The Karnataka State Co-Operative Apex Bank Installment Loan
The Apex Bank in Karnataka is a pioneer of agricultural finance and allied activities in the region. The Bank, has a very broad spectrum of activities and a well sorted track record, is said to rank as one of the leading State Cooperative Banks in India.
The Bank’s leading objective is to serve the farmers in the State by providing Short and medium term agricultural loans, carry on general Banking business and function as a leader of Co-operative Banks in the State.
This bank also provides Cash Credit loans to agro processing and marketing activities, consumer cooperatives as well as sugar factories in Karnataka. It even provides term loans to sugar factories under consortium arrangements along with working capital loans to state level and national level co-operative institutions. But that is not all. It also has some personal loan options for urban customers of the bank one of them is the Karnataka State Co Operative Apex Bank Ltd Installment loan.
Purpose of the Karnataka State Co Operative Apex Bank Ltd Installment Loan
This particular bank loan is intended for salaried individuals who reside within Bangalore City (state capital of Karnataka), to meet personal expenses such as education of children, medical expenses of self and family, purchasing of household articles or even travel etc. As the name suggests, the repayment for this loan is to be made in installments.
Eligibility for the Karnataka State Co Operative Apex Bank Ltd Installment Loan
There are some very important requirements of the individuals who applies for Co Operative Apex Bank Ltd Installment Loan:
- The applicant as well as the guarantor should be nominal members of the bank.
- The employer of the applicant or drawing officer must issue an undertaking letter who agrees to deduct the loan repayment amount every month towards loan installments or send the salary to the bank.
- The bank also gives personal loan through collecting post-dated cheques.
Features and Benefits for the Karnataka State Co Operative Apex Bank Ltd Installment Loan
Here are some of the main features of this product:
- The processing fees charged for the loan is 1% of the loaned amount.
- The loan amount can be 10 times of the gross salary or 60% of the gross salary.
- The loan repayment term is 60 months maximum, which is 5 years.
- Late fee for repayment installment of the loan is chargeable at 2% and will be collected on overdue installments.
Documentation Required For Application
The following documentation are required for the application of this personal loan:
- Latest salary certificate of loaned and surety provider.
- Pro-note letter.
- Delivery letter to DPN.
- Letter of authority for pay/wages deduction. Bond of agreement etc, will be obtained from the borrower and guarantor.
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