Citizen Credit Co-operative Bank Limited 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.
Individuals or Firms providing any service are eligible to receive the loan. The sanction limit of the loan is based on the working capital, it is need based. In case of term loan the sanction limit is 75% of the proforma invoice.
The repayment period for a term loan is 84 monthly installments, working Capital on demand, no pre-payment penalty.
Unlike other personal loan the bank requires security such as premises (mortgage of Premises purchased by bank finance), working Capital (Charge over tangible/intangible assets available), machinery (Hypothecation of machinery purchased), two guarantors, any other security that may be deemed necessary by 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 (Statement of Accounts (Balance Sheet & Profit & Loss Statement)/Tax Returns for last 3 years with projections), documentary evidence for the purpose of the loan, and other documents on a case to case basis.