Ordinary Loan

Members are eligible to apply for loans after 3 months of becoming member and can stand as surety to loanees (it may change from time to time).

Maximum Credit Limit (MCL) of a member is Rs. 2 Lacs or 10/12/15 time of his total monthly emoluments (Net Income) whichever is less.

At the time of consideration of loan the applicant (loanees) should posses sufficient number of shares i.e. for a loan of Rs. 50,000/- applicant should possess a maximum number of 10 shares (Rs.5000/-) i.e. loan limit is 10 times of the share value. If the number of share is not sufficient value of such number of shares will be deducted from loan.

Surety should also possess sufficient number of shares according to the maximum credit limit. A member can avail loan upto 10 times of the share capital and can also stand as surety for loans upto 10 times.

Loanee as well as the sureties should visit the society office and complete all the formalities like signing the membership register, speciman signature card.

Complete application in all respects should reach the Society Office one day in advance of the Management Committee Meeting.

Proper income certificate should be submitted along with the application and the Management Committee should be convinced about the re-payment capability of the member.

If the applicant is a married woman, husband should be an additional surety and at least two surities should be male members.

If the applicant is an unmarried woman, then atleast three surities should be male members.

If the applicant is a permanent Govt. woman employee; clause 8 & 9 above shall be exempted, subject to the payment habit of the member concerned.

Housewives and self-employed persons residing outside Delhi are not eligible for loan.

If one member is a surety to an un-paid debt/loan, neither his resignation from the society will be accepted northe deposits adjusted.

Loans are not issued to persistent defaulters loanee and their sureties should clear off their dues to the society before their application for loan and acceptance of their sureties is considered.

Notices shall be issued to the loanee, sureteis and employees on default of loan re­payment instalments. Arbitration cases are processed on default of more than 6 months.

Management Committee is empowered to deduct all the dues of a defaulting member from the surety's account/deposits.

Rate of interest on loan is now 13% p.a. reducing half monthly (fortnightly reducing in advance). If instalment is not paid by 10th of the month, 3% additional (panel) interest will be charged on the entire outstanding loan amount, a member availing loan between 1st and 15th of a month will have to pay over and half months interest in the next month on or before 10th.

Rebate of interest @ 1% (one) will be paid on the interest on timely re-payment of all ordinary loan instalment (i.e. even one instalment paid with penal interest deprive the loanee the interest). Rebate will be made only on clearance of loan.

Loans are repayable in monthly instalment given separately.

Members can deposit post-dated cheques with the society and it will be presented to the Bank every month regularly.

Housing Loan

Society may issue loan to its members to own a roof over their heads, if not having one at present and if they are able to make the instalment payment promptly.
Emergency Loan

The President, Secretary and Treasurer of the Society have the power to grant emergency loans upto Rs. 30,000/- or 3/4 of CD of the applicant whichever is less, which shall be refunded within 10/15/20 months together with 13% interest per annum. Life members 50% of share money is also considered subject to maximum of Rs. 20,000/-.
Vehicle Loan

Society may give loan for purchase of new or used vehicles upto Rs. 50,000/- or 80% of the value of the vehicle, whichever is less to those members who have completed 1 year of membership and whose payment habit is excellent against 2 sureties. Sureties should be Govt./Undertaking employees and members of the society. Loanee has to insure the vehicle (comprehensive) at his/her own cost from time to time or the society will do it on his/her behalf and the charges will be debited to the member concerned. If the loanee himself/herself insure the vehicle, liability of the society is to be mentioned on the policy and a copy of the policy bond to be submitted to the society as soon as possible.
Consumer Loan

The Society may issue loans for purchasing of consumer items upto Rs. 50,000/- or 80% of the cost whichever is less to those members who have completed 1 year membership and whose payment habit is excellent against 2 surieties. Sources should be Govt./Undertaking employees and members of the society.