Loan to Members

We are having over 13,300 members from Department of Post, Railways Mail Service consisting of 5 States and 1 UT from Haryana, Punjab, J&K, Himachal Pradesh, Chandigarh & Delhi. Any employee from Department of Post, Railways Mail Service consisting from Haryana, Punjab, J&K, Himachal Pradesh, Chandigarh & Delhi can apply for membership, and he/she can become member. Minimum Ten shares (@ 50/-) are required, and member will have to deposit Rs. 500/- as CTS balance per month by way of recovery schedule.

Membership — Initial Payment

Rs. 500/- at admission — 10 shares @ Rs. 50/- each (share capital). A separate CTS contribution of Rs. 500/- per month is recovered from salary as per the bye-laws.

Purpose

To meet personal/family expenses like marriage/education/family functions etc. "except of speculative / prohibited nature".

Eligibility

All working Postal & R.M.S. Personnels with existing member. The member required to purchase the shares (@ 50/-).

Amount of Loan

The loan amount is 32 times of the basic pay of the member.

Securities

Two sureties (existing members not less then having six months service).

Interest rate

Member Loan (M.C.L.) is currently available at 9.90% p.a. (on a day-to-day basis).