Society Loan

Society Loan Details:

SAIL EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD Loan Scheme

1. REVISION OF LOAN SCHEME :

(i) A Member shall be sanctioned a loan subject to maximum of Rs.22,00,000.00 (Rupees Twenty Two lakh only) in combination of two loans from Short Term, Intermediate Term and Long Term categories.

(ii) Maximum Amount of Loan Limit:(a)Short Term Loan – Rs. 6,00,000.00
(b)Intermediate/Long Term Loan – Rs. 17,00,000.00.
(c) Personal Loan – Rs. 2,00,000.00
(d) Festival Loan :-
Slab 1- Rs. 30,000.00
Slab 2- Rs. 30,0001.00 To 50,000.00
Slab 3- Rs. 50,001.00 To 1,00,000

(iii) Rate of Interest :(a) Short Term/Intermediate Term/Long Term Loan – 10.50% p.a.
(b)Personal Loan – 12% p.a.
(c) Festival Loan:-
Slab 1-Rs.30,000.00- 6% p.a. (on entire amount)
Slab 2-Rs.30,001.00 To Rs.50,000 – 8% p.a. (on entire amount)
Slab 3-Rs.50,001.00 To Rs.1,00,000- 10% p.a. (on entire amount)
(d) Gold Loan – 13% p.a.

TERM AND ELIGIBILITY:

(A)FESTIVAL LOAN

		MAXIMUM PERIOD OF
TERM	LOAN AMOUNT(RS.)	SOCIETY MEMBERSHIP	SERVICE WITH SAIL
FESTIVAL LOAN Repayable in 12 Monthly Instalments	10,000 10,001- 20,000 20,001-30,000 30,001-50,000 50,001-1,000,00	1 year 1 Years 2 Years 3 Years 4 Years	1 year 3 years 5 Years 6 Years 7 Years
For Sr. Members	Maximum Limit Rs. 10,000/-

(B) ST/IT/LT LOAN:-
To be reviewed and circulated separately.
Other Terms and Conditions will remain unaltered.

(C)

Members completed at least 8 (Eight) Years service with SAIL may be allowd an weightage of additional 4 years Membership for acquiring eligibility to apply for higher quantum of loan subject to subscription to his/her Thrift Fund A/c. and MBF A/c. of the Society as per following rates.
Thrift Fund A/c @Rs. 6000.00 Per Year
MMBF A/c @ Rs. 1500.00 Per Year (Contribution against Death cases).
Other Terms and conditions shall remain unaltered

FESTIVAL LOAN
AMOUNT	RATE OF	NO OF INSTALMENTS
RS.	INTEREST	6	9	12
5,000	6.00%	848	570	430
10,000	6.00%	1696	1139	861
15,000	6.00%	2544	1709	1291
20,000	6.00%	3392	2278	1721
25,000	6.00%	4240	2848	2152
30,000	6.00%	5088	3417	2582
40,000	8.00%	6823	4594	3480
50,000	8.00%	8529	5742	4349
60,000	10.00%	10294	6948	5275
70,000	10.00%	12009	8105	6154
80,000	10.00%	13725	9263	7033
90,000	10.00%	15441	10421	7912
1,00,000	10.00%	17156	11579	8792

CIRCULAR

(Ref. Board of Directors Meeting dt. 14th January, 2016)

REVISION OF DEFERRED REPAYMENT OF LOAN SCHEME :-
The maximum liability of repayment for deferred period of maximum 36 Months at the time of supperannuation shall not exceed Rs. 10,00,000.00

(F) Revision of interest rate on Loan:
(Against Loan sanctioned from 01^st January 2017)

	EXISTING	REVISED
1)Short Term / Intermediate Term & Long Term Loan	10.50% p.a.	10.25% p.a.
2)Personal Loan:	12.00% p.a.	11.50% p.a

Akshay Credit Loans:

Loan schemes at Akshay Credit are characterized by relatively small loans. The repayment period is relatively short, about a year or two so. The administrative structure is generally light and the entire process is participatory in nature. The impact of credit lending is as widespread as in the rural areas and urban areas.

Akshay extends livelihood loans between 15,000- 10,00,000 for various purposes, like Personal use , Manufacturing, Servicing, Small Business, Agriculture & Allied Activities, etc.

The loan schemes also simultaneously undertake social development agenda. This helps to:

Raise the social and political consciousness of members
Focus increasingly on Backward class and small businessmen , whose urge for survival has a far greater bearing on the development of the family
Encourage their monitoring of social and physical infrastructure projects – housing, sanitation, drinking water, education, entrepreneurship, business development, agriculture, etc.

The lending practices are characterized by an unusually high degree of fairness, flexibility and service. Program loans are provided for any reasonable purpose. The interest rates charged to borrowers are fair enough and repayment terms are arranged to accommodate the needs of the borrower.members. .

The terms and conditions of the loan agreement entered into with borrowers are significantly less restrictive and obtrusive than most commercial loan contracts. The agreement is nevertheless a detailed and comprehensive one that is fully protective of the legal rights and financial solvency of Akshay Credit.

Reporting requirements are quite strict in requiring borrowers members to submit substantial information on a regular and timely basis. Akshay Credit is thus able to closely monitor the financial performance and organizational development of its borrowers members.

Akshay Credit provides technical assistance services to its borrowers members in connection with the loan application process and subsequently as circumstances warrant. The education and experience of staff and Trustees allow it to provide a wide range of quality services, particularly in the areas of organizational development, financial management, and training in consensus process.

The Akshay Provide below categorized loan facility to its members :

Personal Loan / Two Wheeler Loan/Trader Loan/ Loan Against Deposit :

TERMS & CONDITIONS: