Loan Schemes


The Society had in the past loaned a total sum of over Rs. 50 Crores to about 25000 borrowers thereby saving the community interest of lakhs of rupees and assets worth many crores of rupees which would otherwise have fallen into the hands of heartless money lenders.

 

Details of the various loan schemes of the Society are as follows:

 

1.  The Society extends loans to individual members or their families to the maximum of Rs. 5,00,000 against full security of Gold Ornaments, Society’s own deposits, Equity Shares of listed public limited companies and hypothecation of Vehicles.

 

2. The Society also finances for purchasing home appliances under its Installment Purchase Scheme and vehicles like two wheeler, auto rickshaws, taxis and private Cars under Vehicle Loan policies.

 

3.    Depending upon the type of loan, and repayment capacity of the borrower, the loan is repayable in 10, 24 or 36 installments.

 

4.  The Society levies quarterly service charges from members on all loans, which are less or equal to the expenses incurred for running the Society. The service charges are payable along with the installment. The service charges are calculated on a scientific system of costing and applying Islamic principles.

 

5.  The Society also extends Profit-sharing Loans for business activities to encourage entrepreneurship among its members. Applicants for such loans are required to submit a Profit-sharing Loan Proposal along with a Project Report. The loan can be sanctioned if the proposal is found to be viable after a detailed assessment preceded by due diligence of the business as well as of the member’s abilities and antecedents. These borrowers are not charged services charges but are instead required to share a specified share of the profit from the business with the Society.

 

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