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  • Terms and Conditions

    • The applicant borrower must open Savings Bank / Current Account and furnish all papers / documents as per the bank's requirements.
    • The applicant borrower eligible as per bye-laws (Residing / carrying on business within the area of operation of the bank) must apply for shares of the bank for a minimum amount of Rs.300/- and entrance fee of Rs.10/-. Upon sanction of the loan, additional shares upto 2.5% of the loan amount or Rs. 1 Lac, whichever is less must be acquired before disbursement of the loan.
    • Two sureties / guarantors with adequate means in relation to loan amount and paying income tax should be provided and they should be shareholders / nominal members.
    • The applicant borrower should produce / comply with the following
      papers / documents and terms of loan:
      • Application for loan should be complete in all respects, duly
        signed by him / her and the sureties / guarantors.
      • The recent passport size photograph of self and the
        sureties / guarantors with name and signature at the
        back of the photographs.
      • Last three years income statements / financial papers duly certified / audited.
      • Property documents / proforma invoice of authorized dealer for equipments to be purchased and other related documents as may be required by the bank should be produced.
      • The borrower/s and sureties / guarantors should execute the documents as required by the bank before disbursement of the loan.
      • The borrower should have exclusive banking with the bank. For opening and operating with any other bank, prior consent must be obtained from the bank.
    • The disbursement of the loan will be made by the bank directly to the seller / vendor.
    • The borrower must ensure that the equipments / goods purchased out of the loan are in proper working conditions and free from all encumbrances.