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LOAN

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

(To be printed on Legal Size Green Ledger Paper)
5,00,000
8.5% p.a.
13/07/2021
Special Loan
16 times of Shares + Subs. OR
30 times of monthly pay OR
Rs.2,40,000/- per completed year of membership
WHICHEVER IS LESS
Two Sureties are required for loan upto Rs.2,00,000/- & thereafter Three Sureties
are required

(To be printed on Legal Size Green Ledger Paper)
22,00,000
  1. Maximum 180 Month Recovery (EMI Rs.12,895/- ) Rs.12 lakhs @10%
    (9.5% + 0.5% Loan protection Fund)
  2. Above 12 lakhs upto 22 lakhs @10.5% for next 10 lakhs (EMI Rs.23,949/-)
05/10/2017
Emergency Loan
90% of shares + subs.
(Required shares & sub. Amount Rs.55,600/- to get Emergency Loan of Rs.50,000/-)
12 months recovery (4170 + 248= 4418/-)

(To be printed on A4 Size Green Ledger Paper)
50,000
10.5% p.a
05/10/2017

Take home salary should be minimum Rs.7000/-

Note : (The Interest rate will be charged subject to ABR of Society)

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 .