1   Who is eligible to open the Bank account ?

Any individual can open an account jointly or severely i.e. with son, daughter, wife/husband  or any other relative or any person.

2   What is the minimum deposit for opening the Saving/Current Account?

Saving Bank Account can be opened with Rs. 1000/- with cheque book facility. Current A/c can be opened with Rs.5000/-.

3   What are the documents required for opening of account?

As Per Rbi KYC norms 1 Id proof , 1 Address Proof and Pan Cad

4   Whether nomination facility is available or not for the account opening account?

Nomination Facility is available for the benefit of the customers.

5   Whether nomination facility available for locker hirer?

Nomination facility also available for locker hire.

6   Can illiterate person open bank account ?

Yes, Illiterate person can also open bank account.

7   What are the documents required for the opening of current account of Partnership ?

Following are the documents required for the opening of Current account of partnership :

  1. Photo of all the partners.
  2. Identity proof of all the partners
  3. Copy of partnership deal.
  4. Authorization letter from all the partners to operate the account on the behalf of partnership account.
  5. Address proof or the rent deed of him."

8   What type of loans are given by the The Surat Mercantile Coop. Bank Ltd.?

The Surat Mercantile  Coop. Bank Ltd. has been providing the loan for consumer durables, for the purchase of house hold goods, vehicles loan for the purchase of Two/three/four wheels etc., personal loan for socio-economic need, housing loan for the construction of house and repair/renovation/alternation of existing house and Education loan for the higher study of child, Machinery for textile business, Machinery loan under TUF Scheme, Machinery for Doctors.

9   Can I apply jointly with my spouse for the house loan? Will both our salaries be taken into consider

Yes, you salaries can be clubbed for the purpose of calculator of the loan amount. This can be done either when the property is jointly held with spouse or the spouse stands as a guarantor. Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.

10   Please let me know the purpose for which I can avail Housing Loan?

For construction of house, for purchase of house /flat, for carrying out repairs/renovation/alterations in the existing house.

11   Whether interest applicable is flat rate or at reducing balance ?

Interest is charged on reducing balance.

12   Whether there is any penalty for the pre-closure of loan?

There is no penalty for pre-closure of loan and an individual can adjust his account fully at any time after taking the loan

13    What is the tenure of Personal Loan?

The maximum tenure of personal loan is 4 years.

14   What are the types of courses for which education loans are given?

Education loan are given for pursuing all types of education viz. general, professional, technical and vocational courses.

15   How much loan amount can I avail under education loan scheme?

Need based finance subject to repaying capacity of the parents, students with margin subject to the following ceiling :

  • For Studies in India    : Rs. 5.00 Lacs
  • For Studies abroad    : Rs. 10.00 Lacs

16   What is the maximum amount available on Housing loan ?

You can avail loan maximum upto 85% of the property (Inclusive of Stamp Duty & Registration Fees)

The actual loan amount sanction is depend upon valuation and your repayment capacity.

17   What is the maximum period in which i can repay the Housing loan ?

The Housing Loan can be repaid over maximum period of 15 years. The repayment period will not be extended beyond retirement from service or reducing 60 years of age in case of Professionals / Businessman.

18   When can I make application ?

You can make an application at any time after you have decided to purchase Property.

19   Do I have to become member of Bank ?

Yes, According to provision of Coop Society Act you Co -applicant & Guarantors have to become  member of bank by purchasing 1Share of the bank.

20   Can I apply for Loan to repay Home Loan availed from another bank/Financial Institution ?

Yes, you can avail home loan to repay a loan availed from another bank/Financial Institution under the 'Transfer of Loan' Scheme.

21   How do I repay the loan?

You can repay the loan in EMI (Equited monthly Installment) comprising principal & interest in various repayment option such as

  1. By post dated cheques
  2. Deduction from Salary
  3. Standing instruction to banker.

22   What security will have to provide ?

Normally the first mortgage of property for any other collateral security as may be necessary.

23   Do I get a tax benefit on the loan ?

Yes, In Case of Housing Loan you are eligible for tax benefits on principal & interest amount of loan under and as per the Income Tax Act.

24   Does the Agreement for sale have to be registered ?

Yes, the Agreement for sale have to be registered within four months from the date of Agreement.

25   Does the property have to be insured ?

Yes, you will have to insured property for fire & other hazards and The Surat Mercantile Co.Op. Bank Ltd.  will be the beneficiary of Insurance Policy.

26   Any charges for late payment of installment?

Yes, late payment charges will be recovered according to loan installment as per rules, if any monthly loan installment not paid within prescribed time schedule.