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. The bank offers home loan, personal loan, vehicle loan, education loan etc to its members.
Purpose – For any purpose
Eligibility – The applicant should have the resident of area of operation of the Bank, the applicant should produced the original, valid certificate from the local Post Office. The applicant should be a permanent or nominal member of the Bank .
Basis for deciding loan limit
• 75% of the face value of NSC or KVP.
• The loan amount will be disbursed after transfer / pledge / charge of the Bank in Post Office.
Documents – Residential proof, Declaration of ownership of NSC / KVP
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.