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, personal loan, educational loan, mortgage loan etc.
Purpose – The personal loan is offered for the purchase of vehicles
Margin – 10% for new vehicles; No advance against old 2 wheelers; for old four wheelers (maximum 5 year’s old) margin to be kept 40%. In case of old 4 wheelers valuation to be done by insurance surveyor and advance to be sanctioned against this valuation
Rate of Interest – The rate of interest is 14.00% for two wheelers and 12.00% for four wheelers up to 36 months, 13.00% for four wheelers above 36 months to 60 months
Period – Period may be ranged between 36 months to 60 months Recovery by all Post Date Cheques / Standing Instructions / ECS
Guaranty – Only two guarantors
Security – Vehicle to be hypothecated in favor of Bank
Mode of Repayment – Post Dated Cheques or Standing Instructions or ECS