Members should have completed One year of service OR should have completed one year membership in society.
Long term loan may be granted to any eligible member 30 times of his gross salary or Rs 1200000.00( Rupees Tweleve Lakh Only) whichever is less by the Board.
The loan shall be granted on personal security with two sureties who are members of the society and having more than 01 year of regular continuous service in the establishment.
Repaying capacity shall be considered by taking into account net salary though the Bye Law of the society provides loan facility on the basis of gross salary.
Explanation: Repaying capacity of loanee be considered as an amount derived after deducting at least 1/3 of the gross salary from the net salary receivable by the loanee member.
At no point of time home take salary contribution be less than 1/3 of total emolument/gross salary.
Documents for Long Term Loan :
Duly filled Application form of loan.
Applicant's latest salary slip of previous two months with signature
Latest salary slip of two sureties with signature (member can be surety to maximum two loanee member)
