INDIAN OVERSEAS BANK STAFF CO-OPERATIVE CREDIT SOCIETY LTD.,
(REGD.NO.MSCS/CR/41/1987)(the Society deemed to be Registered under Multi-State Cooperative Societies Act, 2002)
(the Society deemed to be Registered under Multi-State Cooperative Societies Act, 2002)
a) Loan shall be given only to those members who have been confirmed and have completed two years of service in Indian Overseas Bank.
b) No member can claim a loan as a matter of right. Application for loans shall be disposed off by the Board of Directors.
c) All applications for the loans shall be made to the Secretary in the form, if any, prescribed for the purpose who shall place them before the Board of Directors.
d) Loans shall be given only for purposes which in the opinion of the Board of Directors are useful.
e) Should the Board of Directors be of the opinion that a loan granted by the Society has been misapplied, it shall at once take steps to recover the loan with interest without waiting for the expiry of the period for which it has been granted.
No member shall at any time be indebted to the Society by way of principal to the extent of more than Rs.4,75,000/- on account of Surety Loan taken by him/her. Subject to this limit a member may at the discretion of Board of Directors be given a loan not exceeding Rs.250/- for every share held by him / her or 20 times of the Gross Salary whichever is less.
No member shall be eligible for a consolidation loan on personal surety before he / she has repaid not less than THREE monthly installments towards the Surety Loan previously taken by him / her.
No member shall ordinarily be eligible for consolidation of Surety Loan before the expiry of THREE months from the date of disbursement of previous loan and has REPAID THREE monthly installments.
Note: The loans that may be given to an individual member secured in one or more of the methods mentioned in byelaw No.44 shall not in the aggregate exceed the individual maximum credit limit prescribed in this byelaw except as provided in the note clause (1) of byelaw No.44.
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