Cooperatives / societies can utilize this pre-approved loan facility for any urgent re-lending or working capital needs, and are guaranteed to obtain the funds within 3 working days. The loans will be allocated based on the collateral / capacity of the society. These loans too, are reviewed annually, so that cooperatives and societies could be granted a quantum of disbursement under the pre-approved amount with minimum documentation.

FEATURES AND BENEFITS
  • Can be obtained within 3 working days with minimum paper work
  • The amount of the loan and capacity of the society will be reviewed annually
  • Loan amount of up to Rs. 30 million with no collateral, subject to the Board Credit Committee and Board of Directors’ approval
  • Repayment is based on the loan scheme taken under pre-approved limit
Eligibility
  • SANASA Societies, Multi-Purpose Cooperative Societies, other cooperatives and registered societies may apply for this loan
  • Suitable collateral will be required to mitigate risk on a case by case basis
  • CRIB credit history and credit reports will be reviewed prior to the disbursement
Required Documentation
  • A duly filled loan application
  • Society Mandate
  • Society Registration Certificate
  • Copy of the Memorandum and Articles of the Society
  • Certified copy of the resolution of the Board of Directors
  • Society Declaration Form
  • Signature Card
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