Non-Agricultural Short Term Loan ( NAST)

Purpose

NAST is a short-term self-employment loan offered by Areekode Service Co-operative bank for non-agricultural purposes to individuals or societies such as “AYALKOOTTAM” groups. The primary purpose is to promote self-employment opportunities.

Eligibility

Eligibility
  • A Class Membership in Areekode Service Co-operative Bank 
Security
  • For principal amount up to ₹50,000, requires only the surety of 2 ’ A Class’ Members
  • For a principal amount above ₹ 50,000, the borrower needs to pledge the immovable property of the loanee/guarantor 
Documents Required
The following are the documents required for the principal amount above ₹ 50,000.
  • Loan Application
  • Land Documents ( Aadharam , Adiyadharam , Pattayam )
  • Possession Certificate
  • Encumbrance Certificate ( Last 15 Years )                 
  • Land Tax Receipts                                                                          
  • Certified Location Map From Village Officer
  • Legal Report
  •  ID Proof of Loanee
  • Copy of Passport Size Photo (Loanee)

Interest Rates & Charges

The bank will sanction a maximum of ₹ 3,00,000 at a 10.50% p.a (monthly remittance) interest rate. The repayment period is 12 months.