Loan Against Cumulative Deposit

Loan against Cumulative Deposit can be availed by member to meet the immediate financial requirements.

Maximum Loan Limit :

• > Education Member can avail maximum loan upto Rs. 3,00,000/- or 85% of Cumulative Deposit whichever is less. For other than education members, the loan can be availed upto Rs. 2,00,000/- or 85% of Cumulative Deposit whichever is less.

Rate of Interest :

• > 11.25 % Per Annum (W.E.F. 06 Jan 2025)

Repayment Term :

• > 60 Months (EMI)

Repayment Term :

• > Maximum Repayment term is of 60 months for education members and 60 Months for other than education members.
• > Member can avail the said loan facility thrice in a financial year from 1st April to 31st March.
• > Loan against Cumulative Deposit can be renewed if 12 instalments of the loan are recovered.
• > Renewal fee of the loan for education member is Rs. 300/-.
• > If borrower has fully paid loan balance then he/she can avail the said loan on the same day or next working day as per loan rule.
• > Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon.

Documents :

• > KYC’s Official Valid Document’s of borrower and guarantor(s)
• > Latest 3 payslip (will accept previous month payslip till the 10th date of current month)

Other Conditions :

• > Required share capital 5% and necessary cumulative deposit 10% of the loan amount.