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.