The kaduthuruthy Urban Co-Operative Bank Limited- Vehicle Loan

By Pradeep Yuvaraj | June 12, 2011

The kaduthuruthy urban co-operative bank was registered on November 14th 1973 with 323 Members and a share amount of Rs 17900/-as working Capital.  In November 1974 itself the Bank came under the Banking Regulation Act from then onwards the bank’s   deposits   are   having   Insurance   Coverage. The bank was issued license by the RBI on 17.06.1986, under its guidance the bank developed its business and achieved a top position by proving to be the financial controller of Kaduthuruthy and near by places.

The Bank was successful in increasing its deposits by introducing attractive deposit schemes like Current Account, Savings Account, Fixed Deposit Account, Nithya Vardhini Deposit Account, Recurring Deposit account, Anugraha Cash Certificate, Akshya Deposit Scheme etc. The Members can avail Agricultural /Non Agricultural loans, Business Loans, Housing Loans, Vehicle Loans, Education Loans, personal loan and Loans for Self Employment purpose etc.

Purpose                      – The purpose of the loan is to offer financial assistance to Owners of Auto Rickshaw and those owing Car, Jeep and other Four Wheelers a surety loan

Eligibility –           Owners of Auto Rickshaw, Car, Jeep and other Four Wheelers

Quantum of Loan       – Owners of Auto Rickshaw can pledge their vehicle for up to Rs25000/-, and those owing Car, Jeep and other Four Wheelers can avail a surety loan for a maximum of Rs50000/

Period                         – 12 months (can be renewed from time to time)

Security                      – Surety

Slab                             – up to 10000; 10001 to 50000

Rate of Interest         – 13 %

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Pradeep Yuvaraj

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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