Salary loans, also known as personal loans for salaried employees.

Salary Pledge / Overdraft Loan

Who can take out a loan?

1. The applicant and guarantor for the loan should be a Class A or B member.

2. The applicant and guarantor should have sufficient income to repay the loan amount.

Loan amount:-

The maximum loan limit will be determined from time to time as per the orders of the institution.

Interest rate and interest collection:-

For salary collateral loan, interest will be charged at the rate of 12% per annum on a monthly basis. Penalty interest of 2% will be charged on arrears. However, the said loan will be charged on a monthly basis. The said interest rate shall be changed from time to time by the Board of Directors of the institution as per the policy of the institution and as per the approval of the Board of Directors.

Repayment :-

1. The term of this loan will be 3 to 5 years.

2. If the loan transaction is unsatisfactory (if the account becomes NPA after 3 consecutive installments are missed), the entire loan will have to be repaid in a lump sum along with interest.