Loan Policy of the Society
Common Rules for Loan :
A member of the Society mayeligible to avail any types of Loanas per the following terms and conditions by filling-up ‘Loan Application Form’ and ‘Loan Bond Form’. Both the forms must be duly Signed by 3/2 (three/two) Guarantors with their Name, Designation, Department and Signature (Guarantors must be the members of this society). Additionally, the Applicant must submit photocopy of his/her recent Pay-Slip& Bank Account details (Photo copy of Pass Book/Cancelled Cheque).
Minimum Share-Capital of the Member should be 5% of the Loan-Amount. If the Applicant's current Share-Value is lesser, then Member will have to acquire requisite number of Shares to update Share-Capital as per the norms. Share will earn Dividend (Percentage of Dividend will be decided in the Annual General Meeting [AGM] every year). Shares can only be surrendered at the time of Cessation of Membership.
1. Long Term Loan
The Maximum Amount for this Loan is 10 (ten) times of Basic Pay or ₹6,00,000 whichever is lower. This Loan has to be Paid-Back in Maximum 120 Months. Number of Instalments may bedecreased if Member's Retirement is nearer; Member will agree opt for lesser Number of Instalments.
This Loan can be renewed, if 12 (twelve) Instalments has been Paid-Back.
2. House Renovation Loan
The Maximum Amount for this Loan is 14 (fourteen) times of Basic Pay or ₹ 7,00,000 whichever is lower. This Loan has to be Paid-Back in Maximum 120 Months. Number of Instalments may be decreased if Member's Retirement is nearer; Member will agree opt for lesser Number of Instalments.
This Loan cannot be renewed.
3. Intermediate Loan
The Maximum Amount for this Loan is 8 (eight) times of Basic Pay or₹ 3,00,000 whichever is lower. This Loan has to be Paid-Back in Maximum 60 Months. Number of Instalments may be decreased if Member's Retirement is nearer; Member will agree opt for lesser Number of Instalments.
This Loan can be renewed, if 10(ten) Instalments has been Paid-Back.
4. Short Term Loan
The Maximum Amount for this Loan is 2 (two) times of Basic Payor ₹ 70,000 whichever is lower. This Loan has to be Paid-Back in Maximum 12 Months. Number of Instalments may be decreased if Member's Retirement is nearer; Member will agree opt for lesser Number of Instalments.
This Loan can be renewed, if 3 (three) Instalments has been Paid-Back.
5. Special Loan
This loan can be availed the members who didn’t avail any other types of loan except Short Term Loan. The Maximum Amount for this Loan is 12 (twelve) times of Basic Pay or₹ 10,00,000 whichever is lower. This Loan has to be Paid-Back in Maximum 96 (ninety-six) Months. Number of Instalments may be decreased if Member's Retirement is nearer; Member will agree opt for lesser Number of Instalments.
This Loan cannot be renewed.