Loans

Long Term Loan

Membership eligibility Rs.5 lakhs per year up to 5 years of membership; after completing 5 years of membership, a member may be eligible for a maximum of Rs.50 lakhs, subject to eligibility.
Repayment period The maximum number of loan instalments, including principal and interest, will be 240 or the remaining service period, whichever is less.
Rate of Interest
- Up to Rs.5 lakhs: 8.8% p.a. (8.5% + 0.3% VKSY).
- From Rs.5 lakhs to Rs.50 lakhs: 9.6% p.a. (9.3% + 0.3% VKSY).
Surety
- Up to Rs.35 lakhs: 2 sureties.
- Above Rs.35 lakhs up to Rs.50 lakhs: 3 sureties.

Following points will be considered for sanctioning Emergency Loan:-
Repayment periodThe maximum number of monthly loan instalments, including principal and interest, will be 12, considering the member's remaining service period.
LimitAn Emergency Loan not exceeding Rs.80,000 or 90% of the share and subscription amount, whichever is less, will be granted without surety.
Interest Rate10.5% per annum.

The Managing Committee may grant advance to a member against deposits under the following conditions:
SecurityThe deposit receipt(s) shall be assigned in favour of the Society as security.
Advance limitThe advance may be granted up to 80% of the deposit amount.
Interest rateInterest on the advance shall be 2% more than the deposit interest rate.

Self-attested current month's pay-slip of the borrower.
Self-attested copies of both sides of the borrower's and surety's identity cards.
Self-attested bank details of the borrower, clearly identifiable.
For units other than BARC, NOC from the other credit society wherever applicable.

Any further information can be obtained from the Society Office.