Citizen Credit Co-operative Bank Ltd 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.
Salaried individuals in permanent employment, small Business entrepreneur wishing to start computer related operations having knowledge of Software, entrepreneur wishing to automate business are eligible for the loan.
The sanction limit is 100 % of the invoice value if the value of the item is within Rs.50, 000/ .If the value of the computer is above Rs.50, 000/ then 75% of invoice value will be offered backed by collateral security. The loan amount depends on the repaying capacity of the borrower.
The loan is Repayable in 36 monthly installments and the bank does not charge any prepayment penalty. The interest rates are calculated on the daily reducing balance of the loan.
The securities required for the computer loan are the hypothecation of goods purchased and two guarantors. Like any other personal loan, the borrower is expected to submit documents such as proof of Residence (Xerox copy of Ration Card/Electricity Bill/Telephone Bill/Passport), proof of income (Salary Slip or Last 3 years Balance Sheets/Tax Returns), proforma Invoice (two comparative estimates).