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 – The loan is offered for consumption – Personal guarantee of group members by interest agreement
Eligibility – Group should have account with our bank at least for 6 months; Group should be graded as per the grading norms.
Loan Amount – As per norms
Security – For consumption – Personal guarantee of group members by agreement
For Economic Activity – Assets purchased out of Bank finance in addition to the personal guarantee of group members. For loan amount up to Rs.5.00 lakhs of project cost; Above Rs.5.00 lakhs collateral security /additional security in addition to the above securities.
Margin – Nil for consumption 5 % if the amount exceeds 5 lakhs
Rate of Interest – 9% for loans up to Rs.50000/- ; above 50000/- 11% or as per the guidelines issued from time to time.
Repayment – 2 to 5 years in monthly/quarterly/half yearly/yearly installment depending on the type of activity of the group