The Bank offers multiple attractive loan schemes at moderated interest rates than other banks to facilitate social-economic development of all sections of society and to make available self-employment opportunities on easy terms and conditions. But there is a some conditions.
To suit the Customers needs and
requirements of various segments of society, Adarsh bank keeps modifying the terms, conditions and interests rates on the loans in order to encourage more and more people to take finance from the bank. Total loans outstanding at the year ended on 31.03.2007 were Rs 17042.64 lacs which has now increased to Rs. 21814.09 lacs as on 31.03.2008. The bank shall not finance a borrower who is already enjoying credit loan/facilities with another Primary Co-operative Bank. Delegation of power to sanction loan and advances is de-centralized at various hierarchy levels. Income of spouse also considered by the bank provided the spouse guarantees the loan. Loans are sanctioned for meeting emergencies and need of a personal nature. While sanctioning all types of loan, the bank takes into account the nature, purpose and need for such loans and ensures that the finance is not utilized for speculative purposes. Appropriate repayment schedule is drawn up as per the borrowers repaying capacity.
Moderate interest rates
Low processing charges--Just 2.0% of loan amount at time of disbursement of loan
Direct finance to individual.
Agricultural Loans :
Adarsh Co-operative Bank especially given only to the farmers or owners of agricultural land for their welfare and
prosperity. The maximum limit of loan amount is upto the exposure limit of bank. Loans are also given for agricultural activities
Terms and conditions are differ according to size of land, area, crop yield as per the guidelines by NABARD & RBI
Repayment schedule of loan amount is drawn up as per the borrowers repaying capacity
(Agricultural land to be purchased is mortgaged with the bank Registered
mortgage
(Surety asked by the bank)
(Kindly contact your nearest branch for further details.)
(Kindly refer to our separate interest section for current applicable interest rates which are subject to changes from time to time)
(Other documents can be asked at the time of sanctioning of loans)
Business Loan :
Keeping in view business interests, the loan scheme primarily benefits all cottage/small scale industries, small business enterprises, traders, artisans, self-employed persons, retailers,
wholesalers & all other types of businessmen to strengthen and extend their business areas.
This loan can be availed by any individual singly or jointly, who is residing or gainfully engaged in area of operation of the
bank. Generally loans are sanctioned only for existing business.
The repayment schedule depends upon borrower's repaying
capacity, nature & purpose of loan and total project's amount differing from case to
case. It is subject to conditions that a borrower is fulfilling all formalities and norms laid down by RBI and board of directors of the
bank. This scheme covers 3 types of loans.
1.Clean Cash Credit :This type of loan is available to all types of traders,
small scale industries, business man for working capital for a period of 1 year which can be renewed every year subject to the conditions that the a/c of said limit is operated by the borrower as per the norms of RBI and have furnished the required monthly returns in
time. Clean Cash Credit is sanctioned to the borrower up
to the maximum limit as of Bank's exposure limit.
Following conditions shall apply to avail the facility of Clean Cash Credit :
Borrower should have purchased required share capital i.e. 2.5%-5% of sanctioned loan.
w/o security/guarantors.
Documents of immovable property valued to 150-200% of the loan amount as security of the loan in form of equitable mortgage or conditional registered mortgage.
Applicant's financial position of last three years with Income tax/sales tax assessment orders.
Borrower's competency to manage the business to be financed is taken into consideration.
Net worth of the borrower as well as of guarantor.
Income tax papers for supporting.
Other documents can be asked at the time of sanctioning of loans.
2. Hypothetical Limit :
This type of loan is provided to the businessmen, wholesalers or small traders on secured basis where stock of merchandise and other stock in trade is hypothecated to the
bank. The limit is sanctioned for a period of one year which can be renewed every
year. Maximum limit of this type of loan is up to the exposure limit of the bank.
Following conditions shall apply to avail this facility :
Applicant should have purchased required share capital i.e 2.5%-5% of sanctioned loan.
Two security/guarantors.
Documents of immovable property valued to 150-200% of the loan amount as security of the loan in form of equitable mortgage or conditional registered mortgage.
Applicant's financial position of last three years with latest Income tax/sales tax assessment orders.
Goods purchased in trade to be hypothecated.
Borrower's competency to manage the business to be financed is taken into consideration.
Net worth of the borrower as well as of guarantor.
Income tax papers for supporting.
Other documents can be asked at the time of sanctioning of loans.
3.Terms of Loans :
This is a combination of loan schemes with different time limit depending on needs and requirements of not only businessmen but other segments of society also.This category includes 3 different types of loan depending upon the time duration.
Short Term Loan :-The time limit assigned for this loan is
up to 15 months. The borrower's repaying capacity is taken into consideration while sanctioning the loan.
Securities :
150-200% of loan amount in form of immovable property as security of loan in form of equitable mortgage or conditional registered mortgage.
Minimum 2 Guarantors/Surety asked by the bank. Please note only a shareholder of the bank can be a valid
Guarantor/Surety.
Hypothecation of goods purchased.
Please refer to our separate interest section for current applicable interest rates.
Medium Term Loan : The time limit assigned for this loan is from 15 months
up to maximum period of 60 months. It is available for all businessmen and Salaried
persons. Under this scheme, if target item is vehicle and loan amount is upto2lacs,no security is
required. In other cases, security is compulsory. Those salaried persons whose Repayment of loans is made after deduction from their
salary through P.D account), they can avail up to loan of 75,000Rs.
Medium Term Loan : The time limit assigned for this loan is above 60 months to
maximum period of 15 years. This scheme is basically aimed at facilitating construction of
house. The property is hypothecated with the bank till the repayment of loan.
Daily Finance Scheme:-It is for a period of 100 days only & is available to small traders
only. Loan limit is Rs.3000/-to Rs.20000/.Borrower have to repay this loan on daily recovery/deposit
basis.
Note:
Guarantors at least-(mutual guarantee is avoided).
Borrower's competency to manage the business to be financed is taken into consideration.
Net worth of the borrower as well as of guarantor.
Income tax papers for supporting.
Kindly refer to our separate interest section for current applicable rates.
Other documents can be asked at the time of sanctioning of loans.
Consumer Loan :
Such loans are sanctioned only to those who are residing in the area of operation of the bank or gainfully engaged here, on purchase of 2-wheelers,
Refrigerator, TV, VCR, CD Player, Furniture, Medical Purpose or for Higher
Education. The repayment schedule is drawn up as per borrower's repaying capacity. Income of spouse considered where loan is availed jointly. Maximum period is
up to 5 years. Goods purchased are hypothecated with the bank.
Maximum Loan Amount Up to 5,000 Rs.
Security:-
For Govt. Employees, Salary Certificate is Required.
Surety at least asked by the bank for both govt. and non-govt employees.
Other documents can be asked at the time of sanctioning of loans.
Note:
Kindly refer to our separate interest section for current applicable rates which are subject to changes.
Housing Loan :
The bank realizes the need for owning your own house. Adarsh bank helps in
realizing this dream. This loan can be availed by any individual singly or jointly, who is residing or gainfully engaged in area of operation of the bank.
While there is no upper limit to loan amount for commercial house/complex construction, actual loan amount is determined on basis of
repayment capacity taking into account income, assets & liabilities. The repaying period depends upon borrower's repaying
capacity, deposit resources and as per the type of project. The maximum period is upto 15 years.
Avail Of Loans On:
Purchase Of New/Existing House
Repair Of House
Construction Of House
Extension Of House
Purchase a Plot Of Land Meant For Construction Of a Dwelling Unit.
Housing Categories Includes:
Private House.
Business House.
Hotel, Hostel, Complex etc.
| House Type |
: |
Finance Available |
| For Personal House |
: |
Project's 50%-75% according to borrowers repaying capacity with maximum limit of 5 lacs |
| For Commercial Building |
: |
Finance up to the exposure limit of the
bank. At present, it is 90 lacs |
| For House Repair |
: |
Finance upto 1 lac as per applicant's project report & on repaying
|
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capacity at the satisfaction of the branch manager. |
Security:-
Land/building under construction shall be mortgaged with the bank
(registered mortgage or equitable mortgage). Title deeds of property shall be mortgaged with the bank ( all relevant original documents of land / building with non-incrumbrence legal report ).
Security of 150%-200% of loan amount is taken in the form of immovable property.
At least 2 Guarantors.
Income certificate.
Valuation/Estimate of project to be constructed.
Other documents can be asked at the time of sanctioning of loans.
5.Loan on Deposit :
All Shareholders and Account holders of the bank are eligible to apply for loan on their deposits on minimal interest
rates. Loan amount is fixed between 75% to 90% of the deposit upto 2 lacs. Interest rate is 1% higher than contracted rate of deposits.
Linking Of Shareholding With Loan Limits :
A borrower should hold shares @5% of his borrowings if such borrowings are on an unsecured basis, i.e. in the form of clean overdraft loans against one or two personal sureties and purchases/discount of clean bills and cheque's.
A borrower against tangible securities should hold share of the bank to the extent of @2.5% of his borrowings from the bank.
6.Vehicle Loan :
Such loans are sanctioned for on PURCHASE and REPAIR of vehicles. Sanctioned to any individuals (for personal use) and persons engaged or to be engaged in transport business. This category includes vehicles for both personal and commercial use. Finance is available for both new and old vehicles. Repayment schedule depends upon borrower's repaying capacity.
ON PURCHASE:-
| (A) Four-wheeler for both personal and commercial use. |
| Vehicle to be Purchased |
|
Finance Available |
| Truck,Bus Chasis |
: |
100% finance |
| Chasis with body |
: |
75% of total quotation |
| Car,Jeep(personal use) |
: |
75%-90% finance |
| Tractor,Matador |
: |
75%-90% finance |
| (B) Three-wheeler (for commercial use):
|
| Vehicle to be Purchased |
|
Finance Available |
| For Chasis |
: |
75% finance |
| For Body |
: |
50%-75% finance |
Formalities :
If Loan is for single vehicle, it can be sanctioned without any collateral security at satisfaction of branch manager.
If loan amount is up to 2 lacs, loan is sanctioned at satisfaction of branch manager without asking any collateral security.
If loan amount is more than 2 lacs,150%-200% of loan amount taken in form of immovable property as security of loan.
Vehicle should be registered with registering authority in the name of bank.
To offer hypothecation of the vehicle.
Kindly refer to our separate interest section for current applicable interest rates.
Documents required:-
Loan application
Incase of vehicles for personal use, Income proof in form of latest salary certificate/income tax returns required
Incase of Vehicles for commercial use, income project report to be earned by the vehicle has to be produced
Performa invoice from the dealer in buyers name
Valuation Report by bank's valuer incase u are buying 2nd hand vehicle
Other documents can be asked at the time of sanctioning of loans
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