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Benefits conferred and loans granted to members and other conditions
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1 |
Contribution loan |
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75% or 50% of the
contributions to credit. |
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2 |
House and Property Loan |
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i |
Membership period -
Less than 1 year |
Rs. 300,000/= |
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ii |
Membership period -
Over 1 less than 3 years |
Rs.400,000/= |
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Iii |
Membership period -
Over 3 years |
Rs.600,000/= |
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* First 50,000/= at 10% interest balance 12%interest |
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3 |
Salary loan
(Rate of Interest 8% per annum) |
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Period of Membership |
Rate of contribution |
Loan entitlement |
Condition |
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i |
Less than 1 years |
Less than 5% |
5,000/= |
Guarantor with 5 years
membership required |
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ii |
Less than 1 years |
More than 5% |
10,000/= |
Guarantor with 5 years
membership required |
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iii |
More than 1 year less
than 3 years |
Less than 5% |
15,000/= |
Guarantor with 5 years
membership required |
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iv |
More than 1 year less
than 3 years |
More than 5% |
20,000/= |
Guarantor with 5 years
membership required |
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v |
More than 3 years less
than 5 years |
Less than 5% |
25,000/= |
Should be confirmed in
post |
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vi |
More than 3 years less
than 5 years |
More than 5% |
30,000/= |
Should be confirmed in
post 5% contribution should be paid throughout |
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vii |
More than 5 years less
than 7 years |
Less than 5% |
40,000/= |
Should be confirmed in
post |
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viii |
More than 5 years less
than 7 years |
More than 5% |
50,000/= |
Should be confirmed in
post 5% contribution should be paid throughout |
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X |
More than 7 years less
than 12 years |
less than 5% |
60,000/= |
Should be confirmed in
post |
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Xi |
More than 7 years less
than 12 years |
More than 5% |
70,000/= |
Should be confirmed in
post 5% contribution should be paid throughout |
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Xii |
Over 12 years
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Less than 5% |
80,000/= |
Should be confirmed in
post |
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xiii |
Over 12 years
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More than 5% |
100,000/= |
Should be confirmed in
post 5% contribution should be paid throughout |
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4 |
Festival Loan
(Rate of Interest 8% per annum) |
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Rs.10,000/= |
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5 |
Special Loans |
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Purposes |
Maximum Amount |
Rate of Interest |
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i |
Marriage of member |
50,000/= |
8% |
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ii |
Marriage of member’s
Child |
50,000/= |
8% |
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iii |
Purchase of spectacles |
5,000/= |
8% |
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iv |
Death of family member |
50,000/= |
8% |
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v |
First and second Child
birth |
7,500/= |
8% |
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vi |
Purchase of Mobile
phone |
10,000/= |
10% |
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vii |
Purchase of Lap
top/Computer |
75,000/= |
10% |
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viii |
Purchase of books |
10,000/= |
10% |
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5 |
Higher Education Loan |
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Loan of 50,00/=at 10%
interest p.a. for the higher education of children of members who have
passed the advance level examination. |
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6 |
Interest free loan |
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i |
Rs.7500/= recoverable
in 50 installments at the death of a family member. |
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ii |
Rs.10,000/= at the
death of the spouse of a member with 25 years membership and recoverable
from the death donation payableto the beneficiaries at the death of the
member. |
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7 |
Medical award |
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Donation up to 50,000/=
for bypass surgeries /serious illness |
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Up to Rs.7,500/= for
cataract operations (one eye) |
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8 |
Donatory loan |
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Loan of Rs.5,000/= to
donatory members recoverable from the death donation together with 3%
interest.
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9 |
Death Donation |
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Payment of Death
donation up to Rs.50,000/= on the demise of the member to the
beneficiaries |
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10 |
Scholarship |
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Payment of scholarships
annually to five children of members who qualify to enter University on
the order of merit in the streams of Biology ,Physics, Arts, Commerce
and Law. |
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11 |
Higher Education Loan |
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Loan of 50,00/=at 10%
interest p.a. for the higher education of children of members who have
passed the advance level examination. |
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12 |
Annual Dividends for savings
(Contributions) |
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13 |
Contributions and accrued dividends refunded at retirement on reaching
55 years of age. |
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