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 is an overdraft against dematerialized shares.
Eligibility: Any Demat account holder of the bank or the share holder of the bank can avail this personal loan. Only selected shares can be presented in order to obtain the loan. (NIFTY-50, SENSEX- 30, A- group and selected B- Group stocks)
Quantum of Loan: Up to a maximum of Rs. 10 lakhs is granted as loan.
Rate of Interest: The rate of interest is 11.5% per annum.
Security & Guarantee: Shares in dematerialized form has to be pledged as security for this loan.
Other Features: There is a processing charge of Rs. 50 lakhs per lakh of transaction. This is subject to a minimum amount of processing charge that is Rs. 100/-.