The bank was established in the year 1982 with an authorized Share Capital of Rs. 25.00 lakhs and the paid up Share Capital of Rs. 4.00 lakhs. The Sarvodaya Sahakari Bank Limited, Surat is rightly bracketed as one of the leading and top-most co-operative banks of the city. It offers home loan, personal loan, vehicle loan, business loan, agricultural loan etc.
Purpose – The loan is offered For the purpose of Business
Eligibility – Any salaried persons or Professionals – Self Employed or Businessman are eligible for the loan
Quantum of Loan – Loan maximum up to 50 % Valuation of the property by the Bank’s approved valuer; Property offered for mortgage requires Titles Clearance certificate from Bank’s approved advocate (This requires before disbursement of loan); Amount of Credit Facility will depend upon the nature of business of the applicant and the worth of the personal guarantees offered.
Personal Guarantee – at least two persons having income / asset expectable to the Bank
Primary Security – Mortgage of the Property offered.
Rate of Interest – 14 %
Processing Charges – At the prevailing rates of the Bank from time to time
Pre-Payment Charges – Nil
Share Money Contribution – 2.5 % of the Loan Sanctioned.
Renewal – Limit required to be renewed every year.
Tenure for Repayment – This limit will be reduced @ 20 % every year at the time of renewal and required to be satisfied in full on or before 5 years.