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 – The loan is offered only for the purchase of New Vehicle for personal usage
Eligibility – Any salaried persons or Professionals – Self Employed or Businessman are eligible for the loan
Quantum of Loan – Loan amount will depend upon the repaying capacity of the applicant and the worth of the personal guarantees offered;
Maximum Loan Amount for Two Wheelers Vehicle Rs. 50000/-; Maximum Loan Amount for Four Wheelers Vehicle Rs. 500000/-
Guarantee – For Two Wheelers Loan – At least One Person; For Four Wheelers Loan – At least Two Persons.
Primary Security – Hypothecation of Vehicle
Rate of Interest – For Two Wheelers Loan: 13 %. For Four Wheelers Loan: 12%
Processing Charges – For Two Wheelers Loan: Rs. 100/- For Four Wheelers Loan: Rs. 500/-
Pre-payment Charges – Nil
Share Money Contribution – 2.5 % of the Loan Sanctioned.
Tenure for Repayment – For Two Wheelers Loan: Maximum up-to 24 months. / For Four Wheelers Loan: Maximum up-to 48 months.