Loans

The maximum amount of loan is Rs.10,00,000/- or 25 times of the total salary, or 10 times of the share Capital whichever is less. It is recoverable in 100 monthly installments or 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, take home salary etc. It is the responsibility of the member to furnish eligible surety for availing the loan. The Surety loans are disbursed 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 10% of the Loan Amount.
• Previous Loan Outstanding, if any
• Interest as per norms

The Members can Login to view the Loan Ledger. The Loan payment shall be made from the salary disbursed and HAS to be a component of the DEDUCTIONS in salary deductions.

 Any additional amount can be paid ONLY BY TRANSFER (No Cash Transaction) to the SOCIETY’S account after prior intimation to the President/Vice President/Secretary

ALL DEDUCTIONS SHALL BE MADE FROM THE SALARY

RATE OF INTEREST OF LOAN 9.25 %