Members Eligibility Norms
LOAN POLICY
A Home Loan so simple, that it doesn’t just help you fulfil your dream of buying a house, it helps you make a home out of a house.
| Who can Borrow | Individuals (singly/Jointly) |
| Purpose | Purchase of flat, construction of new houses/bungalows on ownership Basis |
| Limit | Max. Limit Rs.70.00 lacs |
| Security | Mortgage of Residential premises to be purchased |
| Margin | 10% of Sale Deed consideration for Loans up to Rs.30 Lacs 20% of Sale Deed consideration for Loans above Rs.30 Lacs |
| Repayment | Max 120 months. Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source. |
| Processing Fees | 0.65% + GST as applicable from time to time (subject to a minimum of Rs.5,000/- + GST). |
| Legal & Documentation Charges | On Actual Basis |
| Pre-requisites | 1.Should be an income Tax Assessee 2.Individuals employed/engaged in business/Professionals having a fair repaying capacity to justify servicing of monthly instalments. 3.Income Tax Returns for the last three years along with computation of income. 4.Copies of the relevant documents of the property to be purchased / constructed. |
| Loan Foreclosure Charges | 1.2% for pre-closure within 2 years subject to self-closure. |
| Charges for late payment of loan amount | 2% p.a. as penal interest over and above applicable rate of interest. |
Sri Raksh Retail Mortgage Loans
Whether it’s higher education, business expansion or a brand-new vehicle, with Sri Raksh Retail Mortgage Loans, you can put your property to good use and make some dreams come true!
| Who can Borrow | Individuals (singly/Jointly) except stock/share broker/s | ||||||||||||
| Purpose | To offer instant solutions relating to business needs or for personal needs any other productive legitimate purpose & not for speculative activities. Education, Acquisition of assets Undertake expansion, acquire business assets, renovation in business premises | ||||||||||||
| Security | Mortgage of immovable property (excluding open Plot of Land and Agricultural Land) | ||||||||||||
| Security | Mortgage of Residential premises to be purchased | ||||||||||||
| Margin |
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| Loan Amount | Against commercial property Rs. 300.00 lakh. Against residential property Rs. 100.00 lakh. | ||||||||||||
| Repayment Period | Maximum 120 months Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source. | ||||||||||||
| Processing Charges | 1.00% plus GST (Minimum Rs.5,000/- + GST) | ||||||||||||
| Documentation & legal Charges | As applicable | ||||||||||||
| Prerequisites | 1. Application form along with KYC documents &Income Proof 2. Property to be mortgaged should be in the name of the borrower. 3. Latest valuation report from bank’s approved valuer. | ||||||||||||
| Foreclosure Charges & Charges for late payment of loan amount | 2% p.a. as penal interest over and above applicable rate of interest. |
Sri Raksh Office Mortgage Loans
It is a hidden treasure with which you can fuel a dozen more dreams! Now be it a business expansion, or opening a new branch, put your property to good work with Office Mortgage.
| Who can Borrow | People engaged in trade, commerce & business professionals, proprietary firms, partnership firms, companies & individuals with high net worth |
| Purpose | Purchase/construction of commercial premises. |
| Limit | Max. Limit Rs.300 lacs |
| Security | Mortgage of commercial premises to be purchased |
| Margin | 10% of Realizable value for loans up to Rs.30 Lacs 20% of Realizable value for loans above Rs.30 Lacs |
| Repayment | Repayment 5 years – 10 years by way of EMIs. Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source. |
| Processing Fees | 1% of the loan amount Plus S.T. (Minimum Rs.5000/- + GST) |
| Fore-closure & Charges for late payment of loan amount | 2% p.a. as penal interest over and above applicable rate of interest. |
| Legal & Documentation Charges | On Actual Basis |
| Prerequisites | 1.Income Tax Returns for the last three years along with computation of income of Individuals /Partners/Directors. 2.Audited Financial statements for the last three years of the firm/companies 3.Copies of the relevant documents of the property to be purchased /constructed. |
Sri Raksh Gold Power
Why should gold be an investment only for the future? With Sri Raksh Gold Power Loans, you can make the best of your heritage & make a few more dreams possible today!
| Who can Borrow | Individual (Singly) |
| Purpose | For any legitimate purposes not for speculative purpose |
| Max. Finance available | Rs.10.00 lacs |
| Security | Pledge of Gold Ornaments & jewellery |
| Margin | 30% on the fair value of the security to be pledged |
| Repayment | 1. Limit up to Rs.1 Lac Demand Loan- subject to interest to be paid as and when applied. 2. Limit above Rs. 1 Lac up to Rs.10 Lac – Loan amount to be paid in Twelve months and interest serviced as and when applied with monthly loan servicing. 3. Applicant should provide the requisite standing instructions to debit savings account for the instalments/interest till such time as the loan/OD limit is fully liquidated. Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source. |
| Appraisal Charges | 0.5% of the loan amount subject to minimum of Rs.750/- plus GST as applicable. |
| Loan Processing Charges | 1.5%+GST |
| Documentation Charges | As applicable |
| Foreclosure charges | 1% + GST foreclosure if closed within 6 months |
| Charges for late payment of loan amount | 2% p.a. as penal interest over and above applicable rate of interest. |
| Prerequisites | Application form along with KYC documents, Income Proof of the applicant/s (SAVING /CURRENT ACCOUNT TO BE OPENED) Legitimate ownership of pledged security in the name(s)the applicant(s) is to be substantiated by appropriate Declaration/Affidavit. Pledge of Gold Ornaments and Gold Coins as Jewellery minimum purity of 22 Carats. i.e. millesimal fineness not below 91.6% Valuation of the ornaments of the gold to be pledged to be done by the Bank’s approved valuer in Bank’s premises. Max of Rs.1800/- per gram of gold to be considered for lending. |
Sri Raksh Personal Loans
Doesn’t matter if its Education or medical emergencies, home renovations or car upgrades, impromptu road trips or jewellery shopping. For all your wants as well as needs, SVC’s Personal Loans are available round the clock.
| Who can Borrow | Individual |
| Purpose | Personal needs such as Housing, Education, Medical Emergencies, Travel etc. |
| Max. Finance available | Rs.5.00 lacs |
| Guarantors | Two Guarantors |
| Repayment | 36 months |
| Processing Charges | 1.50% of the loan amount plus GST subject to minimum of Rs.1500 and Maximum of Rs.2500/ for salaried customers. |
| Foreclosure charges & Charges for late payment of EMI | 2% per month on EMI/Principal overdue subject to minimum amount Of Rs.200/- |
| Cheque bounce charges | Rs.350/- per cheque bounce. |
| Documentation Charges | As applicable along with cheque return charges. |
| Prerequisites | Income Tax returns for the last three years along with computation of income of the applicant and guarantors Confirmed employee in case of salaried person COMPLIANCE OF KYC NORMS statement of operative Bank account for the last one year. Collateral security: 25% of the loan amount in the form of SV of LIC policy /Face value of NSC’s /KVP. Term Insurance to be availed for loan amount. |
Sri Raksh Vahana Loans
Late night drives, impromptu trips, sudden buddy plans & roadside dinner parties; what do these have in common? A car! Fulfil your dream of owning your own vehicle of happiness with Vehicle Loans!
| Who can Borrow | Individuals, Firms, Companies |
| Purpose | Convenient scheme for purchase of Cars. |
| Margin | For personal use – 10% (on Cost +Registration charges +Insurance) For commercial – 25% (on Cost +Registration charges + Insurance) 40% for used cars. |
| Security | Hypothecation of vehicle to be purchased and from the date of regn For used vehicles should be below 3 years for availing loans. |
| Repayment | (a) Max 60 months (b) 18 – 24 months for used cars. |
| Processing Charges | 1 % + service tax as applicable from time to time. Insurance to cover pay out charges. |
| Attractive Features | Competitive Rate on daily reducing. No Prepayment penalty |
| Documentation Charges | As applicable |
| Prerequisites | Individuals employed/engaged in business/having professional income and sound financials. Invoice from the Authorized dealer. |
| Vehicle Loan | Up to 15 lacs max. |
| Foreclosure charges & Charges for late payment of EMI | 2% per month on EMI/Principal overdue subject to minimum amount Of Rs.200 |