Loan
| Sl.No. | Loan Type | Maximum Amount | Completed Service Years | Times of Basic Pay plus Special Pay (Permanent) | Rate of Interest per Month |
|---|---|---|---|---|---|
| 1 | Ordinary Loan | 50,000.00 | 1 to 18 years | 4.5 | 3% |
| 19 years & above | 5 | 3% | |||
| 2 | Special Loan | 4,50,000.00 | 1 to 18 years | 9 | 1.65% |
| 19 years & above | 10 | 1.65% |
Terms & Condition:
- Ordinary Loan and Special Loan will be allowed to new members after completion of 5(Five) months and 10 (Ten) months of membership respectively.
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Ordinary Loan may be allowed for maximum Rs. 25,000/- to the new members having membership as well as service upto 6 years.
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Difference between Special Loan and Ordinary Loan should be covered by own deposit plus LIC Endowment Policy which must be at least 3 years old, and the amount of total premium paid will be taken as security not the Sum Assured.
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If the Loan amount is covered by LIC Policy as stated in clause (b) members should enclose a certificate from Branch Manager regarding the last paid premium for Policy under Salary Savings Scheme and an attested copy of last paid premium receipt for the policy under other than Salary Savings Scheme.
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Members should enclose 3 (three) months Payslips preceding the date of loan application.