Loans

Our Society provides 4 types of loans to its members.

Ordinary Loan

A member can get this loan after completing six months of membership in th society. Maximum amount of loan allowed is 400 times the no of shares owned by the member. The upper limit of the loan Rs.1,90,000. Rate of interest charged is 6.00% p.a. at reducing balance method.Top up of the loan will be allowed after deduction of 25% of the principal or after 11 months from the date of loan avalied. Repayment of the loan has to be done in maximum 72 installments.

Emergency Loan

Emergency loan can be avalied to deal with any kind of emergency. The rate of interest charged will be 7.25% at reducing balance and recovered in maximum 36 installment. You can avail this loan after three months of membership. Maximum amount of loan allowed is 400 times the no of shares owned by the member. The upper limit of the loan Rs.100,000. In a year a member can avail this loan for maximum 12 times.

Commodity Loan

Commodity loan can be avalied for financing the purchase of articles , vehicle , household items etc. The upper limit of this loan is Rs.2,10,000/- or 400 times the no of shares which ever is lower.This loan can be avalied after one year of membership . Rate of interest applied will be 8.00%. Repayment tenure is maximum 72 months. Topup period after one year from previous loan taken.Loan account can be closed after repayment of alt least three installment.

Special Loan

Special loan can be avalied after one year of membership in th society. The upper limit of this loan is Rs.2,90,000/- or 400 times the no of shares which ever is lower. Rate of interest charged is 8.25%. Top up of the loan is allowed after one year from the date of last loan taken. The loan amount has to be paid back in maximum 72 monthly installments.Loan account can be closed after repayment of alt least three installment.

Note

Per Day Transaction for Cash Withdrawal Rs. 10,000.00/Day/Person

Deposit Rs. 20,000.00/Day/Person