| Loan Amount |
Minimum Rs 50,000/- Maximum Rs 2.00 lakh |
| Repayment Tenor |
12 Months / 18 Months / 24 Months |
| Processing Charges |
3.00% on Loan Amount + GST |
| Foreclosure Charges |
4% on Loan outstanding. |
| Primary Security |
Hypothecation of Stocks in favor of CITO Nidhi. |
| Guarantee |
Remaining members should stand as guarantors |
| Collateral Security |
Will be sought if required and based on quantum of Finance |
| Co-Applicant |
Co-Applicant should be Spouse or any Blood relative acceptable to Bank. |
| Other Terms & Conditions |
- JLG Group should consists of 5 individual members and should be self-employed persons only and will be in any petty business activity.
- The members start thrift with the Bank for minimum period of 3 months.
- Post 3 months, Bank can visit the group and assess the value of finance to be recommended.
- Own House proof Mandatory (for any one of the Group).
- Loan amount will be credited directly to the Group Savings Account or Individual SB accounts (as required)
- Hypothecation of Assets created out of Bank finance with personal guaranty and Group guarantee.
- Required to execute Inter se Agreement by All members and articles of agreement by authorized members
- Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Mortgage Loan policy on delayed payments
- 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.
|