Loan to Shareholders/Members

The Bank provides a variety of Loan Schemes for its members.

Home Loans                       Medical Loans

Education Loan                 Personal Loans

Features of the Loan Policy is here as under :-

  1. Maximum limit of 1st Loan & Maximum limit of Loan are Rs 1.00 Lacs & Rs 5.00 Lacs respectively.
  2. Enhancement of quantum of maximum loan limit to the members should be Rs 5.00 Lacs from existing Rs 4.00 Lacs against Share Capital of Rs 25,000/-.

 

  1. 100% loan against their own deposit (excluding the value of share capital) to be granted to members without furnishing any security/guarantor.

 

  1. The members will be entitled to get < Rs 1 Lac against minimum one guarantor.

 

  1. The loan to members if does not exceed Rs 1 Lac, the difference between the deposit amount (excluding the value of share capital) and the amount applied for/allowable to be granted at least one security / guarantor to be furnished. However, if the limit exceeds Rs 1.00 Lacs, 2 guarantors are essentially required to be submitted.

 

  1. Quantum of loan if exceeds Rs 1.00 Lac, but not exceeding Rs 2 Lacs, minimum two guarantors are required to be furnished.

 

  1. Three guarantors are required to be furnished if the quantum of loan exceeds Rs 2 Lacs.

 

 

 

Short Term Loan

 

  • Loan Limit : Maximum Rs 1,00,000/-
  • EMI – 12 Instalments
  • Short Term loan repayment schedule will be of 12 maximum Instalments.

 

Mid Term Loan

 

  • Loan Limit : Maximum Rs 2,00,000/-
  • EMI – 36 Instalments
  • Mid Term loan repayment schedule will be of 36 maximum Instalments.

 

Long Term Loan

 

  • Loan Limit : Maximum Rs 5,00,000/-
  • EMI – 90 Instalments
  • Long Term loan repayment schedule will be of 90 maximum Instalments.

 

Interest on Loan

  • 10% per annum on reducing balance