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.