Special Loan

Special Loan

At present Society sanction Special loan to the tune of Rs. 1,00,000/- at the maximum at rate of 10 % interest repayable within 36 (thirty-six) months. Quantum of the loan will be calculated on the basis of 37( thirty-seven)times of the paid up share capital .

Example:- If a member get Loan of Rupees 1,00,000  and installment of 36 months the calculation
of interest is as follows :-

• Rupees 1,00,000 X 10% divided by 12 = 833 in first Month 1,00,000 divided by 36 = 2778 + 833 =3611
• Rupees 1,00,000 – 2778 X 10% divided by 12 in 2^nd month i.e  97222 X 10 % divided by 12 = 810 + 2778= 3588 and interest will decrease  as the cutting of principal gradually .