Salient Features
Can be accepted only from share holders. The terms and conditions to become a share holder and for
accepting funds, from them are detailed below:-
A minimum number of 20 shares having a face value of Rs.1000/-, per share has to be purchased, to become a shareholder and for accepting share holders deposit. The company shall repurchase the said
shares after 6 months, with an interest at 13% per annam, and refund the value of the share, with interest at 13%.
Details of Share holders Deposit
Minimum Amount
Rs. 100,000
Maximum Amount
No limit
Minimum Period
27%
Maximum Period
60 Months
Interest Rate
Monthly
Yearly
550 Days to 3 years
11.5
12
Above 3 years
12.5
13
General Notes
Delayed payment charges @ 2% P.M is applicable for all types of loans
Stamp charges of Rs.500/- is to be collected up front for all types of loans
Insist for additional security where ever possible, especially for higher loan amount
While forwarding a loan proposal, please ensure to enclose a specific recommendation from your end, after thoroughly studying the integrity and repaying capacity of the applicant
Please issue a sanctioned order for all types of loans, incorporating all the terms and conditions of the loan agreement and a copy of the same, duly acknowledged by both the borrower and guarantor should be kept with our records, so as to avoid future disputes
Loans above Rs. 25000/- should be guaranteed by 2 separate guarantors, with adequate credit worthiness and for loans below Rs. 25000/-, a single guarantor is acceptable
For Business loan, maximum consolidated limit for a branch is restricted to Rs. 5 lakhs at a time.
Pre closure terms of Loans
Below 12 Months - No discount
Above 12 Months - 1/3rd of the future finance charges can be allowed as discount
[Future finance charges are calculated in diminishing balance method]
