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.
The Bank was registered under the Multi-State Co-operative Societies Act, 1984 by the Central Registrar vide Regn. No. MSCS/CR/75/98 dated January 20, 1998. The bank received its RBI license on December 27, 1989.
Eligibility – Individuals, Groups of Individuals, Company, Co-op. Society engaged in a Small & Medium Scale Enterprises
Sanction Limit – Working Capital which is need based and 75% of the Proforma invoice is offered for term loan.
Repayment period – Maximum 84 months and no pre-payment penalty if paid through own sources just like any other personal loan of the bank.
Rate of interest – presently 11.00% p.a.; generally it is calculated on the daily reducing balance of the loan
Security – Hypothecation or mortgage of Assets acquired out of Bank Finance, two guarantors, other security on a case to case basis
Documents Required – proof of Residence (Xerox copy of Ration Card/Electricity Bill/Telephone Bill), proof of Income (Last 3 years Statement of Accounts/Tax Returns, documentary evidence for the purpose of the loan), other documents on a Case to Case basis.