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Cito Nidhi Dhanavruddhi Deposit Scheme - CITO 400.    |   Cito Nidhi Dhanavriddhi Deposit Scheme - CITO 400 Days FD. Earn high annualized yield of 14.45%* on Your Deposit.    |   Welcome to Cito Nidhi Limited, a fast growing Quasi-Banking Mutual Benefit Company    |   

DDBL

Manage and improve your business by getting timely access to funds under Daily Deposit Business Loan (DDBL) Scheme of CITO Nidhi.

Avail funds to meet your working capital requirements, purchase of machineries and equipment, or for repairs and renovation of existing business unit and other Term Loan for Business expansion.

Max. 3 Lac

Max. 3 Lac

Loan Amount

12/18/24 Months

12/18/24 Months

Period

PF - 3% + GST

PF - 3% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals, Proprietorship concerns can avail
  • Loan shall be granted for business expansion, working capital purposes and any other general purpose pertains to business.
  • Assessment based on Kachha Pukka Bills / ITR / GST / Bank Statements
  • Can be availed as Term Loan with easy EMI payments Option.
  • No need to pay separate EMIs as EMI is being collected from DD account
  • Stock Hypothecation in favor of CITO Nidhi Ltd.
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • CIBIL deviation allowed on satisfactory justification

Terms and Conditions

Loan Amount : 8 times of one month's Daily Deposit Amount - Maximun Loan Rs 3.00 Lakhs
Repayment Tenor : 12 Months / 18 Months / 24 Months.
Processing Charges : 3.00% on Loan Amount + GST
Foreclosure Charges : 4% on Loan outstanding.
Primary Security : Hypothecatin of Consumer  Durables in favor of CITO Nidhi.
Guarantee : A suitable Guarantor may be required.
Collateral Security : Can be sought on the basis of Business Assessment.
Co-Applicant : Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Other Terms & Conditions :
  • Business vintage should be minimum 3 years and above and proof to be submitted
  • Latest 2 years ITR/Income Statement/ Purchase Bills/ GST/ Bank Statement or any other business income proof to be submitted.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 20,000/- per month is mandatory.
  • Borrower Minimum age at application - 25 years and maximum age at loan maturity - 65 years. 
  • Residential & Business stability- 3 years in the current residence & business place
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Business Loan policy on delayed payments
  • Own House Proof mandatory (Borrower or  Co-Borrower)
  • 3 PDC Cheques to be submitted
  • Mandatory undertaking from the borrower/s to effect that the loan / limit will not be for speculative purposes.
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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