Centenary Celebration Loan
Special loan facility introduced on the occasion of the Centenary Celebrations of the Society
Centenary Celebration Loan
Introduced with effect from 16.08.2024
The Centenary Celebration Loan was introduced w.e.f. 16.08.2024 on the occasion of the Centenary Celebrations of the Society.
Centenary Celebration Loan will be granted up to a maximum of ₹3,00,000/-.
Every shareholder's maximum loan eligibility depends upon repaying capacity and the prescribed criterion of 30% take-home salary.
Number of instalments allowed: 12 / 18 / 24 / 30 / 36 / 42 / 48 / 54 / 60
2% will be recovered towards LRF.
For new shareholders, this loan shall be sanctioned only after availing General Loan.
The borrower should not be a defaulter.
Rate of Interest: Flat 8% P.A.
Surety Requirements
Important conditions applicable to the surety
One surety is required for the Centenary Celebration Loan.
The borrower can take a surety from the 3 General Loan sureties for which the shareholder is eligible.
The surety must have a minimum of 12 CMTD recoveries and 2 years Railway Service.
The surety must be a non-defaulter.
Eligibility & Repayment
Key requirements for availing the loan
Maximum loan amount is ₹3,00,000/-, subject to the shareholder's repayment capacity.
The shareholder must maintain a minimum 30% take-home salary.
Repayment can be made through 12 to 60 instalments as prescribed.
New shareholders must first avail the General Loan before this loan can be sanctioned.
Documents to be Enclosed
Self-attested copies of the following documents are required
Borrower Bank Details
Borrower Bank Pass Book or Cancelled Cheque Xerox (Salary Account) with self-attestation.
Borrower Salary Documents
Borrower's latest 3 months Pay-Slips and CCS Passbook Xerox with self-attestation.
Borrower Identity Documents
Borrower's Aadhaar Card and PAN Card Xerox with self-attestation.
Surety Documents
Surety's latest 1 month Pay-Slip and CCS Passbook Xerox with self-attestation.
The borrower and surety must be non-defaulters. All Xerox copies submitted with the application must be properly self-attested.