Ordinary loan can be applied on any working day except Sunday or Bank holiday. This facility is made available between 11.00a.m to 4.30p.m from Monday to Saturday (Except 2nd & 4th Saturday is bank holiday).

Eligibility

1. An employee of the Income Tax Department Mumbai who is in the service continuously for the last 6 month on permanent basis.
2. He /She should be member of the Income Tax Department Co - Operative Bank Ltd.
3. New members can apply for Ordinary loan after Two months salary deduction towards subscription be made.
4. Maximum share amount of Rs.10000/- is required towards linkage of shares.
5. Maximum amount of subscription @ 5% is required for availing loan facility.

For availing loan facility following requirement to be fulfilled:

1. Members admitted Up to 31St March 1995, Subscription and amount of Life Insurance Policy should be 15% of loan amount.
2. Members admitted Up to 30th September 2000, Subscription and amount of Life Insurance Policy should be 30% of loan amount.
3. Members admitted Up to 31st March 2006, Subscription and amount of Life Insurance policy should be 60% of loan amount.
4. Other Members 75% of Life Insurance Policy and Subscription.

Documents Required

1. Duly filled Ordinary Loan application form.
2. Previous Month Pay slip.

Limit

35 times of basic pay provided total deduction should not exceed 75% of the gross salary (including proposed instalment).Provided 25% of the take home Salary should be there

Rate of Interest

10.25% p.a.

Repayment Period

144 Installments (On Principal + Inertest Basis & EMI).

Collateral Security

70% Security in the form of Life Insurance Policy (LIP) + Subscription. LIP should be assigned in favor of the Bank.

Guarantor

Two guarantor required

Renewal

Loan renewal facility is available after recovery of 6 instalments.