The Sahebrao Deshmukh Co-Op Bank Ltd Loans Services

SDC Bank Ltd., then Shramik Sahakari Bank Ltd., was established on 11-02-1973 by late Shri Sahebraoji Deshmukh. In adverse conditions, Sahebraoji, with his hard work, sincerity, foresight and strong desire to help financially poor people, has brought the bank to such a sound financial institution having 14 computerised branches with head office at Sakinaka.

The Bank’s financial position for the year-end 31-03-2009 shows that bank has crossed deposits of 285 crores, advances 215 crores, share capital is 8.10 crores, Reserves are at Rs.37.92 crores and profit has touched 2.31 crores. The Bank was consistently awarded ‘A’ Grade in Audit rating and has satisfied all norms of RBI. The Bank is marching towards Scheduled status rapidly and the same will be achieved this year. Core Banking solution is getting ready and all the branches will be linked to the head office by networking system and “anywhere banking” will commence soon, which will greatly enhance the Bank’s image and will improve the customer’s satisfaction. The Bank’s journey for the last 34 years upto Core Banking, Automation, etc., was full of ups and downs.

On 06-04-2005, Sahebraoji Deshmukh left this world, giving a rude shock to family members, friends, Bank members and others. In the annual general meeting of the Shareholders of the Bank held on 07-08-05, all the participants passed a unanimous resolution to change the name of the Bank from the Shramik Sahakari Bank Limited to The Sahebrao Deshmukh Co-operative Bank Limited (S.D.C. Bank Ltd.). The RBI has given permission to change the name of the bank and Bank will now be known as S.D.C. Bank.

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With new name, new logo, new mindset, adoption of new technology, the Bank will be sure to achieve new height of success and will work hard to reach the top among all other co-operative.

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Bills Discounting

Who can apply

    1. Professionals
    1. Business Men
    1. Educational trusts
    1. Builders and Contractors

Purpose

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    1. Expansion of Business
    1. To purchase site for Business
    1. To make/renovate furniture
    1. To purchase plant and machinery
  1. Working Capital

Maximum Limit

    1. For Individual Borrower it is 3.00 Crores.
    2. For group of borrowers it is 9.00 Crores

Repayment

  1. Generally 60 monthly installments-reducing balance in case of Term Loans or according to the projected period of project finance.

Securities

  1. Minimum two Sureties out of which one should be an income tax payer and one should be a Business man.
  2. The Borrower and all the sureties should be Regular/Nominal members of the Bank.
  3. Collateral security

Documents Required

  • Loan Application
  • Residential proof of Applicant and sureties
  • Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and sureties.
  • Income Tax Returns of last three years of the Borrower(s) and the sureties.
  • If the applicant/surety is a partnership firm then the copy of registered partnership deed and registration certificate are required.
  • If the applicant / surety is a private limited company /public limited company then a copy of Memorandum of Association or Article of Association is required.
  • Shop Establishment License
  • All the original documents of main and collateral securities.
  • Latest valuation report of property, vehicle etc.
  • In case of shop ,flat etc. society/builder’s NOC is required.
  • Any other document required by bank.
  • Title Clearance Certificate of the immovable property

Scheme

Tenure

Rate of Interest

  1. Bill Discounting

As per the bill date

16%

  1. LC Discounting

As per the LC date

Min. 10%

Consumer Durables Loan

Who can apply

    1. Permanent Salaried Persons
    1. Professionals & Business Men

Purpose

    1. Consumption Purpose
    1. House Repairs / Renovations / Consumer Durables
    1. Vehicles
    1. Education of Children
    1. Any Valid reason which is not illegal/immoral

Maximum Limit

    1. For Salaried persons and Professionals Rs. 2,00,000/- subject to the repaying capacity.
    1. In case of Consumer Durable( T.V., Refrigerators, Computers, Scooters, Motorcycles Etc.) 90% of the Computer value subject to the repaying capacity
    1. For Nominal Members Limit up to Rs. 1 Lacks

Repayment

  1. 60 monthly installments-reducing balance for others.

Securities

  • Minimum two Sureties out of which one should be an income tax payer
  • The Borrower and all the sureties should be Regular/Nominal members of the Bank.
  • For Professional, they must be an income tax payers.
  • Collateral security if any.
  • NSC/LIC/FD/Gold can be taken as Security and repaying capacity.

Documents Required

Loan application with photographs of borrower and Sureties

  1. Residential proof of Applicant and sureties
  2. Income proof of Applicant and surety
  3. Bank Account statement for 6 months showing credit of salary.
  4. In case of consumption purpose then quotation is required.
  5. In case of house repairs/renovations estimate of total expenditure is required.
  6. Undertaking from the employer to remit loan installments /salary directly to the bank.
  7. Any other document required by bank.
Vehicle Loan

Who can apply

  1. Professionals / Self Employed.
  1. Salaried persons
  1. Business Men

Purpose

  1. To purchase vehicle for Private Use
  1. To Purchase vehicle for Transport Business

Maximum Limit

  1. In case of new vehicles 75% of the value of the vehicle amount.

Repayment

  1. 60 monthly installments-reducing balance

Securities

  1. Minimum two Sureties out of which one should be an income tax payer and one should own a vehicle.
  1. The Borrower and all the sureties should be Regular/Nominal members of the Bank.
  1. The vehicle which is financed.
  1. Collateral security

Documents Required

  1. Loan application
  1. Residential proof of Applicant and sureties

In case of New vehicles

  1. Proforma Invoice
  1. Quotation of Body Cabin
  1. Margin money challan
  1. Letter for transport company
  1. Saving/Current Account Statement
  1. Proof of Occupation and Income
  1. Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and sureties other than salaried persons.
  1. In case of salaried persons pay slip of last three months.
  1. Other certificates
  1. Any other document required by bank.

In case of Old vehicles

  1. RC Book original
  1. Valuation Report
  1. Xerox copy of permit
  1. Xerox copy of insurance
  1. Tax book copy
  1. Fitness certificate copy
  1. Account of Business
  1. Saving/Current Account Statement
  1. Proof of Occupation and Income
  1. Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and surities other than salaried persons.
  1. In case of salaried persons pay slip of last three months.
  1. Other certificates

Any other document required by bank.

Scheme

Tenure

Rate of Interest

  1. Vehicle Loan
Upto 1lac

36 months

15%

Above 1lac

60 months

Housing Loan

Purpose :
Purchase of new flat and construction of house or purchase of old flat / house including extension to existing flat / house

Maximum Amount :
Loans upto Rs.15.00 Lakh – 90%
of the Agreement Value+Stampduty+Registration Charges or Market
Value whichever is less

Repayment :
Upto 240 installments for all [ maximum ]

Rate of Interest :
Kindly refer Interest Rate Chart

Sureties :
For loans upto Rs.20.00 Lakh:- One Surety with Net Income/Salary above Rs.10,000/- per month
For loans above Rs.20.00 Lakh:- Two Sureties, with Net Income/Salary above Rs.10,000/- or per month
One Surety with Net Income/Salary above Rs.20,000/- per month

Purchase of Flats in Building more than 15 years old :
For purchase of flat in Building which is more than 15 years old, loan will be considered only if it is certified by the
Structural Engineer that the residual life of the building is more than 20 years and the building is in good condition.

Service Charges :
Service charges 0.60% of the loan amt.
Upto Rs.20.00 Lakh :- 1% of the Loan amount sanctioned or Rs.2,500/-
Above Rs.20.00 Lakh :- Rs.5,000/-

Scheme

Tenure

Rate of Interest

Upto 10 lacs

Max. 20 years

11.00%

Above 10 lacs upto 50 lacs

Max. 20 years

11.50%

Gold Loan

Purpose :

  1. Purchase of Consumer Durables / Furniture / Fixtures / Computers
  2. Repairs / Renovations of Flat / House
  3. Purchase of 2 wheelers
  4. Purchase of Gold Ornaments
  5. Marriage & other religious ceremonies
  6. Domestic / Foreign Tours & Travels
  7. Repayment of existing debt
  8. Takeover of personal loan from other banks
  9. Medical expenses for self / family members etc.

Eligibility : Salaried Persons :

Maximum Amount: Rs.3.00 Lakh

Repayment : Upto 60 installments

Rate of Interest : Kindly refer Interest Rate Chart

Sureties :
(A) Employees of Limited companies / Large organizations / Govt. Employees :
With SDL / ECS facility :
upto Rs.1.00 Lakh One Surety with Net Salary of Rs.7,000/- and above
Above Rs.1.00 Lakh to Rs. 3.00 Lakh Two Sureties with Net Salary of Rs. 6,000/- and above
Without SDL / ECS facility :
upto Rs.50,000/- One Surety with net salary of Rs.7,000/- and above
Above Rs.50,000/- to Rs.2,00,000/- Two Sureties with net salary of Rs.6,000/- and above

(B) Persons employed in reputed companies / organizations :
Upto Rs.25,000/- One Surety with net salary of Rs.7,000/- and above
Above Rs.25,000/- upto Rs.2,00,000/- Two Surety with net salary of Rs.6,000/- and above

(C) If the borrower is a businessman and employees of other organization with good repaying capacity and owning a house :
Two sureties with net salary of Rs.6,000/- and above.
Service Charges : 1.2% of amount sanctioned
Share Amount : 1% of the amount sanctioned subject to min. Rs.1,000/-

Scheme

Tenure

Rate of Interest

  1. Personal Loan:-
Upto 1lac

36 months

16%

Above 1lac

60 months

  1. Gold Loan:-
Upto 1 Lac

1 year only

12%
Above 1 Lac To 5 Lacs1 year only

13%

Above 5 Lacs To 10 Lacs1 year only

14%