Eligibility:
The maximum amount of loan that may be sanctioned to a member under theseregulations shall not exceed
30 Lakhs
or 30 times of his basic pay plus dearness allowance whichever is less.
Provided that, no member shall be allowed to be indebted to the society for a sum exceeding
30 Lakhs
Loan would be given for a Maximum period is 5 Years or actual service left for borrower or his surety whichever is less.
Amount shall be deducted through his salary from the employer and direct payment
will not be entertained at the counter every month.
The applicant should attach a copy of self attested latest pay slip. No correction
or over writing shall be allowed in the Pay Certificate. Society recovery shall not exceed
25% of gross pay shall be ear marked as take home pay after all the recoveries (including government recoveries).
A member shall be eligible to sign as surety to only one manner. Change of surety
is allowed at the time of taking fresh loan only/by clearing the full loan amount/resign
from membership/ at the time of ceassation of membership. The loan will be sanctioned
depending upon the fund position of the society.
No member shall be eligible to apply a for fresh loan until he has repaid one-
third of the loan amount taken previously or before the expiry of 12 months
from the date of disbursement of previous loan.
Purpose of Loan:
Subject to the provisions of these regulations, loan may be granted to the
members for meeting their domestic needs, new building construction,
additional construction, renovation building work or for other useful purposes.