General Loan Without Surety
General Loan facility for eligible shareholders without requiring a surety
Sanction of General Loan Without Surety
An alternative loan facility available to eligible shareholders
This facility is introduced for the benefit of shareholders who desire to avail a loan without sureties as a second option, subject to the prescribed conditions.
The shareholder should not be a defaulter of any previous loans.
The shareholder should be a continuous member of the Society for more than 5 years.
The shareholder's leftover service should be more than 2 years.
The shareholder will be eligible for a loan equal to twice the saved CMTD amount, subject to a maximum loan limit of ₹3,00,000/-.
The shareholder can stand surety for one General Loan.
The shareholder should not have given surety for any other loans such as Special, Marriage, Vehicle or Tour Loans.
The shareholder must have a minimum of 40% take-home salary.
Eligibility Conditions
All the following conditions must be satisfied
Membership: Continuous membership of the Society for more than 5 years.
Service: More than 2 years of leftover service.
Loan Record: Must not be a defaulter of previous loans.
Salary: Minimum 40% take-home salary.
CMTD: Loan eligibility is twice the saved CMTD, subject to the maximum limit.
Maximum Limit: Loan amount up to ₹3,00,000/-.
Surety Conditions
Conditions applicable when standing as a surety
The shareholder can stand surety for one General Loan.
The shareholder should not have given surety for Special Loan.
The shareholder should not have given surety for Marriage Loan.
The shareholder should not have given surety for Vehicle or Tour Loans.
This loan facility is available without a surety, subject to fulfilment of all prescribed eligibility and service conditions.