Loan Schemes

A member can apply for loan under any of the 4 categories i.e. Unsecured, Secured,Mortgageand Emergency Loan. Loan application is required to be made in a specific format available at free of cost to the members from the office of the Society during the working hours. Application form should be filled without any overwriting or cutting.

  • Unsecured loan

    • Maximum loan limit is up to Rs. 3,00,000/- or 12 times of the monthly income whichever is less.
    • Loan can be re-paid maximum within 100 months of disbursement.
    • Sureties are required for approval, according to the level of sum applied as follows:

      • Borrowed sum No. of sureties
      From Upto
      1 40,000 1
      40,001 80,000 2
      80,001 1,50,000 3
      1,50,001 3,00,000 4

  • Secured Loan

    • There is no maximum limit for this loan category.
    • Sanctioned up to 90% of the value of Instrument pledged.
    • Entire Loan to be re-paid before encashment of the Fixed Deposit/MMDS against which Loan is availed

  • Mortgage Loan

    • Maximum loan limit is up to Rs. 50,00,000/-.
    • Sanctioned at the security of Immovable Property (Shop, house, Plot or any other) subject to maximumof 50% of the Market Value of the Asset or 30 times of the Monthly Income, whichever is less.
    • Requires personal sureties of 2 regular members.
    • Loan can be re-paid maximum within 240 months of disbursement.

  • Emergency Loan

    • In case of emergent conditions, CEO of the Society is empowered to lend a sum of not more than Rs. 20,000/- or share money deposited by the member.

Note : Deduction on all type of loans will be applicable as per "Business Policy" of the Society.

Rate of Interest on Loan:

Interest on loans is charged on monthly reducing balance as per below slab.

  • On ordinary Loan   :        14.40% p.a.
  • Emergency Loan    :        14.40% p.a.
  • On Mortgage Loan :        14.40% p.a.
  • On Secured Loan against deposits :01% p.a. extra of deposit rate.

Penal Interest:

3% p.a. will be charged on overdue loan installment as panel interest, as per Rule 71 of Delhi Cooperative Societies Rule, 2007.

Rebate:

Rebate @ 1.20% per annum of total interest paid on timely payment of each and every monthly installment on all loans except emergency and secured loan in whole financial year. This rebate will be credited to the Optional Deposit Account on the Member on every 31st March.