LOAN & ADVANCES
- Housing Add
- Plot Purchase
- H C M L
- Hire Purchase
- Housing TOP-UP
- Take Over Loan
- Education loan
- Vehicle Loan
The society is providing loan to all the members to the tune of Rs.30 lakhs @ 8.9 % interest for a maximum period of 20 years. It is decided to increase the amount to 40 Lakh. In this highly competitive field the society is doing commendable service to the members. The procedure involved in sanctioning the housing loans have been simplified to a great extent, and the members are not burdened with any hidden costs as in the case of many banks/financial institutions. The societies EMI for 20 years for one lakh rupees loan @ 8.9 % of interest is only Rs.894. If the member who had taken housing loan expires before the full repayment, the society has a provision to write off his outstanding housing loan up to Rs.3,00,000/- .
The society has so far provided Additional housing loans for those who are already take the housing loan. Now the Additional Loan amount is Rs. 7.5 Lakh
The society is also providing Plot purchase loan to a member for the purchase of the plot.The loan amount is 30 Lakh @ 9.5 % interest
The society is also Outright loan to a member.
The society is also providing HCML loan to a member for the purchase of the house construction materials, on the surety of 2 members. (The salary certificate of sureties also produce along with the application). The maximum amount of loan sanctioned under this scheme is Rs.10 lakh .The loan amount should be repaid in 100 months. The society is also providing HCML loan to a member for Rs. 5 Lakhs on surety of 2 other members. The loan amount should be repaid in 60 months. The applicant's salary certificate and his own surety is need up to the amount of Rs. 3 Lakhs for HCML loan. The loan amount should be repaid in 60 months. The rate of interest charged under this scheme is 9.50 % per annum. HCML LOAN - UPTO 10 LAKHS, REPAYMENT -100 MONTHS. INTEREST 9.50 %.
The society is also providing Hire Purchase Loans to members on the surety of 2 other members .The maximum amount sanctioned under this scheme is Rs. 5 Lakh. This loan has to be repaid in 60 months. So far the society has sanctioned 3588 HPL loans . The rate of interest charged under this scheme is 9.50 % per annum.
Society has started housing loan top up for those who take low amount of housing loan earlier from the society. The maximum amount is Rs. 30 lakhs
This loan is for those who availed higher rate of interest housing loan from other bank or financial institution. They can convert their loan into society with low interest.
Education loan is providing to professional higher education of members son / daughter to study in India. The maximum amount is Rs. 5 lakh at 0% interest tenure is 7 years
This loan is providing to purchase two / four wheeler for the private use of members. The Loan amount is Rs. 7 Lakh @ 10 % of interest.
The scheme was started on 01-11-1984. In this scheme a member has to be remit Rs. 100/- per month for 121 months. The member can withdraw the amount from his account either as loan or as cash at any time. After the completion of the maturity period the Society will pay Rs.68000/- to 1,50,000/- according to the period of maturity . There are 6393 members in this scheme .The society is providing financial assistance to the tune of Rs.38,000/-to Rs. 68,000/- to the dependents of the KISHCO members in case of death of the members. The society had so far provided financial assistance to 98 persons amounting to Rs.38,65,000 /- as KISHCO Death Benefit Fund.
Collective Posthumous Aid Scheme 1 is a scheme designed to provided low cost insurance benefit to the members of the society .A person who wishes to join as a member of this scheme has to remit Rs.101 for 10 months or an amount of Rs. 1010/- in lump. In the event of death of the member during his service period the society will pay Rs.50,000 /- to the dependent of that member. On superannuation, the amount remitted by the members will be refunded. The scheme was started on 07-12-1992 so far 6217 members have joined this scheme.
Collective Posthumous Aid Scheme II is a scheme in which a member has to remit Rs.201/- for 12 months or an amount of Rs.2412 /- in lump for getting the benefit of Rs.one lakh in the case of the sudden demise of the member while in service.The person who are already member of CPAS I can become member of this scheme by remitting an additional amount of Rs.1402/- in lump or a first installment of Rs.126/- followed by the 11instalments of Rs.116/- each . On superannuation, the member will be repaid the amount deposited under this scheme. This scheme was started on 01-10-1997 so far 7997 members have jointed this scheme.
Because of the popular demand from the members, the society started CPAS III scheme from October 2004 .In CPAS III scheme member has to remit Rs. 6000/- in lump sum or Rs.300/- for 20 months for getting the benefit of Rs. 2,00,000/- in case of sudden demise of the member. So far 32394 members have joined in this scheme.RS 1775 Lakhs outstanding in CPAS III as on 25/09/2014. The society had provided Rs. 9,64,00,000 /-as death benefit to the families of 975 members who died while in service. The procedure of sanctioning the death benefits under this scheme were simplified with an aim to help the families of the members of the demised police personnel.
Collective Posthumous Aid Scheme IV (CPAS IV) has launched from May 2015. Member has to remit Rs. 18000/- in lump sum or Rs. 900/- for 20 months getting the benefit of Rs. 500,000/- in case of sudden demise of a member. The society will return the remitted amount after retirement in case of no claim. The total family benefit is Rs.5 Lakhs in case of death of the member while in service. Option for converting CPAS I, CPAS II and CPAS III to CPAS IV by remitting the balance amount, holding the existing CPAS benefit till full conversion. All members are requested to join the scheme and secure your family.
This is a cumulative deposit scheme in which the members can remit Rs. 255/- per month for 60 months .The society is providing interest @ 11.5% for the deposited amount. Maturity amount 19500 to 3,50,000 depends upon the period of deposit will be given to the members. This scheme was started on 07-08-1999. The numbers of depositors who have joined this scheme are 1747.
The society has newly started a fixed deposit scheme on 04-07-2004. Interest for the deposits will be fixed as per the directions of the registrar of co-operative societies.
We are successfully launched a new medical insurance scheme in the name CARE for the welfare of its members and their families suffering from critical illness(Cancer, Heart attack, By pass surgery, Heart Valve surgery, Heart Transplantation surgery to Aorta, Kidney failure, Kidney transplantation, Liver failure, liver transplantation , Bone marrow transplantation, Stroke, Muscular dystrophy, Paralysis are covered.)
CARE envisages a maximum Payment of Rs 2 lakhs per family as financial assistance for the treatment of these diseases. The contribution from a member is Rs 6000/- which is refundable on superannuation if a member has not availed any financial assistance from the scheme. So far 24832 members have joined in this scheme. Rs. 11,47,03,715/- Lakhs outstanding in CARE as on 01.02.2017. The society has sanctioned Rs. 2,85,77,495/- for 227 members and already paid Rs.2,17,85,704/- as CARE benefit as per CARE sub rule..