “Bank Clause”