General Loan

General Loan

At present Society sanction General loan to the tune of Rs. 3,00,000/- at the maximum at rate of 8.5 % interest repayable within 72 (seventy-two) 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 8.5% divided by 12 = 708 in first Month 1,00,000 divided by 36 = 2778 + 708 =3486
• Rupees 1,00,000 – 2778 X 8.5% divided by 12 in 2^nd month i.e  97222 X 8.5 % divided by 12 = 689 + 2778= 3467 and interest will decrease  as the cutting of principal gradually .