Registered Office: Ajay Niwas, Gulab Bag, Karauli, Rajasthan Secretary: +91 99280 54064
Deposits & loans for members only · A registered co-operative society, not a bank
Member Credit

Loan Services

Credit facilities for members, sanctioned by the Board of Directors within the limits and safeguards of the Society's registered bye-laws and lending policy.

Members only. Loans are extended only to members, on terms fixed by the Board of Directors within the Society's lending policy and bye-laws. Interest rates and charges are determined by the Board from time to time. Loan interest rates, limits and documentation for each scheme are set out in the Society's lending policy — please contact the registered office for the applicable terms.
Members only

Member Loans

Credit facilities for members' domestic, social, business and other genuine needs, sanctioned by the Board of Directors under the Society's lending policy.

Eligibility
Members of the Society whose membership rights are in force. Loans are not extended to non-members. A member who is a borrower or guarantor cannot resign from membership until the liability is discharged.
Purpose
Domestic, social, business and other needs of members, as provided in the Society's objects (bye-law 3.4).
Maximum amount
Fixed for each loan scheme by the Board. Under the bye-laws no single borrower may be lent more than 10% of the Society's total deposits.
Tenure
Please contact the Society office for applicable terms.
Security / guarantor
Adequate security and/or guarantor as required by the Board. Where security becomes inadequate, additional security is to be furnished within one month or the loan repaid. Status or net-worth certificates may be requested.
Interest / charges
Determined by the Board of Directors from time to time and stated in the Society's lending policy. Penal interest on default cannot exceed 5% over the prescribed rate.
Required documents
Please contact the Society office for applicable terms.
Repayment conditions
As per the sanction terms. Loans must be used for the purpose sanctioned; misuse entitles the Society to recall the entire amount immediately.
Members only

Loan Against Monthly Income Scheme Deposit

A loan facility against a member's Jumbo Monthly Income Scheme (MIS 2004) deposit, without breaking the deposit.

Eligibility
Members holding a Jumbo Monthly Income Scheme (MIS 2004) deposit with the Society.
Purpose
Liquidity for members against their MIS deposit while the deposit continues to earn.
Maximum amount
Up to 80% of the deposited principal.
Tenure
Within the tenure of the underlying MIS deposit.
Security / guarantor
The MIS deposit itself.
Interest / charges
22% per annum, calculated with monthly compounding, as printed in the scheme rules.
Required documents
Please contact the Society office for applicable terms.
Repayment conditions
During the loan period the monthly MIS interest is credited to the loan account.
Source: Deposit scheme booklet, page 15 (MIS 2004, rule 5)Loan enquiry
Lending Framework

How Lending Works at the Society

Every loan is governed by the safeguards written into the registered bye-laws.

Members only

The Society lends only to its members, in line with its co-operative objects.

Bye-law 19.1

Prudent exposure

No single borrower may receive more than 10% of the Society's total deposits.

Bye-law 19.1

Board sanction

Loans are sanctioned by the Board of Directors for necessary and proper purposes, within the minimum and maximum limits fixed for each scheme.

Bye-law 19.2

Published lending policy

The lending policy, listing every loan type and its interest rate, is framed by the Board, placed before the Unit Officer, published locally and placed before the General Body.

Bye-laws 19.1.1, 19.6

Security

Adequate security is taken; if it becomes insufficient, the borrower must furnish additional security within one month or repay.

Bye-law 19.3

Interest and penal interest

Interest is fixed by the Board from time to time; penal interest on default may not exceed 5% above the prescribed rate.

Bye-law 19.4

Continuing obligations

A borrower or guarantor cannot resign from membership until the liability is discharged.

Bye-law 19.5

Purpose discipline

Loans must be applied to the purpose sanctioned; misuse entitles the Society to recall the full amount.

Bye-law 19.2
Applying for a loan

What members can expect

  1. 1

    Application at the office

    Members apply at the registered office or a branch. Loan applications are recorded in the Society's register of loan applications.

  2. 2

    Assessment

    The Society may request status or net-worth certificates and takes adequate security or guarantee as required for the scheme.

  3. 3

    Board sanction

    Loans are sanctioned by the Board of Directors for the purpose applied for, within the scheme's minimum and maximum limits.

  4. 4

    Disbursement and repayment

    Repayment follows the sanction terms. Monthly review of recovery is a duty of the Board; penal interest on default is capped by the bye-laws.

Source: bye-laws 3.5, 14.8.9, 19.2–19.4, 21

Lending policy

Published as required by the bye-laws

Bye-law 19.6 requires the Society to prepare and publish its lending policy, listing every type of loan and the interest charged. The current policy and its rate table are available from the Society office and will be added to the Documents page as released.

Send a Loan Enquiry

Loans are available to members only and are subject to sanction by the Board of Directors. No assurance of sanction is implied by an enquiry.