Member Login
Member Login

LOAN AGAINST DEPOSIT

Loan Scheme
Scheme
Details
Maximum Limit
ROI (%)
With effect form

ADVANCE AGAINST DEPOSIT/S
Notwithstanding anything contained Against Deposits in these Bye-Laws, the Managing Committee at its discretion may grant advance to a member against his deposits on the following terms and conditions:
(i) The deposit receipt(s) shall be assigned in favor of the Society as security for such advance.
(ii) The advance may be granted up to 80% of the deposit amount.
(iii) The rate of interest on advance granted shall be 2% more than that at which the relative deposit is accepted.
(iv) The advance against Deposit shall be repayable in 12 monthly installments.
(v) The borrower shall give authorization for deduction of loan installment together with interest on due date/s from his 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 .