Merchant Overdraft loan is a type of business loan provided to 'A' or 'D' class members at Areekode Service Co-operative bank. This loan is sanctioned by pledging any immovable property of the loanee/guarantor.
Eligibility
Eligibility
‘A’ or ‘D’ Class membership in Areekode Service Co-operative bank
Security - Immovable property of loanee/guarantor
Documents Required
Loan Application
Land Documents ( Aadharam , Adiyadharam , Pattayam )
Possession Certificate
Encumbrance Certificate ( Last 15 Years )
Land Tax Receipts
Certified Location Map From Village Officer
ID Proof of Loanees
Authorized License
Legal Report
2 Copy of Passport Size Photo (Loanee)
Interest Rates & Charges
The bank will sanction a maximum of ₹ 10,00,000 at an 11.75% p.a (monthly remittance) interest rate. The repayment period is 12 months.