This Bank was first established as a Co-operative Urban Credit Society in the year 1917. This was later on converted into a Bank. Till 1993 the Bank had only 8 branches spread over Satara District of Maharashtra only. Since then it has expanded its wings in other prominent Districts of Maharashtra viz. Sangli, Kolhapur, Solapur, Ratnagiri, Pune and Mumbai. The bank is on its way to becoming a Multi-State by opening branches in Ahmedabad and Belgaum in Gujarat and Karnataka state respectively.
During the year 1999-2000 Karad Urban Co-operative Bank was conferred with the “Scheduled Status” as mark of its established financial health and confidence of public on the bank.
Purpose: This loan could be availed for any personal or business needs.
Eligibility: The loan applicant must be a member or nominal member of the bank. Any salaried employee, professional, self employed individual, businessmen, etc. who have sufficient capacity to repay the loan can avail this personal loan.
Rate of Interest: The rate of interest is 12% per annum.
Security: The LIC Policy pledged to the bank serves as security for the loan.
Other features: There are low processing charges. The highlight feature of the loans granted by the bank as claimed by the bank is quick assessment and timely disbursement.