Documents required with the application
- Recent photographs of the member and two guarantors.
- Self-attested copies of the society ID cards of the member and both guarantors.
- Latest property-tax receipt (with bill) or a recent property registration card for a house owned by the member or one of the guarantors.
- Income certificate or a copy of last year’s income-tax return.
- Last three months’ statement of another bank account.
Please note
- The loan is given for a maximum of 40 instalments.
- Interest is charged at the rate decided by the society.
- For loans above ₹50,000, one guarantor must own a house (or the applicant must), and stamp duty as fixed by the government is payable.
- Instalments are paid by ECS; 5 cheques of the borrower and 2 cheques of each guarantor are kept as security.
- Borrowing members cannot stand guarantee for each other.
- A member becomes eligible for a loan 6 months after joining; the same applies to guarantors.
- Any dues (instalments, interest, penal interest) of loans the borrower or guarantors have guaranteed must be cleared first, or the loan will not be sanctioned.
Key features
- Up to ₹1,50,000
- Up to 40 instalments