Objective of the Society
Main aim of the Society is to help its members by giving loan for:- Illness of himself or a relative
- Education of a relative or his children
- Marriage of himself/hereself or performance of a religious ceremony
- Purchase of land or building or repair of house
- Any other domestic need.
How to become member
1. Membership is opened to all Regular employees of the IRCON company (i.e.on completion of initial probation). If absorbed, on completion of two years from the date of absorption.
2. Please send the application form only with admission fee of Rs.100 and share money @ Rs.100/- per share.. To become a Member only one share is required to be purchased. However, we allow five shares to be purchased at the time of Membership. Rest of the shares as per eligibility criteria will be issued at the time of granting loan.
3. Once a Member is enrolled, compulsory deposit will be deducted from his salary.
4. Every member below JE and equivalent grade shall make monthly compulsory deposit of Rs.150/-
5. Every member in JE and equivalent grade and above shall make monthly compulsory deposit of Rs.300/-
6. Presently Interest @6% is being paid on CD amount.
7. One share is eligible for a loan of Rs.4000/-. Share can be purchased at the time of applying loan as per eligibility criteria. Otherwise shares will be not be issued.
8. A member can stand surety to two members only. It is in the interest of members to form a group of three persons and give surety to each other.
9. New Member are eligible for Regular loan after five years from the date of their Membership. However, Emergency Loan can be granted in genuine cases.