Loan

 

Eligibility & Conditions for different loans of the Society :-

(With effect from 15 September 2020)

Important Note : Maximum total loan amount will depend on the minimum net salary of Rs 5000/- after deducting EMI of applied loans.

ORDINARY LOAN

Rate of interest: 8.75% Per Annum
Recovery Period : Maximum 100 installments
Eligibility: One completed year of membership. Amount of loan: Rs. 80,000/- per completed year of membership or Rs. 4,00,000/- whichever is less. Two sureties (Society members) required if the loan amount is up to Rs.One Lakh only and three sureties (Society members) required if the loan amount is more than Rs. One Lakh.

Eligibility for second loan: After repayment of 25% of existing loan.

Documents to be submitted with loan application form: Copy of latest salary payslip of the borrower.

LOAN CALCULATOR

SPECIAL LOAN

Rate of interest: 10% Per Annum

Recovery Period: Maximum 180 installments

Eligibility: One completed year of membership.
Amount of loan:

• Up to 5 completed years of membership : Rs. 1,25,000/- per completed year of membership

• After completion of 6 years of membership : 30 times of basic pay or Rs.15,00,000/- whichever is less. Two sureties (Society members) required if the loan amount is up to One Lakh and three sureties (Society members) required if the loan amount is more than Rs. One Lakh.

Eligibility for second loan: After repayment of 25% of existing loan.

Documents to be submitted with loan application form : Copy of latest salary payslip of the borrower.

LOAN CALCULATOR

EMERGENCY LOAN

Rate of interest: 9.75% Per Annum
Recovery Period: Maximum 50 installments
Eligibility: One completed year of membership. Amount of loan: Share amount + 90% total subscription. No sureties required.

Eligibility for second loan: After repayment of 25% of existing loan.

Documents to be submitted with loan application form: Copy of latest salary payslip of the borrower.

LOAN CALCULATOR

CONSUMER LOAN

Rate of interest: 11% Per Annum
Recovery Period: Maximum 120 installments
Eligibility: After the first deduction of subscription through salary after becoming a member. Rate of interest: 11%. Amount of loan Rs. 6,00,000/- maximum. Two sureties (Society members) required if the loan amount is up to Rs. One Lakh and three sureties (Society members) required if the loan amount is more than Rs. One Lakh.

Eligibility for second loan: After repayment of 25% of existing loan.

Documents to be submitted with loan application form : Copy of latest salary payslip of borrower and sureties, adhesive stamp of Rs.50/-, no quotation required.

LOAN CALCULATOR

Repayment/ Part payment of Loan :

RRCAT EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LIMITED
State Bank of India Account No.: 10076260977
IFS Code- SBIN0008484
Branch : Sukhnivas, RRCAT, Indore – 452013 (MP)

Cheque / DD should be in favour of RRCAT EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LIMITED And kindly deposit receipt at the society office and email the copy of receipt to rrceccs@gmail.com

Note: No cash transaction allowed above Rs. 10000/- only and Amount transferred/cheque should be drawn from own account.

SAVING SCHEMES