Citizen Credit Co-operative Bank limited – GOLD LOANS

By Pradeep Yuvaraj | March 29, 2011

Citizen Credit Co-operative Bank Limited offers home loans to salaried individuals below the age of 50 and Professionals & self employed persons in business for at least 3 years. The main eligibility criteria for a borrower are his repaying capacity.

The bank offers gold loans to salaried individuals below the age of 50 and Professionals & self employed persons in business for at least 3 years. The main eligibility criteria for a borrower are his repaying capacity.

The sanction limit is up to 75% of valuation report; gold to be valued by the Bank’s approved value. The repayment period for the loan is fixed as maximum 24/36 monthly installments and there is no pre-payment penalty. Currently the rate of interest is 11.00% p.a; it is calculated on the daily reducing balance of the loan. The gold items will be pledged in favor of the bank as security along with one guarantor. The borrower will have to submit documents such as proof of residence (Xerox copy of Ration Card/Electricity Bill/Telephone Bill/Passport), proof of Income (Salary Slip or last 3 years Balance Sheet or Tax Returns, letter of Pledge just like any other personal loan.

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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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