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.
Purpose – Term Loan for Shop, Land and Building, Plant and Machinery, Equipment etc
Quantum of Loan – 50% for Old machinery
Rate of Interest – 16.50%
Margin – Margin 25% for Land and Building and New machinery
Guarantors – Only two guarantors
Others – Old machines to be assessed by Chartered Engineer before financing
In all cases margin money is to be deposited with bank and PO of full amount will be issued favoring dealer / vendor.
Except in cases where it is established, that the vendor has received payment and on production of valid receipt from the vendor
Balance conformation to be obtained at the end of every half-year
Insurance of mortgage property and Machinery, Equipment for full value with Bank clause
Credit rating report to be prepared in case of Limits above Rs.1,00,000/-
The other loans offered by the bank are home loan, personal loan, vehicle loans, educational loan etc.