In order to help the members of association, OA is extending loans to members with very nominal rate of interest. By extending loans to its members, OA is extending its arm for help to members. It is easy process of availing loan. The prescribed application is made available in download menu, the members who wish to apply for the loan as to download the application and on duly fillup, the can send it for OA office for consideration. The details of OA loan is as under
RULES AND REGULATIONS OF LOAN
1. Max Loan Amount : ` 1,00,000/-
2. Repayment : 80 Months
3. Repayment starts from the month in which the loan is availed irrespective of the date of availment.
4. Interest :11% on diminishing balance
5. Renewal : There shall be a minimum gap of ten months from the date of availment of one and another loan
6. Applicant shall be a member in all the Funds of OA
7. There shall be no arrears in subscription of any of the funds of OA
8. Loan application received upto 5th of every month shall be sanctioned subject to availability of funds and applications received after the 5th shall be considered next month
9. Loan Eligibility:
Membership below 2 years - Not eligible
Above 2 years below 5 years – Rs. 50,000/-
Above 5years below 10 years Rs. 1,00,000/-
10 years and above Rs. 1,50,000/-
10. Repayment term within retirement period or subject to a maximum of 80 months, whichever is less.