Festival advance can be applied on any working day except Sunday on Bank Holiday.This facility is made available between 11. 00a.m to 4. 30p.mfrom Monday to Saturday (Except 2nd& 4th Saturday is bank Holiday).
Eligibility:
- An employee of the Income Tax Department Mumbai who is in the service of Income Tax Department continuously for the last 6monthson permanent basis.
- He /She shopd be member of the income tax department Co - Operative Bank Ltd.
- New members can apply for Ordinary loan after Two months’ salary deduction towards subscription be made.
- Maximum share amount of Rs.10000/- is required towards linkage of shares.
- Maximum amount of subscription @ 5% is required for availing loan facility.
Document Required:
1.Duly filled Festival Advance application form.
2.Previous Month Pay slip.
Limit:
2 times of basic pay or Rs.1.00 lakh whichever is less on the occasion of respective festival provided 25% of the take home Salary shopd be there (Including proposed installment)
Processing Charges
4.50% Processing fees is applicable at the time of disbursement.
Repayment Period:
10 Installments from the date of Festival Advance applicable for once in a calendar year for specified festival.
Guarantor:
Not Required.
Renewal:
No
