IDBI Staff Co-Operative Credit Society Ltd.
Loans & Advances Available To Members
Important Rules for availing Loans and Advances
A. Confirmed employees of IDBI / SIDBI / IDBI Capital Market / IDBI Intech with minimum 1 months continuous membership of the society will be eligible to raise Loans / Advances as follows:
| Particulars | First Loan | Advance for purchase of household articles (H. P. Loan) | Special Loan |
|---|---|---|---|
| Limit | Rs. 12,00,000/- | Rs. 7,00,000/- | Rs. 6,00,000/- |
| Interest | 9.00% p.a. | 9.25% p.a. | 9.50% p.a. |
| Repayment | 120 monthly installments or date of retirement which is earlier. |
96 monthly installments or date of retirement which is earlier. |
84 monthly installments or date of retirement which is earlier. |
| Renewal | On or after completion of 2 years from the loan sanctioned date of earlier loan |
On or after completion of 2 years from the loan sanctioned date of earlier loan |
On or after completion of 2 years from the loan sanctioned date of earlier loan |
| Eligibility for availing loans | Maximum Loan eligible (subject to maximum limit of loan) | ||
|---|---|---|---|
| No. of years membership with society | First Loan | Advance for purchase of household articles (H. P. Loan) | Special Loan |
| Before 6 months | NIL | NIL | 3 Basic Pays |
| 6 months to 1 year | 2 Basic Pays | 2 Basic Pays | 2 Basic Pays |
| >1 year to 2 years | 3 Basic Pays | 3 Basic Pays | 3 Basic Pays |
| >2 years to 3 years | 4 Basic Pays | 4 Basic Pays | 4 Basic Pays |
| >3 yearsto 4 years | 5 Basic Pays | 5 Basic Pays | 5 Basic Pays |
| >4 years to 5 years | 6 Basic Pays | 6 Basic Pays | 6 Basic Pays |
| >5 years to 6 years | 8 Basic Pays | 8 Basic Pays | 8 Basic Pays |
| >6 years to 8 years | 10 Basic Pays | 10 Basic Pays | 10 Basic Pays |
| >8 years to 10 years | 12 Basic Pays | 12 Basic Pays | 12 Basic Pays |
| >10 years & 12 Years | 15 Basic Pays | 15 Basic Pays | 15 Basic Pays |
| >12 Years & above | 20 Basic Pays | 20 Basic Pays | 20 Basic Pays |
B. For all above loan, two sureties who are member of the society and must be confirmed in IDBI / SIDBI / IDBI Capital Market / IDBI Intech. (Their basic pay should at least nearby equal to applicant’s Basic pay & take home pay should be more than Rs. 10,000/-)
C. Recovery of defaulters from the salary of the surety will be commencing from the 4th month from the default of principal borrower. D. Amount repaid upto 5th of every month will only be considered for interest benefit for the relevant month. E. For other rules and details on emergency withdrawals, please contact the society office.