The Almora Urban Co-operative Bank is a fast Growing Bank. The Minimum standards decided by the Reserve Bank of India for Urban Co-operative Banks to become viable were fulfilled in just Six months after establishment of the Bank.
Number of Members, Share Capital, Deposit and working capital are increasing day By day. Bank does not borrow any type of loan from any government or financial institution. The audit of the Bank is done by the financial department of Uttaranchal government. Audit Department has granted 14 August 1991 to the bank which reflects the excellent work of the bank.
The Bank was established on 14 August 1991 with an initial working capital of 2.56 lakhs and only one branch at Almora.
Purpose – The home loan is offered for the purpose of Purchase or to construct a House Property for residence within the District, Surat
Eligibility – Salaried, self employed or professional having sufficient repaying capacity
Primary Security – Mortgage of the House Property
Rate of Interest – Home loan would be against floating norms; Home Loan – 11.25%; Home Loan (Commercial) – 12.25%
Processing Charges – No processing charges
Pre-Payment Charges- 2.2% Foreclosure charges (of the remaining Loan) would be charged if the loan is taken over by some other bank before the tenure
Repayment Period – Maximum time for repayment of home loan would be 120 months.