Introduction

The Society provides Salary Loans to salaried members to meet their personal, family, educational, medical, and emergency financial requirements. The loan is granted against the regular monthly salary income of the borrower and is designed to provide quick financial assistance with convenient repayment through monthly installments.

Objectives

The main objectives of the Salary Loan Scheme are:

• To provide timely financial assistance to salaried members.
• To meet urgent personal and family needs.
• To support education and medical expenses.
• To reduce dependence on private money lenders.
• To offer affordable credit facilities with easy repayment options.

Eligibility

Salary Loans may be granted to:

• Permanent employees of Government, Semi-Government, Cooperative Institutions, Educational Institutions, and other recognized organizations.
• Salaried members of the Society.
• Employees having regular monthly income.
• Employees having adequate repayment capacity.
• Other eligible employees as approved by the Society.

Purpose of Loan

Salary Loans may be sanctioned for:

Personal & Family Requirements

• Marriage expenses
• Family functions and ceremonies
• Household expenses
• Family welfare needs

Education

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

Medical Expenses

• Hospitalization expenses
• Medical treatment
• Emergency healthcare requirements

Household & Domestic Needs

• Purchase of household articles
• Consumer durable goods
• Home maintenance and repairs

Emergency Requirements

• Urgent financial needs
• Unexpected expenses
• Other genuine personal requirements approved by the Society

Loan Amount

Salary Loans may be sanctioned up to ₹2,00,000 (Rupees Two Lakhs Only) or as prescribed by the Society from time to time.

The actual loan amount sanctioned shall depend upon:

• Monthly salary of the borrower
• Repayment capacity
• Length of service
• Existing loan liabilities
• Society norms and policies

Surety Requirement

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

Security

The Society may obtain:

• Salary Certificate from employer
• Salary undertaking, wherever applicable
• Two eligible sureties
• RTC or other acceptable property documents, if required
• Any other security prescribed by the Society

Documents Required

• Loan Application Form
• Aadhaar Card
• PAN Card (if applicable)
• Passport Size Photographs
• Latest Salary Certificate/Salary Slip
• Employer Certificate
• Address Proof
• Membership Details
• Surety Members’ Details
• RTC or other documents if required
• Any other documents prescribed by the Society

Repayment

The loan shall be repaid in convenient monthly installments. Repayment period will be fixed by the Society based on the loan amount and repayment capacity of the borrower.

Benefits of Salary Loan

• Quick loan processing
• Affordable interest rates
• Easy monthly repayment
• Minimal documentation
• Financial support during emergencies
• Transparent and member-friendly procedures

Terms and Condition Apply