Citizen Credit Co-operative Bank Ltd was registered on May 6, 1920 with the Registrar of Co-op. Societies of the erstwhile Bombay Catholic Urban Co-operative Credit Society. It was converted into a Bank on October 20, 1984, by the Registrar of Co-op. Societies order no. BOM/URB/BOMBAY CATHOLIC R-WARD of 84 dated October 20, 1984.
Eligibility – Salaried individuals in permanent employment, Professionals & self employed persons are eligible to receive the loan.
Sanction Limit- Up to Rs.50, 000/ it is 100 % of the invoice value of the item and for products above Rs.50, 000/ the sanction limit is 75% of invoice value, backed by collateral security. The loan amount depends on the repaying capacity of the borrower.
Repayment period – The prepayment period is in monthly installments over a period of 2 – 3 years (24 or 36 months) and no pre-payment penalty like other personal loan; Rate of interest is presently 11.00% p.a and calculated on the daily reducing balance of the loan.
Security – The security required for the consumer loan are hypothecation of goods purchased and surety of two individuals acceptable to the bank.
The borrower is expected to submit documents such as proof of Residence( Xerox copy of Ration Card/Electricity Bill/Telephone Bill), proof of Income ( Salary Slip or Last 3 years Balance Sheets/Tax Returns), proforma Invoices of the articles to be purchased.