Shriram Urban Co-operative Bank Ltd. Nagpur named after Lord Shriram, idol of the people of India commenced its business on the eve of Ramnavami, the 21st March, 1996. The bank is in profit since inception and has been consistently receiving “A” classification in the statutory audit for all these years. Bank has complied all the norms of R.B.I. and it has been categorized as Grade 1 Bank as per R.B.I. yardsticks. The bank offers home loan, vehicle loan, education loan, mortgage loan etc.
Purpose – The loan is offers financial assistance to builders
Quantum of Loan – Maximum Limit will be as per Exposure Norms.
Margin – 50% of the receivables
Security – Property mortgage
Guarantors – Only two guarantors
Others – Position of the receivables to be obtained every quarter certified by the Auditor of the firm within 15 days from the close of the quarter
Statement of work -in- progress to be obtained every quarter certified by the Auditor of the firm within 15 days from the close of the quarter
Insurance of mortgage property for full value with Bank clause
If the turnover is more than 8 times of the sanction then reduction in margin can be considered depending on other parameters
Credit rating report to be prepared in case of Limits above Rs. 1,00,000/- and interest rate to be charged accordingly