Loan Policy
The Society is granting the following loans to its members under its rules and bye-laws:
- Immediate loan
- Rs 15,000 (loan up to Rs 15 thousand)
- General loan
- Rs 2,00000.00 (loan up to Rs 2 lakh)
Immediate Loan
At present the maximum limit of instant loan is Rs 15 thousand. This loan is issued to the member without any collateral. It is mandatory to pay it in maximum one year installments. Immediate loan is issued to the member only against the share money, compulsory deposit and etc. deposited in his/her account in the society. If a member has taken a general loan from the society, then in that case he will not be able to get an immediate loan beyond the sanctioned loan limit.
General Loan
- Member applies for a loan ranging from Rs 1 to Rs 2 lakh.
- Submission of prescribed loan application form to the society.
- Required Personal Details:
- Applicant's name
- Father's/husband's name
- Latest home/office address
- Mobile number
- Monthly income
- Occupation
- Reason for taking the loan
- Bank details
- Income tax return of the last three years, with income in the latest year not less than Rs 3.50 lakh.
- Group Structure:
- Government Employee:
- Loan provided in a group of 3 members.
- 1 borrower, 2 sureties.
- Non-Government Employee:
- Loan provided in a group of 5 members.
- 1 borrower, 4 sureties.
- Members of the group cannot be from the same family.
- Impact of Monthly Income:
- Low monthly income may affect the loan limit.
- Evaluation Process:
- Society reviews the loan application form.
- Irregular repayment of previous loans may affect the current loan.
- If a surety is a defaulter due to their own loan or providing security, the society may request a change in surety.
