Loan
Ordinary Loan or Surety Loan
The maximum amount of loan is Rs. 50,000/- or Ten times of the total salary or 10
times of the share Capital whichever is less. It is recoverable in 40 Monthly Installments
at the discretion of the Board. Within the maximum loan limit, the Board shall frame
Guidelines for sanctioning of loan to a Member according to the length of the individual
Member's Membership in the society. It is the responsibility
of the Member to furnish eligible sureties for availing the loan. The ordinary loans
are disbursed on 1st and 16th of every month subject to the approval of the board,
for which the Members have to send their completed applications 20 days in advance.
On disbursement of loan the Society shall make the following deductions.
- Previous Loan Outstanding.
- Interest Rate @ 15% Per Annum on Balance Loan Amount .
- Processing Fees of Rs.500
The Members can Login to view the Loan Ledger. The Loan payment can be made by NEFT,Cash
or by Cheque.