The Nasik Merchants Co-Operative Bank Retail Loans

Eligibility of the Nasik Merchants Co-Operative Bank Retail Loans

There are a series of conditions for the loan application which include:

Furniture Loan

• Collateral Security required for above a loan amount that is over Rs.1 lakh.
• The Irregularly account extra Interest Charge is 3%
• The margin amount is 30%

Old Vehicle Loan

The processing fees for this loan is not refundable as per the bank’s rules.

Education Loan

• The processing fees for this loan is not refundable as per the bank’s rules.
• The margin amount is 30% and the property is old then the margin is 50%.
• The Irregularly account extra Interest Charge is 3%

Installment Cash Credit

The irregularly account extra Interest Charge is 3%

Benefits and Features of the Nasik Merchants Co-Operative Bank Retail Loans

Furniture Loan

• Can be taken upto an amount of Rs. 5 crore.
• 70% advance can be given against the predicted cost, quote or valuation, whichever is less.
• The rate of interest chargeable is 14.50%
• The repayment tenure can last upto 10 years.
• The non-refundable processing fee is chargeable at 1%.

Vehicle Loan (Both two Wheelers and Four Wheelers)

• Loan repayment can be done with easy installments.
• The rate of interest is only 14.5%.
• 80% of the loan amount is paid as advance including insurance.

• The loan amount is limited upto Rs. 2 crore

Old Vehicle Loan

• For 3 months to 12 month old vehicles: 70% the valuation.
• For 1 Year to 3 years: 60% of Valuation
• For 3 Year to 5 Year: 50% of Valuation
• For Above 5 Years: 30% Of Valuation
• Loan repayment can be done with easy installments.
• The repayment tenure can last upto 5 years.
• The rate of interest is only 14.5%.

Education Loan

• Loan amount limit of upto Rs. 15 lakhs.
• 70% advance will be paid against education fee.
• The repayment tenure can last upto 5 years.
• Installment will starts after the completion of education/course/degree
• The nonrefundable processing fee is chargeable at 1%.
• The rate of interest is only 13.5%.

Cash Credit Loan

• This loan can be taken by salaried individuals only.
• The maximum loan amount cannot exceed Rs. 2 lakhs.
• The loan repayment amount can last up to 3 years.
• The rates of interest chargeable on the loan amount is 14.5%.
• The nonrefundable processing fee is chargeable at 1%, if the loan amount is over Rs. 1 lakh.
• Nominal members can apply for this loan for a loan amount of upto Rs. 1 lakh. Members can apply for a loan amount of upto Rs. 2 lakhs.

Clean Cash Credit and installment Cash Credit

• Zero processing fees chargeable.
• Loan can be taken for upto Rs. 50,000.
• The repayment term is for 3 years.
• Rate of interest chargeable on the loan amount is 14.5%.
• This loan is also available for bank members.

Documents Required for the Application of the Nasik Merchants Co-Operative Bank retail Loans

Each of the loans have their own set of of documents required for application:

Furniture Loan

• Latest Income tax return for 3 years
• Last 3 years financial reports (C.A certified)
• Residential proof
• Pan Card
• Business proof
• Two guarantors who should be shareholders.
• Latest Income tax return of two guarantors with latest financial reports (C.A certified)
• NOC
• Latest statement of other banks, if any
• Document of evaluated security
• Valuation reports of collateral security from authenticate office

Vehicle Loan (All Types)

• Latest Income tax return for 3 years
• Last 3 years financial reports (C.A certified)
• Residential proof
• Pan Card
• Business proof
• Two guarantors who should be shareholders.
• Latest Income tax return of two guarantors with latest financial reports (C.A certified)
• NOC
• Photocopies required for borrowers as well as guarantors.
• Authenticate evaluation

Education Loan

• Latest Income tax return for 3 years
• Last 3 years financial reports (C.A certified)
• Residential proof
• Pan Card
• Business proof
• Two guarantors who should be shareholders.
• Latest Income tax return of two guarantors with latest financial reports (C.A certified)
• NOC
• Latest statement of other banks, if any
• Statement of education fee of educational institute fees structure, I-card, and prospectus of college.
• Photocopies require of borrower as well as guarantors

If there is a collateral security further documents are required:

• Search report(30 years with receipt)
• Commencements certificate
• Approved plan
• Property report of 7/12 and CTS (City survey)
• Power of attorney of developer
• Resolution of society, if any.
• Registration certificate of society, if any.
• Copy of society bylaws, if any
• Copy of society shareholder certificate. if any

Cash Credit installment, Clean Cash Credit and installment Cash Credit

1. Latest Income tax return for 3 years
2. Last 3 years financial reports (C.A certified)
3. Residential proof
4. Pan Card
5. Photocopies require of borrower as well as guarantors
6. NOC
7. Latest Income tax return of two guarantors with latest financial reports (C.A certified).

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