The Universal Co-Operative Urban Bank Ltd. offers a range of loan facilities to meet the financial needs of its members and customers. The following are details on some of their key loan products:
1. Salary Recovery Loans
- Purpose: Personal loans for salaried individuals.
- Interest Rate: 14.00%
- Security: These loans are likely secured by an agreement with the borrower's employer for direct deduction and recovery of the loan installments from the salary.
2. Loans against KVP/NSC and LIC Bonds
- Purpose: To provide quick and easy liquidity to customers who have invested in government-backed securities like Kisan Vikas Patra (KVP) and National Savings Certificates (NSC), or have life insurance policies from LIC.
- Interest Rate: 14.00%
- Security: The KVP, NSC, or LIC bonds/policies are used as collateral for the loan. The bank holds a lien on these instruments until the loan is fully repaid.
3. Mortgage of Property
- Purpose: Loans against the mortgage of property are offered for various purposes, including business expansion, education or marriage expenses, medical treatment, or any other personal financial need.
- Interest Rate: 14.00%
- Security: The loan is secured by mortgaging a residential, commercial, or industrial property. The loan amount is determined based on the value of the property.
General Information on Loans:
- Processing Charges: A processing charge of 1% of the loan amount is applicable for most loans, including Salary Recovery Loans, Loans against KVP/NSC, LIC Bonds, and Mortgage Loans.
- How to Apply: To apply for any of these loans, you would need to contact or visit a branch of the Universal Co-Operative Urban Bank Ltd. in Mancherial, Adilabad, or other locations where they operate.
