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!
The Kaduthuruthy Urban Co-Operative Bank- Loan for Small Business Enterprises
The Kaduthuruthy Urban Co-Operative Bank has a banking experience of about half a century. It was registered on November 14th 1973 with 323 Members and a share amount of Rs 17900/-as working Capital.
The Bank was successful in increasing its deposits by introducing attractive deposit schemes like Current Account, Savings Account, Fixed Deposit Account, Nithya Vardhini Deposit Account, Recurring Deposit account, Anugraha Cash Certificate, Akshya Deposit Scheme etc. The Members can avail Agricultural or Non Agricultural loans, Business Loans, Home Loan, Vehicle Loans, Education Loans, and Loan for Self Employment purpose etc. And they are sanctioned at the earliest possible.NRE Banking has also been facilitated at all our branches.
Purpose – The purpose of the loan is to provide financial assistance to small business enterprises
Eligibility – Self employed persons / small scale business entrepreneurs
Quantum of Loan – Maximum of Rs50,000/- is available as surety loan for self employed persons / small scale business entrepreneurs
Rate of Interest – As per the terms and conditions of the bank during the loan approval
Documents Required – Proof of address, identity, Bank account statement etc
Others – We have introduced a golden scheme were the deceased loanee maintaining a no due loan account shall receive an amount of Rs 25,000/- credited in his loan account from the bank’s side.