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PARTICIPATION DETAILS
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HOW TO BECOME A MEMBER OF THE BANK
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1.
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Any confirmed employee of Andhra Bank can become a member by taking one share of
Rs. 10/- and entrance fee of Rs.1/-
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2.
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A closed member can re-enroll again as a member subject to the condition of repayment
of 100% of the thrift deposit amount which he/she withdrew by resigning his/her
membership previously (including the amount converted into Fixed Deposit and the
amount withdrawn if any). Further he/she has to pay back the total amount of MMBF
refunded, besides the amount equivalent to the regular subscription i.e. arrears
for the period from the date of last closure of membership till the date of readmission.
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A.
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Every member shall subscribe to the thrift deposit so long as he or she continues
to be a member of the bank according to the scale laid down below:
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I.
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Members whose basic pay is upto Rs.1700/- P.M. - Rs. 50/- p.m.
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II.
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From Rs. 1701/- to Rs. 3000/- Rs. 100/- p.m.
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III.
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From Rs. 3001/- P.M. to Rs. 7,500/- P.M. Rs. 150/- p.m.
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IV.
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From Rs. 7,501/- to Rs. 10,000/- P.M. Rs.200/- p.m.
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V.
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From Rs. 10001/- to Rs. 15,000/- P.M. Rs.250/- p.m.
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VI.
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From Rs. 15001/- to Rs. 20,000/- P.M. Rs.300/- p.m.
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VII.
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Above Rs. 20000/- Rs. Rs.350/- p.m.
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B.
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Every member has to subscribe a sum @Rs. 75/- Per mensum except Part Time Sweepers
whose subscription shall be Rs. 30/- per mensum towards the members Mutual Benefit
Fund during the currency of loan for availing the benefit of waival of total outstanding
loan amount under M.M.B.F. scheme duly adjusted with the share capital and thrift
deposit.
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C.
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Thrift Deposit Rate of Interest 9.5 % p.a.
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BENEFITS ON ACCOUNT OF BEING A SUBSCRIBER TOWARDS M.M.B.F.
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I.
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IN CASE OF DEATH OF A MEMBER
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A.
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Financial assistance of Rs. 2,500/- to the family members of a deceased member to
meet expenses to perform the last rites.
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B.
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The loan outstanding due from the member less the share capital, Thrift Deposit
and MMBF held by him/her shall be written off.
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C.
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In respect of members expired without having any loan outstanding against his/her
name for adjustment from the fund account, a sum of Rs. 20,000/- shall be paid to
the nominee / legal heirs of such deceased member.
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SUBSIDARY REGULATIONS FOR SANCTION OF :
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I . LONG TERM LOANS
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(Circular No. 48/265, dated 2/11/1998 & Circular No. 2002/29, Ref No.1/17, dated
16.12.2002) (Revised Circular No.2008/207 Ref. No.1/51 dated 13.12.08, Circular
No.2009/236 Ref 1/56 dated 29.10.09)
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1.
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This loan shall be called as Members' Long Term Loan
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2.
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The Loan shall be granted to members, subject to the conditions that the borrower
should have been completed three years of Service in Andhra Bank.
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3.
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The Members who are share holders of our Bank herein after immediately on confirmation
of their services will be eligible to avail the Long Term Loan equivalent to 10
times of his/her Basic Pay or maximum of Rs.50,000/- whichever is lower as loan
amount. Hence forth the stipulation to complete minimum 3 years of service to avail
the loan is renewed.
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4.
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5% of the loan amount shall be collected as share capital which will be refundable
at the time of Retirement/VRS.
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5.
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A member has to pay an entrance fee of Re. 1/- per each share taken by him/her provided
total entrance fees shall not exceed Rs. 100/-
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6.
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A sum of Rs. 1/- (One Rupee only) for Rs.1000/- (Sanctioned Amount) or minimum Rs.50/-
(Rupees Fifty Only) shall be as Processing Charges.
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7.
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(A) ELIGIBILITY NORMS FOR LOAN:
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I.
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For members whose service is more than three years and less than 5 years in Andhra
Bank @ 15 times of their Basic Pay plus Special Allowance if any.
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II.
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For members whose service is above 5 years and upto and inclusive of 8 years in
Andhra bank @ (20) times of their basic pay plus special allowances if any.
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III.
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For members whose service is above 8 years and upto and inclusive of 10 years @
(30) times of their basic pay plus special allowance if any.
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IV.
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For members whose service is above 10 years @ (40) times of basic pay plus special
allowances if any.
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V.
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Members working in the cadre of Part Time Sweepers are entitled for loan, proportionate
to their scale of pay.
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VI.
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The above stipulations are subject to a maximum loan of Rs.1,50,000/- (Rupees One
lakh fifty Thousand only) for all members.
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(B)
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REPAYMENT OF LOAN
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I.
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Maximum period for repayment of loan sanctioned for "Housing" purpose shall be 120
equal monthly instalments along with the interest thereon.
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II.
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Maximum period for repayment of loan sanctioned for "Housing" purpose shall be 120
equal monthly installments along with the interest thereon.
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NOTE :
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Repayment of any kind of loan shall not exceed beyond the date of retirement of
the principal borrower or any of the sureties.
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(C)
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RENEWAL OF LOAN
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I.
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Members are eligible to renew their loan subject to the condition that, such member
had repaid 1/3 rd of the number of installments (in normal course) opted for repayment.
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II.
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Members willing to take accelerated installments or adjust the loan in one lump
sum before the normal due date for renewal, are permitted to do so but no renewal
of loan shall be sanctioned to such member until the completion of 1/3 rd of number
of installments opted for repayment or 20 months whichever is less. Further, advance
installments for the purpose of acquiring eligibility for renewal is also not permitted.
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(D)
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OTHER CONDITIONS
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I.
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Interest @ 10.50% P.A. on monthly diminishing balances shall be calculated and debited
to respective loan account, once in 6 months i.e. at the end of September and March.
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II.
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Members have to enclose a certified copy of the computerized latest pay slip to
the loan application. Loan shall be sanctioned subject to the sufficient net salary
to recover the installment of the proposed loan to be sanctioned.
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III.
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Advance installment for the purpose of deleting the same from the monthly demand
schedule will not be permitted.
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IV.
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Monthly installment received in respect of old loan/loans after the renewal of such
loan/loans shall be credited to new loan account, but in no case such installment
shall be refunded.
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V.
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Renewals of loans are subject to availability of funds. The application will be
sanctioned by keeping in seriatum strictly, as such members are requested not to
press, out of turn renewals and oblige.
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These revised regulations will come into force with effect from 01-01-2003.
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2 . MEDIUM TERM LOAN(Circular No.2008/207 Ref.1//51 Dated 13.12.2008)
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SUBSIDIARY REGULATIONS FOR SANCTION OF "MEDIUM TERM LOAN"
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The loan shall be called as Members Medium Term Loan.
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ELIGIBLE QUANTUM OF LOAN:
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Basic pay upto RS.8500/
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Rs. 50,000/-
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From Basic Pay of Rs.8,501/- to Rs.15,000/
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Rs. 75,000/
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Basic Pay of Rs.15,001/- and above
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Rs.1,00,000/
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Members working in the cadre of Part Time Sweepers are entitled for loan, proportionate
to their scale of pay.
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The loan shall be granted to Members, subject to the condition that the borrower
should have completed three years of service in Andhra Bank.
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10% of the loan amount shall be collected as share capital.
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A sum of Rs.1/-(One Rupee only) per Rs.1000/- (sanctioned amount) or minimum Rs.50/-
shall be collected as processing charges.
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The loan is covered by Member Mutual Benefit Fund Scheme.
Share holders availing this loan shall contribute as noted below every month towards
MMBF scheme during the currency of the loan for availing the benefit under the scheme.
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a) Loan amount upto Rs:50,000/-
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Rs.25/- p.m.
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b) Loan amount above Rs.50,000/- & Upto Rs.75,000/-
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Rs.40/- p.m.
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c) Loan amount above Rs.75,000-
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Rs.50/- p.m.
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Defaulter(Direct) of any of the existing loan facilities are not eligible to avail
this loan.
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10% of the amount shall be collected as Share Capital/ which will be refundable
at the time of Retirement/ VRS.
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RATE OF INTEREST:
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Interest @10.5% p.a. on diminishing balances shall be calculated and debited to
the respective loan once in Six months i.e. at the end of September & March.
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REPAYMENT:
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Maximum of"60 monthly instalments or the left over service of the borrower/Surety
whichever is lower, commencing immediately after disbursement.
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RENEWAL OF LOAN
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Loan can be renewed on payment of 20 Monthly installments.
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GENERAL
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Members have to enclose original/attested copy of the latest pay slip to the loan
application. Loan shall be sanctioned subject to the sufficient net salary to recover
the installment of the proposed loan to be sanctioned.
The loan scheme will come into operation with effect from 1 st May, 2006.
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3 . THRIFT DEPOSIT LOANS
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A member is eligible to avail a loan upto 75% of the thrift deposit accumulated
against his name. Loan is repayable in 36 monthly instalments.
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RATE OF INTEREST:
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Interest @10.5% p.a. on diminishing balances shall be calculated and debited to
the respective loan once in Six months i.e. at the end of September & March.
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4. CONTINGENT LOAN (Circular No.2011/257 Ref. 1/61 Dated 02.05.2011)
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SUBSIDIARY REGULATIONS FOR SANCTION OF "CONTINGENT LOAN"
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The loan shall be called as Members Contingent Loan.
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ELIGIBILITY: All Share Holders who have completed 3 years of Service
in Andhra Bank are eligible (Ex. Service Men are eligible on completion of 1 year
Service)
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ELIGIBLE QUANTUM OF LOAN(Maximum):
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Sub Staff
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Rs. 50,000/-
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Clerks
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Rs. 75,000/
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Officers
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Rs.1,00,000/
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Members working in the cadre of Part Time Sweepers are entitled for loan, proportionate
to their scale of pay.
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PURPOSE OF LOAN: Construction of House or Purchase of Flat or Repairs/
Renovation/ Additions to the Existing House or and any other Domestic Need.
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Rate of Interest : 12.00% p.a. on diminishing balances, calculated
& debited to the respective Loan once in 6(six) months i.e. at the end of September
& March.
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Repayment Period: Maximum 60 monthly installments or the left over
service of the member whichever is less, commencing immediately after disbursement
of the Loan Amount. Repayment of the Loan shall not exceed beyond the date of retirement
of the member.
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Renewal of the loan:Loan can be renewed on repayment of 1/3rd period
or on closure of the existing loan.
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OTHER CONDITIONS:
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I.
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10% of the Loan amount shall be collected as Share Capital which will be refundable
at the time of Retirement, VRS.
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II.
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A sum of Rs.50/- & Rs. 75/-, Rs.100/- will be collected processing charge for the
members in Sub-Staff Cadre, Clerical Cadre & Officers Cadre respectively.
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III.
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The Loan is covered by Member’s Mutual Benefit Fund Scheme. Share Holders availing
this loan shall contribute as noted below every month towards MMBF scheme during
the currency of the loan for availing the benefit under the scheme.
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(i)
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Loan amount upto Rs. 50,000/- Rs.50/- p.m.
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(ii)
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Loan amount above Rs.50,000/- & upto Rs. 75,000/- Rs.100/- p.m.
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(iii)
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Loan amount above Rs.75,000/- & upto Rs. 1,00,000/- Rs.150/- p.m.
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(iv)
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In respect of Part Time Sweeper an amount of Rs. 20/- p.m. shall be subscribed toward
M.M.B.F.
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IV.
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Members whose existing loans are not in order are not eligible to avail this loan.
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V.
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Original/ attested copy of the latest Salary Slip shall be enclosed to the Loan
Application.
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VI.
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Loan shall be sanctioned subject to the Member having sufficient Net Pay to recover
the proposed Loan installment.
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VII.
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Loan shall be applied on the prescribed application form duly filling all the required
columns.
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5. N.S.C LOANS (Circular No.2003-33, Ref No.1/18 , Dated 28.01.2003)
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This Loan shall be called "N.S.C. Loan".
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The Loan shall be granted to Members against the security of their N.S.C.'s.
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ELIGIBLE QUANTUM OF LOAN(Maximum):
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100% of the face value against the N.S.Cs purchased on or before 28-02-2001.
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II
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90% of the face value against the N.S.C.'s purchased during the period from 1-03-2001
to 28-02-2002.
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III
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80% of the face value against the N.S.Cs purchased on or after 1-3-2002.
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The Rate of interest on Loan shall be 11% p.a. at half yearly rests.
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Members may remit any amount at any time towards the credit of their N.S.C Loan
Account through D.D./P.O. However it may be noted that on the date of maturity of
N.S.C.'s ., the proceeds realised thereby shall be adjusted towards outstanding
liability in the N.S.C. Loan account and the balance amount if any shall be paid
to the Member.
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A sum of Rs.50/- will be collected towards processing charges.
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PROCEDURE TO SANCTION LOAN:
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Prescribed application duly filledin and signed is to be forwarded through their
Branch to our Central Office.
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On scrutiny of the application, our Central Office will send the sanction letter
along with the form of transfer of Certificate(s).
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On receipt of the sanction letter, Member has to submit the National Savings Certificate(s)
to the Central Office of the Co-operative Bank after getting a lien marked on them
in favour of our Bank by the respective post office at which the N.S.Cs are purchased.
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On receipt of the National Savings Certificates(s) after marking a lien on them
in favour of the A.B.E.Co-operative Bank Ltd., our Central Office will then send
a cheque for the loan amount in favour of the Members to their respectie Branches.
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The information provided here is not subject to
legal references for further details/clarifications you may please contact the Bank.
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