INTEREST ON LOAN

Interest on loans shall be charged at the rates detailed below:

  On Emergency Loan 18% P.A.
  On Ordinary Loan 16.20% P.A.
  On Secured Loan against Property Vehicle/Deposits out sides the Society 15% P.A.
  On secured Loan against deposits with the Society 1% extra of Deposit Rate

CHARGING OF INTEREST:

  • Interest on all loans shall be charged on monthly basis, on reducing balance method.
  • Interest shall be charged on balance of outstanding principal loan amount as on the last day of the month.
  • Interest on loans sanctioned on or before 10th of the month, for the first month, shall be charged for whole month and for loans sanctioned after 10th of the month, interest shall be charged from the date of sanction. However, it shall not be applicable for Emergency Loan and Secured Loan against society’s deposit(s).
  • Interest for the first month, on Emergency loans and Secured loans against society’s deposit(s), shall be charged from the date of disbursement of the loan.

LOAN TO MEMBERS

It is responsibility of the applicant member to produce sureties for loan applied for as detailed below:

One Surety for a Loan upto Rs.10,000/- to 25,000/-
Two or more Sureties as per discretion of the committee for a Loan above Rs.25,000/- to Rs. 50,000/-
Three or more Sureties as per discretion of the committee for a Loan above Rs.50,000/- to Rs. 1,00,000/-
Three or more Sureties as per discretion of the committee for a Loan above Rs.1,00,000 to Rs.2,00,000/-
   

Note : (The Managing Committee may give relaxation in the no. of sureties required for sanctioning of loan as per it discretion keeping in view of reliability and financial position of the surety produced by the applicant for the loan.)

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