Chikmagalur Kodagu Grameena Bank – Loan to Government Employees

By | June 30, 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 –           Loan shall be granted for the purpose of medical treatment, education, marriage, funeral, religious ceremonies, consumption and purchase of consumer durable

Eligibility –           All confirmed employees/officer of the Government Dates are eligible for availing the loan; Salary of both applicant and co-obligant shall be taken from the salary drawing office with breakup of deductions.

Quantum of Loan 12 months of the net Salary; the total deduction of the applicant including the proposed installment should not exceed 50 % of the gross salary

Co-obligation –           Co obligation of a confirmed employee /officer who is working in the same department shall be obtained; the co-obligant shall give an undertaking to make deduction from his/her salary in case the principal borrower fails to repay the loan amount and suitable irrevocable letter of authority shall be obtained.

Repayment –           Usually within 48 months in equated monthly installments (EMI)

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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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