Saral Cash Credit

Saral Cash Credit

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Information about Saral Cash Credit Scheme

The Bank has launched “Saral Cash Credit Scheme” for its customers located within the jurisdiction of the Bank. The said scheme will empower the customers, to avail the said cash credit facility quickly and easily. The main points (outline) of the Saral Cash Credit facility is as under –

  • Under the above cash credit scheme, a maximum loan of Rs. 1 lakh (Rupees One Lakh) can be given, which will be unsecured and collateral free.
  • The interest payment by the customer shall be made on a monthly basis at a fixed annual interest rate of 13%. The interest shall be paid by the customers between 1st to the 10th of every month. As per the Bank’s Policy, 1% penal interest will be charged on the overdue amount.
  • The above cash credit will be sanctioned for a period of three years, which will be reviewed annually by the Branch Manager. While conducting the annual review by the Branch Manager, the interest payment made by the customers on monthly basis shall be taken into consideration. No charge shall be levied in case of full repayment of the Cash Credit facility before the expiry of the tenure.
  • Nil processing fees for the above said cash credit facility will be charged from the customers. (Upto 30.09.2025)
  • The customer’s CIBIL report will be generated by the Head Office, for which no charge will be levied from the customer.
  • Cash Credit Account and Savings Account will be opened by the branch, and along with the savings account, RuPay Debit Card, Cheque Book, Mobile Banking, and Internet Banking facilities will be provided. To open a customer account, the bank’s KYC policy will have to be followed.
  • At the time of disbursement of the Cash Credit facility, the branch will first transfer Rs. 10,000/- or the amount as per the customer’s requirement from the Cash Credit account to the savings account after obtaining customer’s consent/ request letter, after which the Cash Credit holder will be able to do transactions in the Cash Credit account as per their requirement.
  • The target customers for the above scheme will be individuals (salaried employees / business owners /small businessmen/ pensioners/ animal owners/ farmers) etc. Cash Credit facility can be provided or smooth functioning of their business activities, for the requirement of working capital fund, for the purpose of meeting personal financial needs, meeting social, personal and health related expenses etc. (Under this scheme, facility cannot be given for anti-social activities, speculative purposes etc.)
  • A letter stating that the cash credit facility approval is under process, will be sent to the applicant/ guarantor by the branch through Regd AD.
  • It is mandatory that the borrower/guarantor must own immovable property in his/ her name. Proof of this will have to be submitted.
  • Age Limit of the applicant should be between 21 and 60.