Loan Features
- This loan shall be granted to a member against their savings, so it cannot exceed 80% member’s savings
- The member’s deposits shall be used as security for the loan.
- A Member shall qualify after three months of consistent savings.
- In case a member offsets the loan balance with his/her savings, this will be considered as withdrawal from the society and the withdrawal procedure must be followed.
- Rate of interest shall be 1% P.M on declining balance or as determined by the BOD from time to time.
- Processing fees 3% -one off and credit life insurance 1.5% annually
- If a member defaults for three months, his/her savings shall be used to offset the outstanding loan balance.
- Maximum period 24 months
- Clean CRB report