The Sarvodays Sahakari bank limited – Term Loan for Purchase of New Machinery

By | June 21, 2011

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 Ltd., Surat is rightly bracketed as one of the leading and top-most co-op. banks of the city. It offers home loan, personal loan, vehicle loan, business loan, agricultural loan etc.

Purpose                                  – For purchase of new machinery for the purpose of Business

Eligibility                                 – Businessman capable of repaying the loan are eligible for the loan

Quantum of Loan                   – Maximum Loan facility @ 75 % of the Cost of machinery; Amount of Loan will depend upon the repaying capacity, Nature of business, offering of collateral security and the worth of the personal guarantees.

Personal Guarantee              – of at least two persons having income / asset expectable to the Bank

Primary Security                   – Hypothecation of Machinery

Collateral Security                 – Not required for Limit below Rs. 2.00 lakhs

Rate of Interest                     – 12.00 %

Processing Charges               – At the prevailing rates of the Bank from time to time

Pre-Payment Charges           – Nil

Share Money Contribution    – 2.5 % of the Limit Sanctioned.

Renewal                                  – Limit required to be renewed every year.

Tenure For Repayment         – Loan to be repaid in maximum 60 EMI.

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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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