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LOAN

Loan Scheme
Scheme Details Maximum Limit ROI (%) With Effect From
ORDINARY LOAN 6.67 times of Shares + Subs. (Rs. 75,000/-) OR 15 times of monthly Salary OR Rs.60,000/- per completed year of membership
WHICHEVER IS LESS
120 MONTH RECOVERY RS. 5952/- (4167+1785)
Two Sureties are required
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(To be printed on Legal Size Green Ledger Paper) 		5,00,000 8.5% p.a. 13/07/2021
LONG TERM LOAN
S.N. Member Pay Limit (Rs.) Revised Maximum Loan Limit (Rs.)
1 Monthly salary up to Rs.15,000/- Rs. 5 Lakh
2 Monthly salary from Rs.15,001/- to Rs.25,000/- Rs. 8 Lakh
3 Monthly salary from Rs.25,001/- to Rs.35,000/- Rs. 15 Lakh
4 Monthly salary from Rs.35,001/- to Rs.45,000/- Rs. 20 Lakh
5 Monthly salary from Rs.45,001/- to Rs.55,000/- Rs. 25 Lakh
6 Monthly salary from Rs.55,001/- to Rs.70,000/- Rs. 30 Lakh
7 Monthly salary from Rs.70,001/- to Rs.90,000/- Rs. 35 Lakh
8 Monthly salary from Rs.90,001/- to Rs.1,00,000/- Rs. 38 Lakh
9 Monthly salary from Rs.1,00,001/- to Rs.1,20,000/- Rs. 41 Lakh
10 Monthly salary from Rs.1,20,001/- to Rs.1,40,000/- Rs. 44 Lakh
11 Monthly salary from Rs.1,40,001/- to Rs.1,60,000/- Rs. 46 Lakh
12 Monthly salary from Rs.1,60,001/- to Rs.1,80,000/- Rs. 48 Lakh
13 Monthly salary Rs.1,80,001/- onwards Rs. 50 Lakh
  • The maximum number of loan installments (including principal + interest) will remain at 240 or the remaining service period, whichever is less while determining the number of loan repayment installments.
  • Rate of Interest:
    • Upto Rs.5 Lakhs @ 9% p.a. (8.5% + 0.5% VKSY)
    • From Rs.5 Lakhs to Rs.50 Lakhs @ 9.8% p.a. (9.3% + 0.5% VKSY)
  • Surety:
    • Upto Rs.35 Lakhs – 2 Sureties
    • Above Rs.35 Lakhs upto Rs.50 Lakhs – 3 Sureties
 50,00,000/- Upto Rs.5 Lakhs @ 9% p.a. (8.5%+0.5 VKSY)
From Rs.5 Lakhs to 50 Lakhs 9.8% p.a. (9.3 + 0.5 VKSY) 		24/01/2024
EMERGENCY LOAN
S.N. Member Pay Limit (Rs.) Revised Maximum Loan Limit (Rs.)
1 Monthly salary up to Rs.50,000/- Rs.30 thousand
2 Monthly salary up to Rs.1 Lakh Rs.60 thousand
3 Monthly salary above 1 Lakh Rs.80 thousand

Following points will be considered for sanctioning Emergency Loan:-

  • The maximum monthly loan installments (including principal + interest) will remain at 12, and the remaining service period of the member will be taken into account while determining the number of loan repayment installments.
  • Limit: An Emergency Loan of an amount not exceeding Rs.80,000/- or 90% of Share and Subscription amount OR as per Loan Policy approved by the Commissioner of Co-operative, whichever is less, will be given to a member without any surety.
  • Interest Rate: 10.5% per annum.
 80,000/- 10.5% p.a. 24/01/2024
Take home salary should be minimum Rs. 7000/-
Note: (The Interest rate will be charged subject to ABR of Society)
ADVANCE AGAINST DEPOSIT/S
The Managing Committee may grant advance to a member against deposits under the following conditions:
(i) The deposit receipt(s) shall be assigned in favor of the Society as security.
(ii) The advance may be granted up to 80% of the deposit amount.
(iii) Interest rate on advance shall be 2% more than the deposit interest rate.
(iv) Repayable in 12 monthly installments.
(v) Borrower must authorize deduction of loan installment with interest from salary.
Required documents:
  1. Self attested current month’s pay-slip of borrower.
  2. In case of other than BARC unit, Self attested Borrower’s & Self attested Surety’s both side Identity Card Xerox.
  3. Self attested bank details of borrower which can be clearly identified.

Any further information can be obtain from the Society Office .