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.
The bank was among the first banks in India to automate. It has been an opinion-leader and early-adapter among co-operative banks, and the unprecedented success and growth that the bank has achieved in a short span of 10 years can be attributed to the early decision of the bank to embrace Information Technology in a big way.
Eligibility- The borrower should have a term Deposits with CITIZENCREDIT Bank
Sanction Limit – Maximum 90% of face value of the Deposit.
Repayment period- It is Determined on case-to-case basis, no pre-payment penalty if paidthrough own source.
Rate of interest – 2 % above the Deposit rate, calculated on the daily reducing balance of the loan.
Security – Lien to be marked on the Receipt
Documents required- Term Deposit Certificate duly discharged (pledged to the Bank during loan term)
Loans against third party deposits is 2% above the Deposit Rate OR PLR whichever is higher similar to any other personal loan or home loan.