Salary Recovery Loan

SALARY RECOVERY TERM LOANS (SRTL)

• Loan against recovery from salary shall be granted only to members of the Society, and who are permanently employed with the institutions approved by the Society.

• Maximum amount : Rs.5.00 Lakhs

• subject to 10 times of net salary or take home salary of the applicant after reckoning all recoveries, and further on the condition that recoveries including instalment amount of the proposed loan, shall not exceed 60% of the total salary.

• Period : 60 months

• Remaining period of service of the applicant shall also be reckoned while considering the amount of loan.

• Interest rate : 12.00%

• No prepayment penalties

• Guarantee :  Surety of two employees who should satisfy the eligibility criteria for the loan

• Salary of the sureties shall also be taken into account for considering the loan amount and in case the salary of sureties is lower than that of the borrower only the lower salary shall be reckoned.

• Documents Required : Salary Certificate and undertaking/authorization for recovery from salary should be obtained from the sureties as in the case of the applicant

Special Loan Schemes to Employees of Amal Jyothi College of Engineering and St. Dominic’s College, Kanjirapally

• We are glad to inform you that ECB of the Society have approved a Loan Scheme to the permanent employees of Amal Jyothi College of Engineering, Koovapally and St. Dominic’s College, Kanjirapally for meeting their genuine personal requirements against Salary certificate issued by the employer.

General terms and conditions:

• Amount up to 10 times of gross salary subject to a maximum of Rs 5 L @ 12 .00 %

• Period : 36 months  for loans up to Rs 2 L  (EMI @ Rs 3346 per Lakh 

    : 60 months for loans above Rs 2 L (EMI @ Rs 2250 per Lakh )

• Collateral security : Nil

• Guarantee of two colleagues satisfying the eligibility criteria

• Applicant must be a member of the Society and must have minimum 3 years confirmed service and remaining service of one year after due date of the loan

• Loan will be considered for permanent employees who are regular in attendance and consistent in earnings whose deduction from salary does not exceed 50 % including EMI of the proposed loan.