Rajkot Nagarik Sahakari Bank is a leading Co-Operative Bank in Gujarat State, India. Bank was established on 5th October 1953. Bank was the first co-operative institute to start functioning in the erstwhile region of Saurashtra.
Bank is enjoying the “Scheduled Bank” Status since 1989. In year 2001 Bank was registered under Multi-State Co-Operative Society Act. With opening of branch in Mumbai, the Economic Capital of India the bank became Multi-State Schedule Co-Operative Bank.
Purpose: This loan can be taken for any personal needs.
Eligibility: Only selected shares will be considered for this personal loan. (NIFTY SENSEX, B1 Stocks, and traded units of Mutual Funds or Stocks recommended by Demat Services Committee are considered)
Quantum of Loan: There is no minimum limit for the loan. The maximum amount that is granted as loan is Rs. 10 lakhs.
Margin: 40% of the current market value of equities and 50% of the current market value of the Mutual Funds is the margin for the loan.
Rate of Interest: The rate of interest is 13%.
Repayment: Repayment must be done within a period of 2 years through equated monthly installments paid by post dated cheques.
Security & Guarantee: The share/ mutual fund pledged in the dematerialized form is the security.