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 finances purchase of vehicles, both two-wheeler and four-wheeler for personal and commercial purposes.
Eligibility: The applicant must be a member or nominal member of the bank.
Quantum of Loan: The amount granted as car loan is depending on the cost of the vehicle purchased.
Rate of Interest: The rate of interest for loans availed for a personal purpose is 12.5% per annum. In case the loan is availed for purchase of vehicles for commercial purpose, the rate of interest is 14% per annum.
Other features: There are low processing charges. The highlight feature of the loan as claimed by the bank is quick assessment and timely disbursement.