Shri Om Sai Urban T & C Cooperative Society Ltd.

Loan Schemes

A member can apply for loan under any of the 4 categories i.e. Unsecured, Secured,Mortgageand Emergency Loan. Loan application is required to be made in a specific format available at free of cost to the members from the office of the Society during the working hours. Application form should be filled without any overwriting or cutting.

Unsecured loan

Maximum loan limit is up to Rs. 2,00,000/-
Loan can be re-paid maximum within 50 months of disbursement.
Sureties are required for approval of Loan.

Loan		Loan Sum.
First Loan	25,000
Second Loan	50,000	After First Loan Settle
Third Loan	100,000	After Second Loan Settle
Forth Loan	150,000	After Third Loan Settle
Fifth Loan	200,000	After Forth Loan Settle

Secured Loan
- There is no maximum limit for this loan category.
- Sanctioned up to 90% of the value of Instrument pledged.
- Entire Loan to be re-paid before encashment of the Fixed Deposit/MMDS against which Loan is availed

Mortgage Loan
- Maximum loan limit is up to Rs. 500,000/-.
- Sanctioned at the security of Immovable Property (Shop, house, Plot or any other) .
- Requires personal sureties of upto 3 regular members.
- Loan can be re-paid maximum within 100 months of disbursement.

Emergency Loan
- In case of emergent conditions, CEO of the Society is empowered to lend a sum of not more than Rs. 20,000/- or share money deposited by the member.

Note : Deduction on all type of loans will be applicable as per "Business Policy" of the Society.

Rate of Interest on Loan:

Interest on loans is charged on monthly reducing balance as per below slab.

On ordinary Loan : 18.00% p.a.
Emergency Loan : 18.00% p.a.
On Mortgage Loan : 18.00% p.a.
On Secured Loan against deposits :02% p.a. extra of deposit rate.

Penal Interest:

3% p.a. will be charged on Balance loan Amount as panel interest.

Note:-

Document Required : Aadhar Card, Pan Card, Electricity Bill, Income Cretificate (In Photocopy as well as Orignal for verification)
In case of tenant rent agreement is required on Rs 50/- Stamp Paper
Every member can give upto five sureties at a time.