< xmlns="http://www.w3.org/1999/xhtml" lang="en"> Accountant General’s Office Employees Co-Operative Bank Limited

Advances



Un-Secured Loans


  • Short Term Loan
  • Salary Advance
  • Medium Term Loan
  • Long Term Loan
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  • Terms & Conditions

Short Term Loan

Eligible Loan Amount Rs.1,00,000
Term Maximum of 40 Months
Rate of Interest 10.00% p.a
Renewal -NA-
Share 5.00% of the Loan Amount


Short Term Loan (Salary Advance)

Eligible Loan Amount Rs.25,000
Term Maximum of 1 Month(30 Days)
Rate of Interest 11.00% p.a
Share 5.00% of the Loan Amount


Medium Term Loan

Eligible Loan Amount Rs.2,00,000/-
Term Maximum of 80 Months
Rate of Interest 10.00% p.a
Renewal After 12 monthly recoveries
Share 5.00% of the Loan Amount


Long Term Loan

Eligible Loan Amount Rs.17,00,000 or 45 times the Pay (Basic Pay + Grade Pay) whichever is less.
Term Maximum of 200 Months
Rate of Interest 9.50% p.a
Renewal After 6 monthly recoveries
Share 5.00% of the Loan Amount



  • Latest Salary Slip should be attached.
  • Loans are subject to availability of Funds.
  • Loans will not be sanctioned for 1st 4 working days of the month.
  • Loans sanctioned based on repayment capacity of the member.
  • Loanee shall produce Surety / Co-Obligant who is not a defaulter.
  • A member can stand surety
    • Maximum 2 Personal Loans.
    • Maximum 2 Short Term loans.
    • Maximum 2 Medium Term loans
    • 2 any other loans (but the member cannot stand surety for 2 housing scheme).
  • The Credit worthiness of the Surety also considered at the time of sanctioning of Loan.
    • MTS member can stand surety upto Clerk / Typist.
    • Clerk / Typist Cadre can stand surety upto Senior Accountants / Senior Auditors.
    • Senior Accountants / Senior Auditors can stand surety to any member.
  • If a loanee is transferred / goes on deputation, member shall submit 6 post dated cheques and one cheque for the outstanding amount along with the consent from the surety.
  • For Availing Housing Loans, Member should have completed 5 years of service, 1 yr of membership in Bank and should have a minimum of 3 yrs of service left prior to retirement.
  • All loans should be cleared three months prior to retirement.