Loans are available with various tenures at a very low interest rates than any nationalized banks, which the members can choose as per their requirements.
Sl.No. Type of Loan Maximum Repayable Period Rate Of Interest
1 Short Term Loan 24 Months 9% per annum
2 Mid Term Loan 36 Months 10% per annum
3 Long Term Loan 48 Months 11% per annum
4 Special Long Term Loan 60 Months 12% per annum
  • #Special Long Term Loan upto ₹600000 repayable within a period of 60 months whose number of Share allotment is more than 50.
  • #Member must have a minimum of ₹200000 as deposit.
  • #Period of Membership must be 7years and above.
  • #Member must not be a defaulter for his/her monthly deduction.
  • #Member must have a minimum of ₹1000 as TF monthly installment.
5 House Building/Housing Loan Payable to the Staff of the Society only.
*Registered Deed in the name of employee to be submitted.
*Sanctioned building plan from the competent authority to be submitted.
*Loan will be sanctioned as per 90% of PF & Gratuity amount.
*Loan amount must be insured by the cost of employee.
*Rate of Interest will be determined as per decision of the Board of Directors of the Society.


  • A member is entitled for First Loan not more than ₹1,00,000/- (Rupees One Lakh Only) after 10 (ten) months deduction.After receiving of 1st month’s deduction of Membership.
  • After 1st Loan the society shall not grant loans to members exceeding ten times of the amount of share paid by him and not exceeding 60 months substantive pay to be fixed at General Meeting from time to time. Repayment tenure of 60 months may be considered by the permission of Board.
  • After 1st Loan, Loan will be enhanced 1 Lakh per slab, i.e. 2nd Loan 2 Lakh, 3rd Loan 3 Lakh, 4th Loan 4 Lakh & 5th Loan 5 Lakh. If a member’s loan amount increased by more than 1 Lakh Rupees, such loan will be considered as “Special Loan”.
  • The Board shall in accordance with the Rules from time to time or as and when required determine the maximum credit limit of a member. At present the maximum credit to a member is ₹6,00,000/- (Rupees six lakh only).
  • A member shall furnish such security as may he required by the society for taking loan.


  1. The member intending to take loan from the society shall submit an application, as may be required by the board, and shall state the purpose for which the loan is required.
  2. The application shall be submitted to the secretary or the persons performing the duties of secretary by whatever designation he is called, for the consideration of the Board at the next board meeting or so soon thereafter as practicable.
  3. A member applying for loan shall furnish a full statement of his-
    • Property and debts.
    • Annual income.
    • Expected annual income from the proposed outlay.
    • Annual expenditure including instalment of principal incurred and proposed to be incurred.
    • Surplus available for the repayment of loan
  4. The Board of Directors after due consideration and proper grounds may reject an application for the loan in part or in full or may require furnishing such further information in respect of the application as may be necessary. The Board while granting loans to members shall fix the period of repayment. In appropriate cases, the Board may extend the period on application of the member.
  5. Loan will be issued to the members by the ‘First come first serve’ basis as per serial of the Loan Issue Register subject to Bank Fund Position.

  6. A complete set of Loan Form (Loan Application Form, Surety Bond, Voucher) with Xerox of last 2(two) month’s Pay in Slip, is eligible for serialising. Loan applicant must be present at the office and signed the voucher before concerned staff of the Society. Other than bank account of SBI a Xerox copy of bank pass book’s 1st page must be enclosed with the Loan Application Form for IFS Code.

  7. In every Loan Application Form signature of nominee is mandatory and if the applicant put thumb impression, a copy of passport size photograph must be attached with Loan Application Form.

  8. In case of delay to receive the Deducted Amount of members of a Unit may hampered the sanctioning loans and it is duty of the honourable Delegate/Director to pursue the reimbursement of that amount.

  9. If a member applied with reasonable purpose to sanction for fresh loan in spite of previous loan outstanding; Loan Application will be considered by the Loan Sanction Sub-Committee.

  10. In case of omission of deduction in the salary sheet, member will be allowed to deposit the same amount by cheque with interest at the Society.


  1. Loans may be granted for any of the following purposes: –
    1. Consumption Loan.
    2. Medical expenses
    3. Liquidation of Debts.
    4. Ceremonial expenses.
    5. Purchase of consumer goods.
    6. Cottage and Small scale Industry.
    7. Road / Water transport.
    8. Retail Business.
    9. Small Business.
    10. Education of self or dependents.
  2. The Board shall frame detail loan regulation for each purpose, the security of loans, types of loan, sanctioning authority of loan, maximum limit of loan, period of repayment, margin to be maintained against securities, interest to be charged on each loan shall be fixed by the Board.


  1. For every loan a member shall furnish-
    • Five surety if the loan is up to Rs.50,000/-
    • Seven surety if the loan is more than Rs.50,000/-
  2. Every salary earner member shall, at the time of taking loan or standing as a surety of any loan shall sign a written contract to repay the monthly instalments by deduction from salary through his disbursing officer.


The Board of Directors with consent in writing of sureties in special cases on good causes shown and on the application of the borrower may grant extension of time for repayment of a loan or the existing loan may be renewed for any acceptable purpose. No renewal shall however be granted unless 25 % of the loan is repaid with interest due.


If a member fails to pay interest or any part of instalment on or before the due date and if Board does not grant any concession of time, the entire loan, may, at the option of the Board become immediately repayable by the defaulting persons.


  1. The rate of interest on loan shall be determined in board meeting but shall not exceed 15% per annum.
  2. The rate of interest on loan shall he determined from time to time by the Board of Directors of the Society subject to consideration of the prevailing market rates/cost of fund and others.


The society will deduct guarantee fund calculated @ Rs.5/- for every  Rs.100/- or part thereof on the amount of loan sanctioned, and it shall be opened in the name of every borrower and shall be refundable only in the event of cessation of membership either in cash or by adjustment against his subsisting liability in the society. The society shall allow interest on the amount at credit at a rate of not more than 7% to be fixed in the General Meeting and shall be transferred the such amount to his/her Thrift Fund account, as per decision of the General Meeting , to him/her every year at the time of Durga Puja. Interest on Guarantee Fund shall be calculated only on the opening balance of the Guarantee Fund for the financial year approved by the Board.