Attractive Loan Schemes with reasonable rates. Our various loan schemes are Car Loan, Home Loan,Cosmo Credit Loan, Cosmo Mortgage Loan, Cosmo SME Loan, Industrial and Business Loan.

Special Features of Cosmo Loans:-

• Minimum Documents.
• Fast Processing of Loans.
• Immediate Loan Sanction.

Please contact our nearest branch to achieve full benefits of the scheme.

• Objectiveof the Scheme:

The scheme aims at providing financial support for the working capital needs of the small Entrepreneurs.

• Eligibility Criteria :
  • 1. The applicant should be regular member or nominal member of bank.
    2. Applicant should have banking relation with our bank.
    3. The applicant shall be engaged with trading/ industrial/ Service activity with valid Licenses.
• Type of facility :Operative Overdraft facility with cheque book.
• Margin :25% of the marketable Security value in bank’s favour (Limit will be 75%).
• Security (Prime) :
  1. In the form of immovable constructed property in Corporation Limits: if outside Corporation limit- TP Plan & Collector NA is required. The property shall be self occupied.
  2. Any other assignable sucuity such as NSC, LIC, Shares, FDRs etc in support of the above 1.
  3. If only shares are offered as security, the maximum limit will be restricted to Rs.20.00 lacs.
• Security (Collateral):

  Stock & Debtors will be collateral security, only initial stock/debtors statement will have to be submitted.

• Important points for security :
  1. The property shall have clear & marketable title & salability.
  2. Valuation Report of the Panel Valuer to be considered.
  3. The property shall not be older than 25 years.
  4. It should be self occupied.
  5. If the property is already mortgaged with the bank; the unencumbered portion can be considered in deserving cases.
  6. The property will have to be mortgaged with registered mortgage.
• Period :

  On demand or 3 years; Renewable with necessary documents.

• Rate of Interest :

At present @13% p.a. Interest rates are subject to change from time to time.

• Processing Fee :
  @ 0.10% of the Loan Demand

SME Loan
1. Loan upto Rs. 50 Lakh
2. Rate of Interest 13% p.a.
3. Both term loan and overdraft facility available
Solar Loan
1. Rate of Interest 12.5%p.a.
2. Interest Subsidy

• For Individuals 2%
• For Institutions 3%
• For Commercial 5%

Attractive Features of Home Loan Scheme:
1. Processing fee of Rs. 1500/-.
2. Other Family members’ income can be considered for enhancing eligible loan amount.
3. Interest levied on daily reducing balance.
4. No prepayment penalty if the loan is foreclosed with own funds.

Attractive Features of Cosmo Credit:
1. Interest rate of 13.50% on daily reducing balance.
2. Maximum loan up to Rs. 2.00 lakhs
3. Two Flexible options:
Term Loan: Maximum repayment period is 60 months with Equated Monthly Installment for a loan of Rs. 1,00,000/-, EMI would be Rs. 2301/-.

Eligibility criteria :

1. The applicant should be regular member or nominal member of bank.
2. Applicant/parents should have banking relation with our bank.
3. The student should be an Indian Resident.
4. The student should have secured admission to professional/technical course in India or abroad through entrance test /merit based selection process.
5. Courses through Educational Institutes / Organizations of repute & recognition will be eligible for loan limit.

Quantum of Finance :

Amount of loan

Studies in India Max. upto Rs. 10 lacs.
Studies Abroad Max. upto Rs. 20 lacs.

Expenses considered for loan:

1. Fee payable to college/ school/ hostel.
2. Examination/ Library/ Laboratory fee.
3. Purchase of books/ equipments/ instruments/ uniforms
4. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
5. Travel expenses (for abroad only) / passage money for studies abroad.
6. Purchase of computers – essential for completion of the course.
7. Insurance premium for student borrower.
8. Any other expense required to complete the course – like study tours, project work, thesis, etc.

Security:

1. Loan Up to Rs. 2 lacs- Co-obligation of parents is necessary.
2. Above Rs.2 lacs- Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments Security cover to the extent of 60 % to 70% is expected to be provided.

Period : 5-7 years

Rate of Interest :

1. At present @ 13 % p.a.
2. Interest rates are subject to change from time to time.

Repayment holiday/ Moratorium period :

Course period + 1 year or 6 months after getting job, whichever is earlier. Simple interest will be charged during the Repayment holiday/ Moratorium period The accrued interest during the repayment holiday period will be added to the principal and repayment in Equated Monthly Installments (EMI) fixed.

The option of payment of interest during moratorium is also available.

Processing Fee :
Processing fee @ 0.1% will be applicable.

Guarantors :
Two acceptable guarantors other than parents to be taken.

Courses eligible

a. Studies in India : (Indicative list)

• Graduation courses : BA, B.Com., B.Sc., etc.
• Post Graduation courses : Masters & Phd.
• Professional courses : Engineering, Medical, Agriculture, Veterinary, Las, Dental, Management, Computer etc.
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
• Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.
• Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions.
• Courses, which are not covered under the criteria mentioned above, individual banks may take a view to consider extending education loan under the scheme taking into account the future prospects/recognition by user institution.

b.Studies in abroad :

• Graduation : For job oriented professional/technical
• courses offered by reputed universities
• Post graduation : MCA, MBA, MS, etc.
• Courses conducted by CIMA-London, CPA in USA etc.