Affiliated to Anna University Chennai, Tamil nadu, India.Approved by AICTE.

Archives: Thrift Society

About Society :

   NIA Educational Institution EMP. Co.Op.Thrift & Credit Society Limited CP. No. 116., is registered as Co-Op. Society under Tamil Nadu Co-Op. Societies act.

   The objective of this Society is to promote the Savings habit of the members.

   And to grant loans to the members for useful purposes at meager interest.

Eligibility :

   Minimum 2 years of continuous service in our institution.

   The staff must take minimum of one share during enrollment. The value of a share is Rs. 100 /-.

   All the member must subscribe either Rs. 250/-, Rs. 500/- or Rs. 1000/- every month to the thrift deposit.

  • The maximum amount of loan is Rs. 3 Lakhs or 10 times of the take-home salary, whichever is less.
  • The member and a guarantor should hold minimum of 10% of the required loan amount as shares.

Type

Rate of Interest

Nature of Interest

Maturity Terms

Thrift Deposit

8%

Cumulative

On Closure of

Membership

Fixed Deposit

8%

Monthly

One Year

Loan

10%

(as per the Norms of Co-op.Banks)

Monthly

(Diminishing

Balance)

Within 24 Months

   The loan should be repaid within 24 monthly instalments.

   Monthly repayment will be deduced from the salary.

   There is no prepayment and pre-closure chargers.

Distribution of Profit for the Shares:

   Every year dividend will be paid on shares to the members, from the net profit of the society.

Member Ship Form :

service_right_icon2   Society Member Ship Form :- Download

Loan Form :

Minimum 2 years of continuous service in our institution.

The staff must take minimum of one share during enrollment. The value of a share is Rs. 100 /-.

Distribution of Profit for the Shares:

All the member must subscribe either Rs. 250/-, Rs. 500/- or Rs. 1000/- every month to the thrift deposit.

service_right_icon2   Society Loan Form :- Download