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 – Salaried Individuals in permanent employment, Professionals & self-employed persons
Sanction Limit – 75% of the value of a new vehicle, 50% of approved valuer’s value of 2nd hand vehicle, 50% of estimate for repairs & renovation
Repayment period – New Vehicle – 4 years to 5 years (depending on loan amount), Old Vehicle – 3 years; No pre-payment penalty if paid through own source
Rate of interest – presently 11.00% p.a. calculated on the daily reducing balance of the loan
Security – Hypothecation of vehicle purchased and two Guarantors like any other car loan
Documents Required – Proof of residence (Xerox copy of Ration Card/Electricity Bill/Telephone Bill), Proof of Income (Salary Slip or last 3 years Balance Sheet or Tax Returns)