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 – To Meet Credit requirements of small and medium entrepreneurs including tiny sector, artisans, traders, small businessmen, self employed and professionals
Eligibility – All customers of the above category who are having satisfactory business transaction in the line of activity
Quantum of Loan – Rs. 200000/-n is the maximum Limit of the Retail Credit Card to be issued under the scheme.
Security – Hypothecation of stock in Trade, Machinery, Office equipment Mortgage of immovable property or Pledge of NSCs/LIC Policies or Combination of the above
Margin – 25% against stock in trade in cases where any other below mentioned collateral securities are also taken; In other cases where stock-in-trade is taken as the only security a minimum margin of 40% shall be maintained
Guarantor – TPG acceptable to the Bank is to be insisted when no other collateral security other than Hypothecation Of stock/Primary security is offered; Insurance of Stock and machinery is compulsory for the unit exceeds Rs.25000/-. For the units below Rs.25000/- insurance waiver letter shall be obtained from the borrower.
Stock Statement – Stock statement shall be obtained once in a quarter