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Rate of Interest on Thrift is @9% yearly. |
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Loan and Advance Rate is @10% Yearly. |
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Q 1 who can be the members of the society ?
Ans: permanent/confirmed employee of SBI can be the member of the society.
Q 2 what is the eligibility for securing loan from the society ?
Ans: i)members with 2 years service can avail loan of Rs 2 lac.
ii) three years conformed service in the bank for loan of rs 4 lac w.e.f 1/4/2010.
Q 3 what is the limit of loan ?
Ans: 35 times of salary (basic+da+spl allowance) or maximum rs. 4 lacs, which ever is less.
Q 4 what are the necessary conditions for securing loan ?
Ans:
I. Two guarantors who are members of the society and their limit should not exceed Rs.12 lacs for officers /award and Rs. 8 lacs for subordinate staff.
ii permission of dgm is necessary in case od limit has been availed by the member.
iii deductions from the salary including the instalment of loan should not exceed 60%.
iv guarantor should not be defaulter of the society.
v the service period of borrower/guarantor should not be less then the repayment period.
vi shares worth 10% of loan amount is to be acquired by the borrower.
Q 5 what are the purposes for which loan can be granted ?
Ans: purchase/ repairing of house/plot, marriage, rituals, medical. etc.
Q 6 what are the instalments for repaying the loan?
Ans: housing purpose min. 12 months and max 120 insts. Others min, 12 months and Max. 84 insts.
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