The Urban Co-operative Bank Limited, Cuttack started functioning on 14th September, 1981 with its Head Office at Cuttack. This Bank initially started with share capital of Rs.2,33,000 collected from 772 members and has been adorning the status of the largest urban cooperative bank of the state as well as of the eastern region for decades. Now it has expanded its business through its sixteen branches and two extension counters spread over urban areas of undivided Cuttack district except Kendrapada and Paradeep.
The Bank is now running with working capital of Rs.592.63 Cr., deposit of Rs.491.70 crore and loans & advances of Rs. 250.43 crore. The total membership is around 53,000, total share capital is about Rs.13.37Cr. and net worth of the bank is about Rs.36.88 crore.
Purpose: This loan can be availed for personal and family needs.
Eligibility: Any individual, salaried person or businessman can avail this loan.
Quantum of Loan: The maximum amount that is granted as personal loan is Rs. 2 lakhs. In case of salaried persons, up to 30 times of home taking salary is granted as loan and in case of businessmen, up to 20 times of income tax paid or due for payment in the last assessment year is granted as loan.
Repayment: The maximum period of repayment of the loan is 60 months. Repayment through post dated cheques is entertained in case of this loan.