Terms & Conditions
Applies to all members (junior & senior college employees) availing loans or deposit schemes.
🏦 About the Society & Loan Facility
The primary goal of Junior College Employees Co-op Credit Society LTD. is to empower its members by offering loans and advances on fair and reasonable terms for a variety of personal and professional needs.
✅ Initially, the loan limit started at ₹10,000 and has now expanded to ₹50,00,000, reflecting our commitment to supporting our members’ financial growth.
✅ We’ve designed a simple and hassle-free loan application process to make borrowing easy for all eligible members.
✅ To streamline repayment, the society has implemented an automatic salary deduction system for both loan EMIs and monthly contributions.
✅ This facility is officially supported by the Deputy & Joint Director of Education under G.R. No. 0.13/UMD/6287 dated 23.05.1992, which authorizes heads of institutions to allow their staff to:
✔️ Become members of our credit society
✔️ Deduct loan repayments and contributions directly from their salary
✔️ Remit the same to the society efficiently
✅ General Terms (For All Loan Schemes)
✔️ Loans are available to registered, active members only.
✔️ Approval is subject to eligibility checks and management discretion.
✔️ Guarantors may be required based on the loan type.
✔️ Delayed EMI payments will attract penalties or additional interest.
✔️ Foreclosure or early repayment is allowed as per policy.
💼 Mid-Term Loan
✔️ Maximum Loan Limit: ₹50,00,000
✔️ Repayment Tenure: Up to 240 months
✔️ Interest Rate: 10.50% p.a
✔️ 1% Loan Security Fund is mandatory (deducted or paid upfront).
✔️ Monthly EMI payment is required.
Hire Purchase Loan
✔️ Loan Limit: Up to ₹1,00,000
✔️ Tenure: Max 50 months
✔️ Interest Rate: 11.00% p.a
✔️ Applicable for household or personal asset purchases.
✔️ Asset proof may be required post-disbursal.
🚨 Emergency Loan
✔️ Loan Limit: ₹75,000
✔️ Tenure: Up to 12 months
✔️ Interest Rate: 10.00% p.a
✔️ Suitable for medical or urgent financial needs.
✔️ Fast processing on valid documentation.
🎓 Child Higher Education Scheme
✔️ Monthly deposit must be made as per selected plan.
✔️ Premature withdrawals are not allowed.
✔️ Maturity benefits are guaranteed if payments are consistent.
✔️ This scheme is only for education-related savings for children.
💰 Deposit Schemes
✔️ Available to all members with monthly deposit options.
✔️ Members must choose a fixed amount & tenure.
✔️ Premature closure may lead to deductions in benefits.
✔️ Full maturity amount is paid on regular deposits.
✔️ Only society members are eligible to invest.
🔐 Loan Security Fund Scheme
✔️ Applicable only on Mid-Term Loans.
✔️ 1% of the loan amount is charged/deducted as a safety fund.
✔️ Benefit applies only to the specific loan.
✔️ Valid only in case of natural death of the borrower.
✔️ Not applicable in suicide cases.
✔️ Reduces liability on guarantors in unforeseen circumstances.
✔️ Offers financial security to the member’s legal heirs.