Loan Scheme

1. REVISION OF LOAN SCHEME (To be effective from 01st October 2015) :
(i) A Member shall be sanctioned a loan subject to maximum of Rs.22,00,000.00 (Rupees Twenty Two lakh only) in combination of two loans from Short Term, Intermediate Term and Long Term categories.
(ii) Maximum Amount of Loan Limit: (a)Short Term Loan – Rs. 6,00,000.00
(b)Intermediate/Long Term Loan – Rs. 17,00,000.00.
(c) Personal Loan – Rs. 2,00,000.00
(d) Festival Loan :-
Slab 1- Rs. 30,000.00
Slab 2- Rs. 30,0001.00 To 50,000.00
Slab 3- Rs. 50,001.00 To 1,00,000
(iii) Rate of Interest : (a) Short Term/Intermediate Term/Long Term Loan – 10.50% p.a.
(b)Personal Loan – 12% p.a.
(c) Festival Loan:-
Slab 1-Rs.30,000.00- 6% p.a. (on entire amount)
Slab 2-Rs.30,001.00 To Rs.50,000 – 8% p.a. (on entire amount)
Slab 3-Rs.50,001.00 To Rs.1,00,000- 10% p.a. (on entire amount)
(d) Gold Loan – 13% p.a.
   TERM AND ELIGIBILITY:

(A)FESTIVAL LOAN

MAXIMUM PERIOD OF
TERM LOAN AMOUNT(RS.) SOCIETY MEMBERSHIP SERVICE WITH SAIL
FESTIVAL LOAN Repayable in 12 Monthly Instalments 10,000
10,001- 20,000
20,001-30,000
30,001-50,000
50,001-1,000,00		 1 year
1 Years
2 Years
3 Years
4 Years		 1 year
3 years
5 Years
6 Years
7 Years
For Sr. Members Maximum Limit Rs. 10,000/-

(B) ST/IT/LT LOAN:-
To be reviewed and circulated separately.
Other Terms and Conditions will remain unaltered.

(C)

Members completed at least 8 (Eight) Years service with SAIL may be allowd an weightage of additional 4 years Membership for acquiring eligibility to apply for higher quantum of loan subject to subscription to his/her Thrift Fund A/c. and MBF A/c. of the Society as per following rates.
Thrift Fund A/c @Rs. 6000.00 Per Year
MMBF A/c @ Rs. 1500.00 Per Year (Contribution against Death cases).
Other Terms and conditions shall remain unaltered
FESTIVAL LOAN
AMOUNT RATE OF NO OF INSTALMENTS
RS. INTEREST 6 9 12
5,000 6.00% 848 570 430
10,000 6.00% 1696 1139 861
15,000 6.00% 2544 1709 1291
20,000 6.00% 3392 2278 1721
25,000 6.00% 4240 2848 2152
30,000 6.00% 5088 3417 2582
40,000 8.00% 6823 4594 3480
50,000 8.00% 8529 5742 4349
60,000 10.00% 10294 6948 5275
70,000 10.00% 12009 8105 6154
80,000 10.00% 13725 9263 7033
90,000 10.00% 15441 10421 7912
1,00,000 10.00% 17156 11579 8792

CIRCULAR

(Ref. Board of Directors Meeting dt. 14th January, 2016)

REVISION OF DEFERRED REPAYMENT OF LOAN SCHEME :-
The maximum liability of repayment for deferred period of maximum 36 Months at the time of supperannuation shall not exceed Rs. 10,00,000.00

(F) Revision of interest rate on Loan:
(Against Loan sanctioned from 01st January 2017)

EXISTING REVISED
1)Short Term / Intermediate Term & Long Term Loan 10.50% p.a. 10.25% p.a.
 2)Personal Loan: 12.00% p.a. 11.50% p.a