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Salary Loan | Contribution Loan | Festival Advance | Land and Property Loan | Higher Education Loan | Telephone Advance | Special Book Advance | Laptop Loan | Marriage Loan

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Benefits conferred and loans granted to members and other conditions

1

Contribution loan

 

75% or 50% of the contributions to credit.

   
 

2

House and Property Loan

i

Membership period - Less than 1 year

Rs. 300,000/=

ii

Membership period - Over 1 less than 3 years

Rs.400,000/=

Iii

Membership period - Over 3 years

Rs.600,000/=

 

* First 50,000/= at 10% interest balance 12%interest

 

     

3

Salary loan (Rate of Interest 8% per annum)

Period of Membership

Rate of contribution

Loan entitlement

Condition

i

Less than 1 years

Less than 5%

5,000/=

Guarantor with 5 years membership required

ii

Less than 1 years

More than 5%

10,000/=

Guarantor with 5 years membership required

iii

More than 1 year less than 3 years

 Less than 5%

15,000/=

Guarantor with 5 years membership required

iv

More than 1 year less than 3 years

More than 5%

20,000/=

Guarantor with 5 years membership required

v

More than 3 years less than 5 years

Less than 5%

25,000/=

Should be confirmed in post

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

vii

More than 5 years less than 7 years

Less than 5%

40,000/= 

Should be confirmed in post 

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

X

More than 7 years less than 12 years

less than 5%

60,000/=

Should be confirmed in post

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

Xii

Over 12 years

Less than 5%

80,000/=

Should be confirmed in post

xiii

Over 12 years

More than 5%

100,000/=

Should be confirmed in post 5% contribution should be paid throughout

         

4

Festival Loan (Rate of Interest 8% per annum)

 

Rs.10,000/=

   

5

Special Loans

 

Purposes

Maximum Amount

Rate of Interest

i

Marriage of member

50,000/=

8%

ii

Marriage of member’s Child

50,000/=

8%

iii

Purchase of spectacles

5,000/=

8%

iv

Death of family member

50,000/=

8%

v

First and second Child birth

7,500/=

8%

vi

Purchase of Mobile phone

10,000/=

10%

vii

Purchase of Lap top/Computer

75,000/=

10%

viii

Purchase of books

10,000/=

10%

       

5

Higher Education Loan

 

Loan of 50,00/=at 10% interest p.a. for the higher education of children of members who have passed the advance level examination.

   

6

Interest free loan

i

Rs.7500/= recoverable in 50 installments at the death of a family member.

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.

   

7

Medical award

 

Donation up to 50,000/= for bypass surgeries /serious illness

 

Up to Rs.7,500/= for cataract operations (one eye)

   

8

Donatory loan

 

Loan of Rs.5,000/= to donatory members recoverable from the death donation together with 3% interest.

 

   

9

Death Donation

 

Payment of Death donation up to Rs.50,000/= on the demise of the member to the beneficiaries

   

10

Scholarship

 

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.

   

11

Higher Education Loan

 

Loan of 50,00/=at 10% interest p.a. for the higher education of children of members who have passed the advance level examination.

   

12

Annual Dividends for savings (Contributions)

   

13

Contributions and accrued dividends refunded at retirement on reaching 55 years of age.

 

 

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