need a loan ?
Loan Facility Available From The Society To The Members-
- Regular Loans – Interest @ 13% per annum
- Consumer Loans – Interest @ 16% per annum
- Gold Loans – Interest @ 12% per annum ( All rates are reducing balance)
- Present Outstanding amount of the loans is around 37 crores.
Necessary Procedures & Eligibility of Loan :
- Only those members who are completed 6 months are eligible for the loan.
- Loan will be available only till 65 years, loan upto 3 lakh will be available, which will be repaid till the age of 70 years. this means that the loan has to repaid in only 5 years.
- for availing insurance no restriction of age limit.
- Obtain the Loan application form from the office. The cost of the form is Rs.25/-.
- Submit the Loan form duly complete in all respect to the office
- Applicants are required to provide two guarantors of our members for a loan of Rs.50,000/- and four guarantors for more than Rs.50,000/-. Members less than 6 months seniority cannot stand for guarantee.Not more than one relatives and lady members should stand for surety/guarantor. Defaulted members surety/guarantee will not be accepted.
- To avail the enhanced limit of the loan Salary class members should produce the Form 16A & ITR for the last 2 years and copy of the bank pass book or statement for the last 6 months. For the business class people they should produce the IT Returns of the Individuals as well as of their business organization and a copy of the bank pass book or statement for the last 6 months.
- The applicants are also required to submit a bond from duly filled with all required information and two blank cheques for security in favour of the society.
- A member who is in service should attach his salary certificate together with three months bank statement which is presently operational.
- Self employed or House wife member should provide six month bank statement and a letter of guarantee signed by an earning member of the family /friend /relative along with their income proof.
- The member and all sureties /guarantors are required to fill all the necessary particulars of the loan application and other documents.
- Loan eligibility and amount approval by management committee will be final.
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