Professional Educa

TARGET GROUP
Residents of Ernakulam District.  Students residing at Ernakulam district doing professional courses from the recognized universities of India / abroad
PURPOSE
For studying Engineering, Medical courses, (M.B.B.S.,B.D.S.,B.A.M.S.,B.H.M.S.,B.SC Nursing) ,M B A ,M C A , M S , M D , M D S , M S W ,.
LOAN AMOUNT LIMIT
Up to 25lakh
RATE OF INTEREST
Up to 25 lakh @ 12%
REPAYMENT PERIOD
Only interest up to the completion of studies. For a period of 100 months or  Course period whichever is less, monthly interest shall be paid.  After that period principal shall be repaid in 100 equal Monthly installments along with interest.
ELIGIBILITY
SALARIED PERSON: Basic pay not less than Rs. 3000/-; total deduction not exceed 50 % of    gross   salary.
FOR OTHERS: Sufficient personal or family income.
GUARANTEE
Upto Rs.2 lakh:-
1 Employed surety having monthly salary not below Rs.5000/- & surety ship of parents               
                                                      or
If Father / mother is an employee, outside employed surety is not necessary.
                                                      or
1 employed surety if only Father / Mother is an employee.
In case of collateral security
Security property with a valuation of 170% of applied amount.
A surety with Land Tax Receipt shall be given for the loan applications up to Rs.5 lakhs.
MARGIN
Rs.500/-
INTEREST REBATE
Applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Salary Certificate of the Applicant & Guarantors in the prescribed form
Admission certificate from the educational institution.
20 cheque leaves of commercial bank
For studying aboard the passport, air ticket, visa .should be submitted.
In case of collateral security
Primary deed, Prior deed and other relevant revenue records in the case of property security.

Download Application Form

House Loan

TARGET GROUP
Residents of Ernakulam District. 
PURPOSE
For construction of house building and repairs, extension, painting for existing building, construction of compound wall etc.
LOAN AMOUNT LIMIT
Rs.40 Lakhs - For new houses RS.30/- LAKHS FOR NEW HOUSES
Rs.10 lakhs -  For Repairing, extension etc.HOUSE MAINTANANCE RS.1/- LAKH
RATE OF INTEREST
Up to 1 lakh @ 11.00%
1,00,001/- to 2 lakh @11.00%
2,00,001/- to 3 lakh @11.00%
3,00,001/- to 5 lakh @12.50%
5,00,001/- to 10 lakh @ 12.50%
Above 10 lakh @ 12.50%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Property must be in applicants name and the residence shall be at Ernakulam district
Sufficient income to repay the loan amount
The applicant should not have any direct or indirect liability with the Bank.
Eligible amount is 70% of estimate amount or Rs.1200/-per square feet whichever is less.
GUARANTEE
Land shall be mortgaged to Bank.
A surety with Land Tax Receipt for loans up to Rs.5 lakhs.
If employee the repayment should be made before retirement and should submit salary recovery statement in the prescribed form.
If not employee the repayment should be made before attaining 60 years
MARGIN
30 % of the loan amount should be deposited to bank
INTEREST REBATE
Applicable to this loan
MORATORIUM
12 months
DOCUMENTS TO BE SUBMITTED
Income proof
Salary Certificate of the Applicant & Guarantors in the prescribed form in case of employees.
Primary deed, Prior deed and other relevant revenue records.
Estimate attested by a qualified Engineer and approved Plan.
Building permit or NOC from Local body.
FORECLOSURE  FEE
For Takeover 2% service charge for balance amount.

Download Application Form

Ordinary Loan Soci

TARGET GROUP
All Societies affiliated to our Bank.
PURPOSE
Education, Marriage, Medical Treatment, House Repair, Painting, (Purpose approved by the Byelaw of society)
LOAN AMOUNT LIMIT
Based on  the IMBP & Reserve Borrowing Power of the Society
RATE OF INTEREST
12%
REPAYMENT PERIOD
60 Months / 1year to 5 yearly installments.
ELIGIBILITY
On the basis of Financial position & Reserve Borrowing Power of the society
GUARANTEE
On personal & property security (According to the Byelaw of the society)
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
1.Prescribed Application Form
2. Committee Resolution
3.”B Statement” regarding the details of Security offered / Personal Sureties.
4. Copy of Audited Balance Sheet & Latest B/ S, Trading A/C, P & L a/c etc.
5. Copy of Bye Law, Copy of defects pointed out in the Audit Report and measures taken for rectification.
6. Certificates regarding the negative Lien on their fixed Assets.
7. Certificate regarding the Non-Membership in other Credit Co.op Societies.

Download Application Form

Project Loan

TARGET GROUP
Residents of Ernakulam District. 
PURPOSE
To start commercial business for individuals and for institutions , and to develop business
LOAN AMOUNT LIMIT
70% of the Project cost
RATE OF INTEREST
Up to 3 lakh @ 13%
Above 3 lakh @ 13%
REPAYMENT PERIOD
From 7 years to 14 years according to the project
ELIGIBILITY
Capable to repay the loan amount
GUARANTEE
Property for 170% of the loan amount
Employment surety
MARGIN
30% to be deposited for project loan
20%to be deposited for purchasing machinery and land
INTEREST REBATE
Applicable to this loan
MORATORIUM
Upto 12 months according to the project
DOCUMENTS TO BE SUBMITTED
The project report of the proposed business
Salary Certificate of the Guarantors in the prescribed form
Equitable mortgage agreement
Original deed and prior deed
FORECLOSURE  FEE
1% of loan amount.

Download Application Form

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