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 finances purchase of new vehicles for personal or commercial purposes.
Eligibility: Applicant has to deposit 1.5% of the quoted price towards margin money to obtain the loan.
Quantum of Loan: Up to Rs 1 lakh will be sanctioned for repairing of commercial vehicle if it is not older than six years and the applicant has to bear up to 10% of the estimated repairing cost.
Repayment: The maximum period for repayment of the personal loan is 7 years.