Loan to ECCS

Loan to ECCS (Employees Credit Co-operative Societies)

A Registered ECCS formed by the Employees of Govt./Govt. undertaking organizations, along with co-operative Institutions, local autonomous Institutions /Statutory bodies etc. and consented by this Bank for finance are entitled to serve its members by taking refinance within a very short period of time when the members are in need of money.

Purpose:

To meet the financial needs of the ECCS members, for purposes which are not barred under the law.

Maximum amount of Loan:

• Following the norms of RBI, applying the rule of 60:40 ratio to the applicant’s income, the maximum permissible monthly deductible amount need to be calculated first, based on which, alongside the maximum number of EMIs permissible, the amount of loan which may be allowed is determined, and is proposed to the applicant.
• The stated loan is subject to repayment within 10 years, or the remaining period of the applicant’s service, whichever is earlier.

Share:

5% of the loan amount shall be deposited as share by the incumbent concerned.

Interest:

The interest rates may be decided by the Bank from time to time. At present it is 9.50% p.a. from the Bank to the Society and a maximum rate of 10.50% p.a. from the Society to the member.

For further Details of the Scheme please visit the Nearest Bank Branch.