Introduction

The Society provides Personal Loans to eligible members to meet their urgent personal, family, educational, medical, social, and domestic financial requirements. The loan facility is designed to provide quick and convenient financial assistance at affordable interest rates, helping members meet their short-term financial needs without depending on private money lenders.

Objectives

The main objectives of the Personal Loan Scheme are:

• To provide financial assistance for genuine personal needs.
• To help members meet emergency expenses.
• To support education, medical treatment, and family welfare.
• To provide affordable credit facilities to members.
• To reduce dependence on high-interest private borrowing.

Eligibility

Personal Loans may be granted to:

• Regular members of the Society.
• Members having satisfactory financial and repayment records.
• Salaried individuals eligible under Society norms.
• Members having adequate repayment capacity.
• Other eligible members as approved by the Society.

Purpose of Loan

Personal Loans may be sanctioned for:

Family Requirements

• Marriage expenses
• Family functions and ceremonies
• Household requirements

Education

• School and college fees
• Purchase of books and study materials
• Educational expenses of children

Medical Expenses

• Hospitalization
• Medical treatment
• Emergency healthcare requirements

Domestic Needs

• Purchase of household articles
• Home maintenance and repairs
• Utility and essential expenses

Other Personal Needs

• Emergency financial requirements
• Social obligations
• Any other genuine personal purpose approved by the Society

Loan Features

• Quick processing and disbursement
• Simple documentation
• Affordable interest rates
• Flexible repayment options
• Member-friendly procedures
• Convenient loan facility for urgent needs

Loan Amount

Personal Loans may be sanctioned up to ₹2,00,000 (Rupees Two Lakhs Only) subject to eligibility, repayment capacity, security requirements, and the rules of the Society.

The actual loan amount sanctioned will depend upon:

• Membership status
• Repayment capacity
• Financial position of the applicant
• Availability of security and sureties
• Society norms and policies

Surety Requirement

The applicant shall provide two surety members of the Society who are financially sound and eligible as per the rules of the Society.

The sureties shall:

• Be regular members of the Society.
• Have satisfactory repayment records.
• Execute necessary loan and guarantee documents.
• Undertake responsibility for repayment in case of default by the borrower.

Security

Personal Loans shall be secured by:

• Two eligible surety members of the Society.
• RTC or other acceptable property documents, wherever required.
• Any additional security prescribed by the Society depending upon the loan amount and risk assessment.

Documents Required

• Duly filled Loan Application Form
• Aadhaar Card
• PAN Card (if applicable)
• Passport Size Photographs
• Address Proof
• Membership Details
• Income Proof (if required)
• RTC (Record of Rights, Tenancy and Crops) or any other property document acceptable to the Society
• Surety Members’ Details
• Any other documents as required by the Society from time to time

Repayment

Repayment shall be made in monthly installments or as prescribed by the Society. The repayment period will depend upon the loan amount and repayment capacity of the borrower.

Benefits of Personal Loan

• Immediate financial support
• Affordable borrowing cost
• Easy repayment facility
• Transparent procedures
• Financial assistance during emergencies
• Improved financial security for members

Terms and Condition Apply