About the Society
Membership Eligibility
Loan Procedure
Repayment of the Loan
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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% | Monthly | Within 24 Months |
| (as per the Norms of Co-op.Banks) | (Diminishing Balance) |
- 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 :
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.
Society Loan Form : Download