Eligibility for Loan :  Must have completed minimum 1 month of membership in society.

Maximum Limit :  The maximum limit of Medium Term Loan is Rs. 3,00,000/-

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) : There shall be four co-obligants sureties for Rs. 3,00,000/-. If deposit is more than sanctioned loan amount still need to get one co-obligant surety compulsorily. A Co-obligant (Surety) person can give surety only to max of 4 persons 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 : Shall fill the prescribed Loan Application form and get Co-obligants (Sureties) signatures and submit it to office on or before end of the month.

Pre closure/Part Payment: Members can pre-close the loan at any time by making the payment of the outstanding loan amount, and can also make part payments towards the loan. There are no limitations for part payment.

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

Re-Eligibility: Once the member repays minimum of 50% or more than that of the availed Loan, then such members are eligible to reapply for the same loan.

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