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.
Purpose – The loan is offered for any reason similar to the personal loan offered by the bank
Eligibility – The members of the bank are eligible for the loan
Quantum of Loan – Maximum limits Rs. 10 lakhs or 4 times net annual income which ever is less, term loan up to 65% of valuation by panel value
Guarantors – Only two guarantors
Other Conditions – The other conditions of the bank are as follows
• 3 years I.T. returns along with Balance Sheet and Profit & Loss account and last 6 months Bank statement.
• Property under HUF, in Joint name and HIBA not allowed.
• Certificate of the Architect to be obtained as regards the life of the property and valuation.
• Registered mortgage with deposition of title deed.
• Property to be insured for its present market value with Bank clause.
• Banks’ charge should e noted with City Survey Office.