Eligibility for Loan:  All members are eligible to apply for the loan. BGSW members must have completed a minimum of 5 years of service at Bosch.

Loan will be sanctioned on the basis of seniority from the date of booking. As of now it will take 5 months to get sanctioned from the booking date.

Maximum Limit:  The maximum limit of Long Term Loan is up to Rs. 6,00,000/-.

Repayment Period:  Repayment of Loan will be by way of monthly instalment & interest and extended over a maximum period of 132 months. Member is allowed to change the instalment amount between the tenure of the Loan.

Mode of Recovery:  Loan instalment and interest will be recovered from Bosch Payroll/Salary on every month.

Co-obligants (Sureties) : Four co-obligants sureties are required for Rs.6,00,000/-. If the deposit is more than the sanctioned loan amount, still need to get one co-obligant surety compulsorily. A Co-obligant (Surety) person can provide surety for a maximum of 4 members or for max of 4 Loans only (including all loans of MECS)

Note:  One Co-obligant (Surety) person covers the risk of Rs. 1,00,000/- of Loan Amount.

Rate of Interest: Interest on loans shall be calculated on day to day basis at 7% per annum on reducing base (Subject to repayment of instalment).

Security Deposit/Deposit Linking: The member shall hold 1/3rd of the deposit at the time of availing loan to the extent of loan amount sanctioned.

Documentation: The member must fill in the prescribed Loan Application form and submit it to office at any time, after that, the member will be allotted a seniority number/booking number.

Once the Loan is approved, the member is requested to get Co-obligants (Sureties) on the same form and submit it to office. BGSW members should submit One month salary slip and Service Letter/Certificate.

Pre closure/Part Payment: Member can pre close the loan at anytime by making the payment of loan outstanding and also member can make the part payment towards loan. No limitations for part payment.

Processing Fee/Closure Fee:  There will be no processing fee or pre closure fee charged for Loans.

Re-Eligibility: When the availed loan balance drops below Rs.3,00,000/-, the member is eligible to reapply for the same loan and need to follow the same procedure as stated above.


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