Personal/Regular Loan

ELIGIBILITY

• The applicant must be a member of the Society

• The final decision on granting a loan to a member will be with Managing CommiSociety. 

INTEREST

• 12% p.a. (1% p.m.) Reducing Balance

• one time processing fees @ 0.50% of loan amount

DOCUMENTS REQUIRED

• • Loan Form

  • Income proof (last 3 year ITR/last 3 salary slip/last 6 month bank statement)

  • 3 A/c Payee Cheques (CTS Cheques)

TERMS & CONDITIONS

• Applicant must not be defaulter

• All previous dues are cleared

• Share Money should be minimum 10 % deposited into the account of the member.

• Applicant must present 2 sureties/guarantor who are member of the society and not defaulter

• A member can give surety maximum of two times of his maximum credit limit. 

• First loan shall be given only after 6 months of obtaining membership

• Loan to housewife and students shall be given only upto Rs.50,000/-

• Non-payment of the instalment on Due date will incur 3% penal interest extra to the member.

• Applicant shall not present surety/guarantee of his family members (Husban, Wife, Mother, Father, Sons, Daughters). 

SPECIAL FEATURE

• • Top-up loan upto Rs.2,00,000/- can be availed any time

  • Same day payment to members

  • Low rate of interest