Ordinary Loan
Eligibility Condition - General
Any Member can apply for Loans. However Society reserves the right to make decisions on disbursement of Loans depending on the repayment capacity of the Member.
Total of the Term Loans granted to a Member shall not exceed 50 times of his Paid-up Share Capital OR 25 times of his Gross Salary OR
Rs.20,00,000/- whichever is less.
The Loanee's take-home pay should not fall below 30% of his Net Salary.
Types of Term Loans
A. Long Term Loan (ODL)
B. Medium Term Loan (OLM)
C. Medium Term Loan (MTV) - for purchase of Vehicles
D. Medium Term Loan (MTP) - for Differently Abled Persons
E. Short Term Loan (OLS)
F. Marriage Loan (MRG) - See separate Title
G. Education Loan (EDU) - See separate Title
H. Health Loan (HEL) - See separate Title
Period of Loan
Long Term Loan (ODL) -
Rs.10,00,000/- is for 120 months duration.
Medium Term Loan (OLM) -
Rs.10,00,000/- is for 84 months duration.
Medium Term Loan (MTV) -
Rs.5,00,000/- is for 84 months duration (Purchase of Vehicles)
Medium Term Loan (MTP) -
Rs.5,00,000/- is for 84 months duration (Differently Abled Persons)
Short Term Loan (OLS) -
Rs.5,00,000/- is for 60 months duration.
Interest Rate
Long Term Loan (ODL) : 10.00% on diminishing balance
Medium Term Loan (OLM) : 9.75% on diminishing balance
Medium Term Loan (MTV) : 9.25% on diminishing balance
Medium Term Loan (MTP) : 9.50% on diminishing balance
Short Term Loan (OLS) : 9.50% on diminishing balance
Society reserves the right to change the interest rate from time to time.
Suerties
There should be a minimum of
Two Sureties for all the above Loans.
Invoice of Vehicle and
Disability Certificate is also required for the
Vehicle purchase Loan and
Differently Abled Persons Loan respectively.
Recovery Mode
The recovery of Principal plus Interest, i.e., ''per month instalment'' is done from the Salary.
Foreclosure
The foreclosure of the Loans can be made at any time by way of NEFT/Cheque/Demand Draft.
No foreclosure charges are levied.
