Developmental projects within the Huda jurisdiction may be eligible for funding through banking and credit centers operating within the vicinity.
The financial institutions below conduct business within the state. They offer the following forms of credit lending:
State Bank of India: personal, home, Visa/MasterCard credit cards
Punjab National Bank: agri credit, home, corporate, Visa/MasterCard credit cards
American Express: credit and charge cards
Bank of Baroda: personal, home, loan against future rent receivables, advance against securities, Silver MasterCard, Gold Visa/MasterCard
Citibank: personal, home, loan against property, Citi Cash Rewards credit card, First Citizen Citibank credit card
Bank of Maharashtra (BoM): personal, corporate, home, personal, entrepreneur, agri, India Card MasterCard
Bank of America: Visa cards, home, business lending
Corporation Bank: personal, home, computer, business, Visa credit card
Dena Bank: home, consumer durables, personal, corporate
CreditCardForum Warning:
Jacob Sahani, a financial writer of credit card reviews for CreditCardForum.com, highly advises against the use of cards for the funding of property development. “The interest rates are too high. They frequently charge a rate of 30% or higher. Therefore I do not recommend credit cards for this purpose.”
Typical Documents Required For Lending:
Native residents seeking credit are typically required to provide the following documentation when applying:
- identification/proof of residency
- banking statements for the previous six months
- form 16
- most recent salary receipt
- photograph
Corporate credit applicants may be required to provide additional documentation. It is also important to realize that most loans also require a processing fee cheque (with the exception of credit card applications). If approved, the credit limit given will depend upon the applicant’s credit history, income, and other factors.