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 the daily needs of truck / bus owners and small road transport operators. (Like oil, lubricant, minor repairs, tax, insurance, etc.)
Eligibility: This personal loan provides working capital facilities to the truck/bus owners and small road transport operators.
Quantum of Loan: The maximum loan amount shall be Rs.50,000/-.
Margin: 20%
Rate of Interest: The rate of interest is 13%
Other features: There is a non refundable processing charge of 0.5% of the applied loan amount.