Sri Ganapathi Urban Co-Operative Bank Ltd. offers a Mortgage Cash Credit Loan, which is an overdraft (OD) facility against a property. This loan is a type of secured overdraft designed to help businesses and individuals meet their working capital and other financial needs.
Key Features
- Loan Type: The bank offers a "Mortgage Cash Credit Loan," which functions as an overdraft facility.
- Purpose: It is primarily for meeting the working capital requirements of businesses or for personal and medical expenses that exceed the limits of a personal loan.
- Target Customers: The facility is available to a wide range of entities, including trading firms, manufacturing units, hospitals, hotels, restaurants, small and medium businesses, and individuals.
Loan Details
- Loan Amount: The maximum limit is assessed based on the bank's guidelines. It can be a percentage of projected sales, the working capital gap, or the value of the security offered.
- Security: The loan is secured by immovable assets,
- Interest Rate: The interest rate for a Mortgage Cash Credit Loan is 12.50% per annum.
- Guarantors: Two acceptable guarantors or co-obligants are required for the loan.
Eligibility:
- Membership: The applicant and co-obligants/guarantors must be members or associate members of the bank.
- Financial Standing: A consistent income source and a good repayment history with the bank are crucial.
Required Documents:
- Application Form: A completed loan application form with a photograph.
- KYC Documents: Identity and residence proof (e.g., Voter ID, Aadhaar, Passport).
- Income Proof: Documents like IT returns, salary slips, profit/loss statements, and bank statements for a specified period (e.g., last 3 years).
- Property Documents: A comprehensive set of property-related documents, including the title deed, sale deed, tax receipts, and an encumbrance certificate.
- Business Documents: For business entities, documents like business registration, profile, and audited financial statements are also required.
