Citizen Credit Co-operative Bank Limited – Vehicle loans for individuals/ Transport Operators

By | March 29, 2011

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)

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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