RCUTCS

LOAN

• Emergency Loan upto Rs.10,000/- on 1 Surety, for emergent/casual need of the member.
• Loan against Security upto Rs.10,00,000/- on 2-3 Sureties, against Collateral Securityfor more reliable and trust worthy member.
• Ordinary Loan upto Rs.2,00,000/- on 3-5 Sureties for regular and personal use of member.
• Loan against Deposit with the Society @ 2.00% p.a. extra on the rate of interest on member’s deposit.

INTEREST ON LOAN

• Interest on all loans shall be charged on monthly basis, on reducing balance method.
• Interest shall be charged on balance of outstanding principal loan amount as on the last day of the month.
• For the first month, interest on loan sanctioned on or before 12th of the month, shall be charged for whole month and for loan sanctioned on or after 16th of the month, interest shall be charged from the date of 16th of the month.
• Arrears of interest on loan shall be transferred to loan A/c at the end of the every quarter of the financial year viz 30th June, 30th September, 31st December, 31st March and shall from part of outstanding loan for all purposes. Thus, further interest shall be charged on the total amount i.e. outstanding principal loan and the arrears of outstanding interest transferred.
• If, failed to pay interest or any installment or the principal loan on or before the stipulated date, the whole loan with interest, shall become immediately due and payable. In case of default, shall have to pay penal interest @3% p.a. on all overdue principal from the date of default.