Loan Schemes
Eligibility
A member is eligible to get a loan after 90 days from the date of enrolling as a member.
Maximum Loan
₹25,00,000
or thirty times monthly gross pay, whichever is less, subject to applicable revised limits.
Repayment
180 EMIs
Maximum 180 equated monthly instalments.
Rate of Interest
10.80%
Applicable rate of interest on the loan facility.
Important Loan Rules
01
Member must complete 90 days from enrolment.
02
Maximum 180 EMIs.
03
Paid-up share value equal to 10% of loans availed is required.
04
Maximum net take-home salary after statutory deductions and instalments of all loan accounts will be 35%.
05
Additional loan/renewal may be applied for after 50% payment of the existing loan limit.
06
Cross guarantee is not permitted; a member can guarantee a maximum of two loanee members.
07
2% interest will be charged on overdue instalment/amount if the member fails to pay on time.
08
If applicant is already member of another employee credit society then he has to produce NOC from said employee credit society.
09
A Member who will be completing the retiring age limit before expiry of the period of repayment of the loan in which he/she offers himself/herself as Guarantor will not be accepted.
10
The Managing Committee has the right to revise the Loan rules as and when warranted.
REQUIRED DOCUMENTS
Documents for Loan
Application Form, PAN Card, Aadhaar Card, Photo, NPS/PF-Gratuity statement, Rent Agreement, Salary Slip for 3 months, Guarantor Documents.
