Latest News:-

OVER DRAFT LIMIT TO PUBLIC

OVERDRAFT FACILITY TO SALARIED GOVT./SEMI GOVT/ BOARD/ CORPORATIONS/AIDED SCHOOL/COLLEGE/UNIVERSITY’S EMPLOYEES.

Overdraft Limit :- Rs. 1.00 Lac

Repayment period: – 1 Year

Rate Of Interest : 14 % P.A. (Calculation of interest rests monthly)

REPAYMENT: 5 YEARS IN EMI

Terms and Conditions:

i) The loanee and guarantors should be the Govt./Board/Corporation and Coop. Institution employees and Government aided schools/ institutions/ College/ University, permanently posted at chandigarh and permanently residing having residence in Chandigarh/Mohali/Panchkula.

ii) The employees should have 5 year service as regular employee at Chandigarh.

iii) The Employee will provide last 3 year Form-16A/I.T.R.

iv) Two guarantors should be regular Govt./Semi. Govt./Board/Corporation employee at Chandigarh.

v) Loanee and guarantors should be the nominal member of the bank

vi) 5 cheques in favour of bank for repayment of loan

vii) 50% carry home salary should be ensured in all cases.

viii) Bank statement of salary account for the last six months of loanee.

ix) Branch Manager may get the confirmation/undertaking from the Borrower under section 39 of the Cooperative Societies Act to deduct the installment of loan from his salary in case of default in repayment of loan.

x) O.D limit shall be renewable after one year from the date of availing the facility. At the renewal time the borrower shall provide all the documents which he had provided at the time of availing the OD facility.

xi) After sanctioning of facility the registered post letter should be sent to the employer of the loanee regarding information of Overdraft facility.

xii) The O.D. shall be recalled/repaid along with interest before two year of the retirement of loanee.