Loan Eligibility

Have completed at least 6 months of membership.
A member who withdraws from society and rejoins later will be treated as a new member.
Saving contribution paid in cash outside the check off system shall remain in the society for three consecutive months to qualify for any loan.
A member applying for a loan should undertake to pledge future salary from his/her employer towards loan repayment before such a loan is granted, where 2/3 rule of the gross salary should be considered.
The maximum amount of emergency or instant loan shall not exceed three times a member shares. Where total deductions exceed 2/3 of a member basic salary the loan shall be reduced accordingly.
A member who is interdicted by his /her employer does not qualify for a loan.

It shall be an offence for an applicant, society employees to give false information regardin shares, loan and guarantors.
Loan application shall be considered in the order in which they are receive Whenever there are more applications for loans than there are funds available priority Shall be given in the following order:

i) Member who have never had loans.

ii) A new member who have qualified for loans.

iii) Members who cleared their first loans and have applied for a fresh loan.