FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Rajkot Nagarik Sahakari Bank – Advance against Fixed Deposit
Rajkot Nagarik Sahakari Bank is a leading Co-Operative Bank in Gujarat State, India. Bank was established on 5th October 1953. Bank was the first co-operative institute to start functioning in the erstwhile region of Saurashtra.
Bank is enjoying the “Scheduled Bank” Status since 1989. In year 2001 Bank was registered under Multi-State Co-Operative Society Act. With opening of branch in Mumbai, the Economic Capital of India the bank became Multi-State Schedule Co-Operative Bank.
Purpose: This is loan against fixed deposits that can be taken for any personal needs or business needs.
Eligibility: Any individual with sufficient repayment capacity can avail this personal loan.
Quantum of Loan: The maximum amount that could be granted as loan is 80% of the Fixed Deposit amount along with interest payable on the Fixed Deposit up to the closing of the Fixed Deposit. The loan could be cash overdraft or cash credit.
Rate of Interest: The rate of interest of this personal loan will be one percent above the percentage rate of interest of the Fixed Deposit.
Security & Guarantee: FDR presented as security will be lien marked in favour of the bank. FDR of third party is also acceptable as security.