Term Loans

LONG TERM LOAN

Loan Eligibility:

1. Members should be confirmed employee of the Goa State Co-op. Bank Ltd..
2. Long term loan may be granted to any eligible member 30 times of his gross salary or Rs. 1500000.00 (Rupees Fifteen Lakhs Only) whichever is less by the Board
3. The loan shall be granted on personal security with two sureties who are members of the society and having more than one year of regular continuous service in the establishment.
4. Repaying capacity shall be considered by taking into account net salary though the Bye Law of the society provides loan facility on the basis of gross salary
Explanation: Repaying capacity of loanee be considered as an amount derived after deducting at least 1/3 of the gross salary from the net salary receivable by the loanee member.
5. At no point of time home take salary contribution be less than 1/3 of total emolument/gross salary.

FESTIVAL ADVANCE

Loan Eligibility:
Festival Advance of Rs. 5000/- (Rupees five thousand only), may be granted / sanctioned to any eligible members by the Chairman / Secretary once in a Cooperative year on any festival occasion, without taking any surety. This advance must be repaid with maximum period of five monthly installments with interest there on as prescribed by the Board of Directors. No fresh Festival advance shall be granted unless previous advance is fully paid.

DOCUMENTS REQUIED

Long Term Loan:

1. Duly filled Loan Application form
2. Applicant's latest salary certificate of previous month from the parent institution I,e, The Goa State Co-op. Bank Ltd.

Short Term Loan:

1. Duly filled loan application form

Documents for Loan against Deposit / MRBS:

1. Duly filled application form of loan.
2. Original FDR

Festival Advance:

1. An application for loan.