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Personal loan to Public

Amount of Loan: Rs. 4.00 Lacs or 15 months gross salary; whichever is less

Rate of Interest: 15% P.A. (Calculation of interest rests monthly)

Maximum Repayment Period: 7 years repayable in monthly equal installments

Terms and Conditions:

i) The employee 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 years service as regular employee at Chandigarh.

iii) The Employee will provide Form-16 A/ I.T. return for last 3 years.

iv) Two Govt. good Guarantors.

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

vi) 5 advance 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) ECS Mandate for crediting the monthly loan installment.

x) Branch Manager shall 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 and also an undertaking for deduction of loan amount from retiral benefit.

xi) After disbursement of loan the registered post letter should be sent to the employer of the loanee regarding information of loan advancement.

xii) Branch Manager must ensure the recovery of loan amount.