Loan support is provided to a member as per the Loan Policy and other compliance norms. Loan primarily targets to help a member in taking up any type of income generation activity or enhancement of income by infusing more money. Apart from income generation, agriculture loan is provided in certain seasons. Members can also avail of consumption loans to meet exigency situation or to meet unplanned expenditure. Distress loan is designed to meet emergency medical treatment expenditure.
Loan products :
Following loan products are available under different categories:
|
|
Eligibility |
Security |
Duration |
Maximum Amount (Rs.) |
| Distress |
Medical |
No Bar |
Not Applicable |
1 year |
2000/- |
| Agricultural |
60 days |
20% |
1 year |
2000/- |
| Income Generating Programme |
Small Business Development |
60 days |
20% |
2 years |
15000/- |
| General IGP |
Business/ Farming-60 days.
|
33% |
2 years |
25000/- |
| Dairy/Goatery- 60 days |
20% |
2 years |
25000/- |
| Consumption |
Assets of quality living |
60 days |
20% |
2 years |
3000/- |
| General Concumption |
60 days |
50% |
2 years |
25000/- |
NOTES:
Loan period : At present it may be between 12-24 months. Higher repayment period may be allowed depending upon the terms of the sanctioning Bank.
Interest Rate :
a) Normal @ 15% p.a (flat) is charged on all loans. Change in interest rate is intimated to all offices by HO through circulars from time to time.
b) Penal interest@ 3% p.m on disbursed amount is chargeable additionally for each month default either in full or part.
Processing Fees : 2% of the Loan Amount is deposited with the Zone before loan disbursement. In case of loan of Rs.9000/- or more, processing fee is collected by A/c payee cheque.
Membership Fee : each individual has to pay Rs.25/- as life time membership fee only once to become a member in Co-operative structure.
Loan Application Fee : A member has to pay a nominal fee of Rs.5/- towards cost of loan application.
Share : A member in Co-operative structure pays Rs.100/- as share money (Not required for Non-Co-operatives) before loan disbursement.
Margin/Savings : A member must have at least 20% or 33% of the loan amount as margin/ savings in the S/B A/c of the applicant( not required for Non-Cooperatives) to avail an Income Generation Loan or Business / Consumption Loan as the case may be.
Security : A member deposits 20% or 33% of the loan amount as security with the office before disbursement of Income Generation loan or Consumption Loan as the case may be excepting distress loan.( No security is required in case of co-operatives).
Age : The member must have attained 18 years & should not exceed 60 years to avail the loan.
Collection : Can be made daily or weekly or monthly in such a way that total EMI of each month is collected without default.
Health Insurance : Is mandatory in case loan amount is Rs.5000/- or more.
Minimum Saving period : At least 2 months continuous membership is required to apply for a loan in Co-operative structure. No minimum period is prescribed in case of Non-co-operative structure.
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