Financing for ordinary / consumer purposes

  • These types of financing can be provided for any of the following purposes:
    • For meet the medical expenses of the member or any family member.
    • Minor repairs to the residential house.
    • For repayment of prior debts.
    • To meet the educational expenses of the children.
    • To meet the marriage expenses of the dependents.
    • To meet the funeral expenses of the dependents.
    • To meet any other social obligations (to be specified).
  • Maximum amount assistance that can be provided under this category will be limited to RS 50000/- for a maximum period to 1 year.
  • Securities to be provided shall be any of the following:
    • Personal surety of the member and the sureties of two other ordinary members. On the pledge of gold ornaments.
    • On the personal sureties of the member and another ordinary member who is a permanent salaried employee with government or other establishment furnishing salary recovery agreement.
    • On the security of the daily deposits/home safe deposits/recurring deposits of the members, on condition that the period of assistance shall not exceed the maturity period of deposit and agrees that the assistance will be repaid along with the deposit installments.
  • Service charges not exceeding the actual will be payable by the members in respect of the assistances under this category which would be decided from time to time.
  • Assistance under this category will not be provided to more than one member of the same family at a time.