Loan (Ordinary Loan or Surety Loan)
The maximum amount of loan is Rs.10,00,000/- or 25 times of the total salary or 25 times of the share Capital whichever is less. It is recoverable in 96 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 service,membership in the society, carryhome salary etc. 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 7 days in advance.
On disbursement of loan the Society shall make the following deductions.
- Additional Shares upto 4% of the Loan Amount.
- Processing Fees of Rs.50
- Previous Loan Outstanding, if any
The Members can Login to view the Loan Ledger. The Loan payment can be made by NEFT or by Cheque.