Medium Term Loan
Purpose:
- Medium Term Loan facility made available to members for getting immediate finance for Religious reason, Education Fees, House Purchase, Repairing, Renovation, Medical,Religious Ceremony, & Vehicles purchase etc.
- The Loan Disbursement Timing 1.30 p.m to 3.00 p.m 6th to 15th and 2.30 pm within 6th to 15th and 21st to end of every month.
Eligibility:
- Member can apply for Medium Loan after 6 months complete for membership or after completion of 5 years continuous service in GST Department or will be eligible for Loan as per Gross Salary maximum Limit is Rs.2500000/-
- Maximum 10% of the total loan amount Is required in his/her account as Share+subscription+Bsn For sanctioning of loan.
Document Required:-
- Duly filled Loan application Form with 2 Guarantors.
- Self attested pay slip of current month.
- Self attested Department ID Card zerox copy.
- Self attested Zerox copy of current month Pay slip and Department I D Card of Guarantors.
Limit:
- Maximum Loan Limit Rs. 2500000/- Lakhs as per GR of DDR
- The total deduction should not be exceeds 70% of the gross salary ( including proposed instalment )
Repayment Period:-
- 180 Installments On EMI Basis (Principal + Inertest)
Renewal:-
- Loan renewal facility is availed after regular 20%instalments from salary or 25% amount of Taken Loan.
Guarantor:-
- 2 Guarantor of same salary earned.
Note:- The Board of Directors has given right to Gen.Secretary / Secretary/ Jt. Secretary/Treasurer sanction loan on priority basis.