Pusad urban cooperative bank was established in 1985. The role of the bank was that “Rural people should be self dependent”. Since then the bank is working for the economic development of the Vidarbha. Pusad urban cooperative bank always try to offer innovative customer service and schemes. It offers home loan, personal loan, educational loan etc.
Purpose – T o offer financial assistance to the members for any purpose with gold as a security
Eligibility – The applicant should have the resident of area of operation of the Bank, the applicant should be a owner of Gold, the Gold Loan can not be sanctioned to the unknown person or strangers
Membership – The applicant should be a permanent or nominal member of the Bank
Quantum of Loan – 60% of the present market value of the Gold
Documents required – The borrower will have to produce the following documents
• Residential proof.
• Declaration of ownership of Gold.
Guarantors – Guarantors not required.
Collateral security – Not required.
Interest Rate – Interest will be charge on monthly basis as per the prevailing rate, penal interest 2% will be charged in case of default.
Fees and charges – 2.5% linking shares, Processing fees as per the Bank rule, Stamp duty as per the bank rule.