Member Loan
________
Purpose
- It is a simple personal loan to meet any genuine need of finance.
Maximum Loan Amount
- Rs.2,00,000/- (Individual).
Tenure
- 36 To 60 months (Individual)
List Of Documents Required
- Salary Slip for the last 3 months
- Form No. 16 for last 3 years OR Income Tax Returns for last 3 years
- Bank Statement of Salary Account for the last 6 months
- Employer’s Certificate for period of service with details of designation etc. (Minimum 1 year permanent employment)
- Photograph and address proof and Identity Proof
- Details of the collateral security (in case salary deduction sec 49 of MCS Act,1960 is not available) - only of the applicant
- Two guarantors /sureties.
- LIC Policies.
Security
- a) Personal Surety
- i) Two Personal Guarantor..
- ii) Additional Guarantor of the spouse (if married) OR father / mother (if unmarried).
b) Security
- i) Hypothecation of valuable items such as Television, Computer, Car, Refrigerator, Music System etc upto 100 % of the loan amount incase salary deduction incase of salary deduction Usec 49 of MCS Act,1960 or Salary credit by way of ECS.
- ii) In all other cases-100% by way of Pledge of tangible securities viz NSC,KVP,LIC etc /mortgae of immoveable property
Interest Calculation
- Daily Reducing Balance
Share Holding
- 5% shares of the loan amount by the applicant (regular membership) and the guarantors to become nominal member