Chikmagalur Kodagu Grameena Bank – Chiko Retail Credit Card (CRCC)

By | July 2, 2011

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 oly 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

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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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