Our Loan Products
Choose from our range of loan facilities designed to meet the financial requirements of our members and customers.
Installment Loan
A secured loan facility with repayment through monthly installments.
Eligibility
Member / Associate Member
Area of Operation
Shimoga district except Hosanagar taluk (as time to time amended by AGM).
Sureties Required
- Spouse of the applicant.
- Co-obligation/surety of one or more members of the family if advised by the legal advisor for legal compliance and/or to reckon the income of the family members to arrive at repaying capacity.
- Co-obligate/sureties should be members/ associate members.
- The member having any liability with the bank should have paid the installments/interest up to date on the date of submission of loan application if he/she has availed any loan from the bank (including co-obligate/sureties).
Documents Required
- KYC compliance
- E-property extract
- Parent deed/vendor's title deed/gift deed
- Sale deed
- Possession certificate
- Khatha certificate
- Khatha extract
- Tax paid receipt-up-to date
- Encumbrance 15-30 years to date
- NOC from other banks
- Assessment register
- Geological tree
- Self affidavit (Self-acquired/ancestral)
- Legal opinion
- Any other document as required by the Legal Scrutiny Report
- No objection letter from the property owner (third-party security is not acceptable)
- Income proof/Income tax returns
- Property valuation report
- The bank may add any other additional condition if it deems fit while sanctioning the loans
Sanctions & Repayment
50% to 60% of the Property valuation
Interest Rate & Interest Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Insurance
The borrower shall get the mortgaged property insured against fire and other risks and the premium has to be paid by the borrower. Such fire policy shall be in the name of the borrower with the bank clause and renewed every year and if the borrower fails to do so the bank is empowered to debit the members’ account and renew the insurance.
Vehicle Loan
Finance for purchase of new and pre-owned vehicles.
Eligibility
Member / Associate Member / Nominal Member
Area of Operation
Shimoga district except Hosanagara taluk (as time to time amended by AGM).
Sureties Required
- Co-obligate/sureties should be member/ associate members.
- The Member having any liability with the bank should have paid the installments/ interest up to date on the date of submission of Loan application if he/she has availed any Loan from the Bank (including co-obligate/sureties).
Documents Required
- KYC compliance
- Invoice
- Dealers quote
- Copy of Driving license
- Copy of RC book and insurance (pre-owned vehicle)
Additional Security
- Collateral security of site/house property (should have a marketable title)
- LIC policy
- Fixed Deposits held with our bank
- The bank may add additional conditions if it deems fit while sanctioning the loans.
Sanctions & Repayment
Margin
Charge on the Vehicle
The vehicle should be hypothecated to the bank.
Release of Loan
The proceeds of the loan amount shall be paid to the dealer of the vehicle from whom the borrower intends to purchase the vehicle, duly debiting the margin amount to the party’s SB/CA, getting a letter to this effect.
In cases of purchasing used vehicles, proceeds of the loan amount shall be paid to the owner of the vehicle.
Documents Substantiating Purpose
- Invoice from the vehicle dealer
- Driving license
- Proof for Margin Money
Interest Rate & Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Insurance
The vehicle should be comprehensively insured with a bank clause and the borrower should arrange for renewal of the insurance policy every year at his cost and produce the policy within the due date.
In case the borrower fails to produce the insurance policy the bank shall arrange to get the insurance coverage for the vehicle by debiting the loan account.
The borrower shall get the mortgaged property insured against fire and other risks and the premium has to be paid by the borrower. Such fire policy shall be in the name of the borrower with a bank clause and renewed every year.
Salary Loan
A loan facility for eligible salaried members.
Eligibility
Member / Associate Member
Area of Operation
Shimoga district (Sagar, Thirthahalli, Shimoga, Bhadravathi, Soraba and Shikaripura taluks) (as time to time amended by AGM).
Sureties Required
Minimum one or as per discretion of the Bank
Documents Required
- NOC from other banks
- Geological tree
- Self affidavit
- Income Proof/Income tax returns
- Undertaking by the salary drawing officer
- The Bank may add any other additional condition if it deems fit while sanctioning the loans.
Sanctions & Repayment
Interest Rate & Interest Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Cash Credit Secured Loan
A secured cash credit facility against eligible property security.
Eligibility
Member / Associate Member
Area of Operation
Shimoga district (Sagar, Thirthahalli, Shimoga, Bhadravathi, Soraba and Shikaripura taluks) (as time to time amended by AGM).
Sureties Required
- Spouse of the applicant.
- Co-obligation/surety of one or more members of the family if advised by the legal advisor for legal compliance and/or to reckon income of family members to arrive at repaying capacity.
- Co-obligate/sureties should be members/ associate members.
- Existing installments/interest should be up to date.
Documents Required
- Parent deed/vendor's deed
- Sale deed
- Possession certificate
- Katha certificate and extract
- Tax paid receipt up-to date
- Encumbrance 15-30 years to date
- NOC from other banks
- Geological tree
- Self affidavit (Self acquired/ancestral)
- Legal opinion
- Any other document as required by the Legal Scrutiny Report
- No objection letter from the property owner
- Property valuation report
- Income proof
- The Bank may add any other additional condition if it deems fit while sanctioning the loans.
Sanctions & Repayment
50% to 60% of property valuation
Interest Rate & Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Insurance
The borrower shall get the mortgaged property insured against fire and other risks and the borrower must pay the premium. Such fire policy shall be in the name of the borrower with Bank clause and renewed every year and if the borrower fails to do so the bank is empowered to debit the members’ account and renew the insurance.
OD on Title Deed
Overdraft facility secured against eligible property title documents.
Eligibility
Member / Associate Member
Area of Operation
Shimoga district (Sagar, Thirthahalli, Shimoga, Bhadravathi, Soraba and Shikaripura taluks) (as time to time amended by AGM).
Sureties Required
- Spouse of the applicant.
- Co-obligation/surety of one or more members of the family if advised by the legal advisor for legal compliance and/or to reckon income of family members to arrive at repaying capacity.
- Co-obligate/sureties should be members/ associate members.
- Existing installments/interest should be up to date.
Documents Required
- Parent deed/vendor's deed
- Sale deed
- Possession certificate
- Katha certificate and extract
- Tax paid receipt up-to date
- Encumbrance 15-30 years to date
- NOC from other banks
- Geological tree
- Self affidavit (Self acquired/ancestral)
- Legal opinion
- Any other document as required by the Legal Scrutiny Report
- No objection letter from the property owner
- Property valuation report
- Income proof
- Undertaking by the salary drawing officer
- The Bank may add any other additional condition if it deems fit while sanctioning the loans.
Sanctions & Repayment
50% to 60% of property valuation
Interest Rate & Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Insurance
The borrower shall get the mortgaged property insured against fire and other risks and the borrower must pay the premium. Such fire policy shall be in the name of the borrower with Bank clause and renewed every year and if the borrower fails to do so the bank is empowered to debit the members’ account and renew the insurance.
OD Loan Against Gold
An overdraft facility secured against eligible gold ornaments.
Eligibility
Member / Associate Member
Nominal Members by payment of nominal membership fee of Rs.50 + GST.
Area of Operation
Shimoga district (Sagar, Thirthahalli, Shimoga, Bhadravathi, Soraba and Shikaripura taluks) (as time to time amended by AGM).
Security
Gold ornaments
Sanctions & Repayment
Margin
25% of value assessed by the banks' valuer.
Release of Loan
The proceedings of the loan amount shall be paid to the party’s SB/CA.
Interest Rate & Interest Application
- Charged and compounded at monthly intervals and interest so charged will be capitalized.
- Subject to revision from time to time as per the directives of the Reserve Bank of India or as per the decision of the Board of Directors.
Note: The Bank may add any additional terms and conditions while sanctioning loans. Charges and interest rates are subject to revision from time to time as per applicable regulatory directives and decisions of the Board of Directors.