Vikas Bank is a Cooperative registered under Karnataka Souhara Act 1997. It is licensed under Reserve Bank of India to do the business of Banking. The bank believes in positive lending. The bank has various loan schemes like home loan, vehicle loan, personal loan, business loan, gold loan etc.
Vikas Souharda Cooperative Bank is a community based organization. The bank has been rendering financial services to the growing needs of the people. The main customers of the bank are carrier owners and mine owners and the rest are traders, small and medium entrepreneurs and other needy people.
The Bank is over sighted by Reserve Bank of India (RBI) and Karnataka State Souharda Federal Cooperative. It facilitates a Statutory Audit by qualified Chartered Accountants. It also has arrangements for concurrent auditing, in accordance with the recent directive by RBI. RBI inspects the Bank regularly; it even conducts offsite supervision on a regular Basis.
Purpose – The purpose of the loan is to offer financial assistance to salaried employees
Eligibility – Salaried with repaying capacity
Rate of Interest – The rate of Interest is 16% per annum
Security – Salary deduction certificate from the employer; Salary deduction authorization letter from the employee; Salary certificate for income proof; Quotation for domestic articles;