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Loans to Employees of affiliated to societies

Type of loan
Medium term loan – Non-agriculture.
Method of Repayment
Housing / Vehicle Loan Purpose.
Eligibility criteria
Employees of affiliated Societies
Scale of finance    
Not applicable.
Limit of loan Up to Rs: 500000.
Not applicable.
Holiday period
Not applicable.
Repayment period
60 Months.
Rate of interest
As per interest structure.
Penal Interest 2% for overdue installments. When the loan is fully overdue 2% of additional interest on contract rate is   charged.
1)   Up to 50000 service charge is collected @ 0.25% of the total Loan amount sanctioned. Above 50000 it is @ 0.5% and this is credited under the head HO Miscellaneous income.                                                   
2)   Risk fund @ 0.25% of loan amount is collected from the Loanee with a minimum of Rs: 100 and a maximum   of Rs:525. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.
Personal / Collateral security.     

Insurance of stock in the joint name of bank and the loanee should be submitted.

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