Loan Facilities
Financial Support Designed Around Our Members
Shenoy Nagar Saswatha Nidhi Limited provides a range of loan facilities exclusively for eligible members, structured to support different financial requirements. From loans against gold ornaments and deposits to house property mortgage loans, members can choose facilities based on their eligible security and repayment requirements. Our loan facilities are offered subject to the applicable rules, regulations, terms and conditions of the Nidhi and the relevant Government notifications.
LOAN ON GOLD ORNAMENTS
Convenient Finance Against Eligible Gold Ornaments
Members can avail themselves of loans against eligible gold ornaments, providing a convenient financing option for their immediate financial requirements.
Key Features
- Maximum Loan Amount: Up to ₹7,50,000/- per member, subject to applicable Government notifications and eligibility.
- Interest Rate: 13.20% p.a.
- Loan Value: Up to ₹9,200/- per gram for 916 KDM gold jewellery, subject to applicable valuation and terms.
- Maximum Tenure: 12 months.
- Upon completion of the maximum tenure, the loan is required to be repaid or renewed, subject to the applicable Government notification and Nidhi terms.
Secure & Structured Lending
Gold loans provide eligible members with an opportunity to access financial assistance by pledging qualifying gold ornaments as security, subject to the applicable valuation, documentation, and terms.
HOUSE PROPERTY MORTGAGE LOAN
Property-Backed Financial Assistance Within Chennai Corporation Limits
Members can avail themselves of loans against eligible house properties situated within the Chennai Corporation limits, subject to the applicable eligibility, documentation, valuation and security requirements.
Key Features
- Maximum Loan Amount: Up to ₹7,50,000/- per member.
- Interest Rate: 15% p.a.
- Repayment: Available under an EMI-based repayment structure.
- Loan Tenures: 36 months, 60 months and 84 months.
- Processing Fee: Applicable loan processing charges as fixed by the Board of Directors.
Illustrative EMI
For a ₹1,00,000/- loan, the indicative monthly EMI amounts are:
| Repayment Period | Indicative Monthly EMI |
|---|---|
| 36 Months | ₹3,450/- per month |
| 60 Months (5 Years) | ₹2,380/- per month |
| 84 Months (7 Years) | ₹1,930/- per month |
The above figures are based on the details provided and may be subject to applicable terms, conditions and charges.
LOAN AGAINST DEPOSITS
Unlock Financial Support Against Your Deposits
Eligible members can obtain loans against their deposits maintained with the Nidhi, subject to the prescribed terms and conditions.
Key Features
- Loans may be sanctioned up to a maximum of 75% of the eligible deposit amount.
- The interest rate on loans against deposits will be 3% higher than the applicable interest rate earned on the respective FD / CD / RD.
- Interest is payable monthly.
- If the monthly interest is not paid as stipulated, default interest at 1.50% will be payable on the outstanding monthly interest, subject to applicable terms.
LOAN APPLICATION & REPAYMENT TERMS
Clear Processes. Defined Responsibilities.
Loan applications must be submitted in the prescribed application form, along with the required documents and information as applicable to the respective loan facility.
For Jewel Loans, the applicant shall specify a nominee to whom the pledged jewellery may be delivered, subject to the applicable requirements and upon sufficient discharge of the Company’s liability.
Default Interest
If the monthly interest payable is not paid on time, default interest at 1.50% will be applicable on the outstanding monthly interest, subject to the applicable terms.
If the interest remains unpaid for three months, the entire outstanding principal together with accrued interest shall become recoverable, notwithstanding any stipulated loan period, in accordance with the applicable terms and conditions.
Appropriation of Payments
Whenever a payment is received towards a loan account, the amount shall be appropriated in the following order:
01 — Notice Charges & Other Applicable Charges
Any applicable notice charges and other charges payable.
02 — Default Interest
Any default interest outstanding on the account.
03 — Loan Interest
The interest payable on the outstanding loan.
04 — Principal Loan Account
The remaining balance is appropriated towards the outstanding loan principal.
IMPORTANT REPAYMENT CONDITION
Members are expected to ensure that interest and other applicable dues are paid within the prescribed period.
If the interest remains unpaid for three consecutive months, the entire principal amount together with the accrued interest may become recoverable, notwithstanding any previously stipulated loan period, subject to the applicable terms, conditions and regulations.
Responsible Lending. Clear Terms. Member-Centric Support.
Our loan facilities are designed to provide eligible members with access to financial assistance against approved securities while maintaining a structured and responsible lending framework. Plan your finances with clarity. Access support when you need it.
BUILD A STRONGER FINANCIAL FUTURE TOGETHER
Your Savings. Your Financial Goals. Our Commitment.
With a legacy spanning more than 45 years, Shenoy Nagar Saswatha Nidhi Limited continues to serve its members through structured savings, deposit and loan facilities designed around responsible financial management.
Whether you are looking to save regularly, invest through a deposit scheme, explore loan facilities or understand our membership services, our team is here to provide the information and assistance you need.
Take the next step towards managing your financial requirements with greater clarity and confidence. Contact our office to learn more about our membership, deposit schemes, loan facilities, applications and other member services.
Loan Facilities
Financial Support Designed Around Our Members
Shenoy Nagar Saswatha Nidhi Limited provides a range of loan facilities exclusively for eligible members, structured to support different financial requirements. From loans against gold ornaments and deposits to house property mortgage loans, members can choose facilities based on their eligible security and repayment requirements. Our loan facilities are offered subject to the applicable rules, regulations, terms and conditions of the Nidhi and the relevant Government notifications.
LOAN ON GOLD ORNAMENTS
Convenient Finance Against Eligible Gold Ornaments
Members can avail themselves of loans against eligible gold ornaments, providing a convenient financing option for their immediate financial requirements.
Key Features
- Maximum Loan Amount: Up to ₹7,50,000/- per member, subject to applicable Government notifications and eligibility.
- Interest Rate: 13.20% p.a.
- Loan Value: Up to ₹9,200/- per gram for 916 KDM gold jewellery, subject to applicable valuation and terms.
- Maximum Tenure: 12 months.
- Upon completion of the maximum tenure, the loan is required to be repaid or renewed, subject to the applicable Government notification and Nidhi terms.
Secure & Structured Lending
Gold loans provide eligible members with an opportunity to access financial assistance by pledging qualifying gold ornaments as security, subject to the applicable valuation, documentation, and terms.
HOUSE PROPERTY MORTGAGE LOAN
Property-Backed Financial Assistance Within Chennai Corporation Limits
Members can avail themselves of loans against eligible house properties situated within the Chennai Corporation limits, subject to the applicable eligibility, documentation, valuation and security requirements.
Key Features
- Maximum Loan Amount: Up to ₹7,50,000/- per member.
- Interest Rate: 15% p.a.
- Repayment: Available under an EMI-based repayment structure.
- Loan Tenures: 36 months, 60 months and 84 months.
- Processing Fee: Applicable loan processing charges as fixed by the Board of Directors.
Illustrative EMI
For a ₹1,00,000/- loan, the indicative monthly EMI amounts are:
| Repayment Period | Indicative Monthly EMI |
|---|---|
| 36 Months | ₹3,450/- per month |
| 60 Months (5 Years) | ₹2,380/- per month |
| 84 Months (7 Years) | ₹1,930/- per month |
The above figures are based on the details provided and may be subject to applicable terms, conditions and charges.
LOAN AGAINST DEPOSITS
Unlock Financial Support Against Your Deposits
Eligible members can obtain loans against their deposits maintained with the Nidhi, subject to the prescribed terms and conditions.
Key Features
- Loans may be sanctioned up to a maximum of 75% of the eligible deposit amount.
- The interest rate on loans against deposits will be 3% higher than the applicable interest rate earned on the respective FD / CD / RD.
- Interest is payable monthly.
- If the monthly interest is not paid as stipulated, default interest at 1.50% will be payable on the outstanding monthly interest, subject to applicable terms.
LOAN APPLICATION & REPAYMENT TERMS
Clear Processes. Defined Responsibilities.
Loan applications must be submitted in the prescribed application form, along with the required documents and information as applicable to the respective loan facility.
For Jewel Loans, the applicant shall specify a nominee to whom the pledged jewellery may be delivered, subject to the applicable requirements and upon sufficient discharge of the Company’s liability.
Default Interest
If the monthly interest payable is not paid on time, default interest at 1.50% will be applicable on the outstanding monthly interest, subject to the applicable terms.
If the interest remains unpaid for three months, the entire outstanding principal together with accrued interest shall become recoverable, notwithstanding any stipulated loan period, in accordance with the applicable terms and conditions.
Appropriation of Payments
Whenever a payment is received towards a loan account, the amount shall be appropriated in the following order:
01 — Notice Charges & Other Applicable Charges
Any applicable notice charges and other charges payable.
02 — Default Interest
Any default interest outstanding on the account.
03 — Loan Interest
The interest payable on the outstanding loan.
04 — Principal Loan Account
The remaining balance is appropriated towards the outstanding loan principal.
IMPORTANT REPAYMENT CONDITION
Members are expected to ensure that interest and other applicable dues are paid within the prescribed period.
If the interest remains unpaid for three consecutive months, the entire principal amount together with the accrued interest may become recoverable, notwithstanding any previously stipulated loan period, subject to the applicable terms, conditions and regulations.
Responsible Lending. Clear Terms. Member-Centric Support.
Our loan facilities are designed to provide eligible members with access to financial assistance against approved securities while maintaining a structured and responsible lending framework. Plan your finances with clarity. Access support when you need it.
BUILD A STRONGER FINANCIAL FUTURE TOGETHER
Your Savings. Your Financial Goals. Our Commitment.
With a legacy spanning more than 45 years, Shenoy Nagar Saswatha Nidhi Limited continues to serve its members through structured savings, deposit and loan facilities designed around responsible financial management.
Whether you are looking to save regularly, invest through a deposit scheme, explore loan facilities or understand our membership services, our team is here to provide the information and assistance you need.
Take the next step towards managing your financial requirements with greater clarity and confidence. Contact our office to learn more about our membership, deposit schemes, loan facilities, applications and other member services.