As per RBI Notification dated 28-08-2015, our bank will remain closed on All Sundays, 2nd and 4th Saturdays

Gold Loan @ Rs.1800/- per gram of gold

Administrative Office IFS Code SRCB0NCB001

Customer can operate from any Branch through ABB Facility

LC & Bank guarantee facility available

One among top 50 co-operative banks in India

Largest Co-operative Bank in Karnataka

1% Rebate for prompt payment of EMI

ATM Facility available in selected branches

The maximum exposures limit for single borrower is Rs. 14 Crores

ATM facilities available at Gandhi bazaar, Banashankari 2nd Stage, Koramangala, Indiranagar, Jayanagar, Yeshwantpur, Rajarajeshwari Nagar, Banasawadi and Mysore Branches




Eligibility Member/Associate Member of the Bank
Area of Operation Bangalore Urban and Bangalore Rural District (whether to specify area which will be covered - MAP)
Number of sureties required Spouse of the applicant and the co-obligation/surety of one or more members of the family may be accepted if advised by legal adviser for legal compliance and/or to reckon the income of the family members to arrive at repaying capacity. Co-obligant/ surety’s should be member/ associate member. Otherwise they can become nominal member by payment of nominal membership fee of Rs.100/-.

The Member having any liability with the Bank, should have paid the instalments / interest upto date on the date of submission of Loan application if he /she has availed any Loan from the Bank (including co-obligant/sureties).
Documents required: As applicable to security offered
  • Parent deed/vender’s title deed.
  • Sale deed.
  • Possession certificate.
  • Khatha certificate.
  • Khatha extract.
  • Tax paid receipt-up-to date.
  • Encumbrance- 15-30 years till date.
  • Plan sanction by BBMP/BDA.
  • Layout plan approved from BDA/BMRDA and other competent authority
  • NOC from Society (if it is allotted through society).
  • Betterment charges paid receipt.
  • DC conversion order in case of converted land.
  • RTC extract.
  • Mutation record.
  • Genological tree.
  • Pahani
  • Self affidavit (Self acquired/ancestral).
  • Any other document as required by Legal Scrutiny Report.
  • No objection letter from the property owner, if it belongs to applicant’s wife / husband / son / daughter/ father/ mother. Third Party security are not acceptable.
Maximum limit Rs.50.00 lakhs
Margin Not less than 35% of value as assessed by the Bank’s valuer + Cost of Renovation.
EMI Monthly compounded on reducing balance (EMI for your required of loan refer EMI Calculator)
Maximum Repayment Period 180 Months
Income Proof Latest Salary Slip and Form – 16 issued by employer
if assessee - IT returns, balance sheet, P & L A/c and computation of income.
Rental agreement (income proof).
The applicant should furnish full information about his source of income/ income generating capacity along with documentary evidence to assess his repaying capacity.
Any other income proof acceptable to the Bank.
Penalty for foreclosure Commitment charges at 2% of the amount paid for pre-closure of loan within a period of three years from the date of release of loan, or in the event of advance payment of more than 50% of the outstanding balance at the beginning of the financial year on such advance payment.
Mortgage type If a property is allotted by BDA, Corporation, Housing Board, Industrial Board, or a housing society wherein the sites are leased by the BDA and if the applicant possess all the original documents regarding title to the property, such properties can be mortgaged to the bank by way of equitable mortgage by deposit of title deeds (recorded in the books of the Bank).

In all other cases the mortgage shall be registered in the Office of Sub Registrar having its Jurisdiction and Encumbrance certificate should be obtained incorporating the Bank charge recorded in the books of Sub Registrar.
Release of loan Disbursement of loan shall be made in instalments in case of Renovation of house depending on the progress of Renovation after inspection of the property (by the Branch Manager or any official authorised by the Branch Manager) by one of the officials.
Rebate facility for prompt repayment At Present interest rebate of 1% will be allowed for prompt repayment of EMI every month. The Board of Directors have right to reduce or withdraw the rebate facility.
Documents required substantiating the purpose of loan Estimate for Renovation, Proof for Margin Money
Interest rate and interest application frequency
Amount Rate of Int.
Upto Rs.5.00 lakhs 12.00 %
Above Rs.5.00 lakhs upto Rs.20.00 lakhs 13.00 %
Above Rs.20.00 lakhs upto Rs.50.00 lakhs 14.00 %
The Rate of Interest will be charged and compounded at monthly intervals and interest so charged will be capitalised. Interest rate is subject to revision from time to time as per the directives of Reserve Bank of India or as per the decision of the Board of Directors.
Charges
  • Service charges 0.5 % of the loan amount sanctioned + service tax
  • Processing charges Rs.2079/- (including legal and valuation)
  • In case of equitable mortgage stamp duty of 0.10 % on the loan amount sanctioned.
  • In case of registered mortgage stamp duty of 0.10 % of the loan amount sanctioned + reg fee. Of 0.10% of the loan amount sanctioned.

The above charges are subject to change.
Share link: Share link to borrowings at 2.50% of the Loan amount sanctioned plus share fee of Rs. 5/- per share of Rs.100/- each are payable at the time of release of Loan.
Insurance The borrower shall get the mortgaged property insured against fire and other risks and the premium has to be paid by the borrower. Such fire policy shall be in the name of the borrower with Bank clause and renewed every year and if the borrower fails to do so the bank is empowered to debit the members’ account and renew the insurance.
Commitment charges for loans not availed within specified period of sanction. 1% per annum on the loan/limit sanctioned from the date of sanction till the date of availment. Fraction of days, more than 10 days shall be treated as month.
If the loan is not availed within 4 months from the date of communication of sanction, commitment charges should to be collected.
The loans, if not availed within the above period of sanction requires renewal with commitment charges.