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 who have undergone training & hold degree or diploma from any recorgonised institution by the Govt. or those who are technically qualified or skilled or have adequate experience to pursue a business are eligible to apply for the Self Employed and professional persons offered by the Citizen Credit Co-operative Bank Limited.
The sanction limit of the loan is based on the working capital needs, the limit for term Loan is 75% of the Performa invoice. The repayment period for a term loan is 36 / 60 monthly installments, working capital on demand. The rate of interest is presently 11.00% p.a. and is calculated on the daily reducing balance of the loan similar to any other personal loan.
The security required by the bank is mortgage of Premises purchased by bank finance, Charge over tangible/intangible assets available, hypothecation of machinery purchased, two guarantors and any other security that may be deemed necessary by the Bank.