Sardar Vallabhbhai Sahakari Bank Limited – Fix Deposit Loan

By Pradeep Yuvaraj | September 22, 2011

Sardar Vallabhbhai Sahakari Bank Limited is a Co-operative Bank that got the License No. DBOD-UBD-GJ-351P from Reserve Bank of India’s on 21/11/1983. The Bank then spread its network with 4 branches in Ahmadabad City and 1 branch at Unjha (Mehsana District). The Bank is providing Safe Deposit Vault (Locker) facility at its Law Garden and Isanpur Branch. All branches of the Bank are fully computerized since 1998 and now connected with Core Banking System since May 2009. The bank offers home loans, personal loans, car loans, gold loans, education loan, consumer loans etc.

Purpose: To offer financial assistance to the depositors of the bank for personal purpose

Quantum of Loan: We provide Fix Deposit Loans up to 90% of the Deposit Amount.

Rate of Interest: 1% more than the deposit interest rate for the deposit will be charge for fix deposit loan account

Maturity: Maturity date for loan account will be maturity date of deposit

Initial Requirements: Fix Deposit Receipt duly signed by the depositor/s with revenue stamp if required; Fix Deposit Receipt will be kept by Bank under lien of fix deposit loan account; Fix Deposit loan Documents have to be signed by the depositor/s

At the time of maturity the deposit if there is debit balance in the loan account then that much amount will be credited to the loan account and balance amount with interest will be credited as per customer’s instruction, New Documents have to furnish if customer renew the deposit and open new fix deposit loan account.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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