LOAN ON GOLD ORNAMENTS
- 1. Loans are granted on GOLD ORNAMENTS Maximum Rs.7,50,000/- to each Members as per Govt Notification.
- 2.Interest on Gold Jewels Loan fixed at 13.20% p.a.
- 3.Jewel Loans are granted at Rs 6500/-per gram for 916 KDM Jewels.
- 4.The Maximum period is 12 months after which the loan has to be repaid/renewed as per the Govt of India Notification.
House Property Mortgage Loan available within Chennai Corporation
- 1.House Property Mortgage Loan Maximum Rs.7.50 lakhs to each member at 15% Interest rate by EMI Scheme for various three periods
- 2. For Rs.1 Lakh Loan amount 36 Months period is 3450/p.m, for 60 Months ( Five year period ) is Rs.2380/- p.m.and 84 months ( seven years) Rs.1930/- p.m. and Loan Processing fees as fixed By Board of Directors
- LOAN ON DEPOSITS
- 1.Loan on Deposits are sanctioned by the Nidhi subject to a maximum of 75% of the deposit amount.
- 2.The Interest on Loans on deposits will be 3% more than the rate of interetst availed on the FD / CD / RD
Interest Payable Monthly.If Monthly interest is not paid,Default interest is payable at 1.50% on the Monthly Interest Outstanding.
Application for loan should be made in the prescribed form.Applicants for Jewel Loan shall specify the nominee to whom the jewels pledged should be sufficient discharge of the Company’s liability.
When Payment is made, it shall be appropriated in the following order
Notice charges & other charges if any
Default Interest
Interest on Loan and
Balance towards Loan Account
If interest is not paid for three months, the whole of the principal and accuring interest shall be recoverable notwithstanding any stipulated period