Salary Deduction Loan
The loan Installment should be paid by the borrower from the working establishment with the consent letter for deduction from the salary. Also, the monthly Installment should be deducted from the salary and credited to the organization.
Purpose: Personal needs such as Housing, Education, Medical Emergencies, Travel etc.
Benefits of Salary Deduction Loan
- Quick Loan Sanction: Loans are processed and disbursed promptly due to automatic salary deduction.
- Easy Repayment: Monthly installments are deducted directly from the salary, ensuring a hassle-free repayment process.
- Low Risk & Affordable Interest: Due to the secured nature of repayment, the Society may offer lower interest rates.
- Minimal Documentation: Simple application and minimal paperwork required for approval.
- Convenient Access to Funds: Helps members meet urgent personal or financial needs such as medical expenses, education, or household requirements.
- No Default Risk for Members: Automatic salary deduction reduces the risk of missed payments and ensures financial discipline.
Eligibility Criteria:
The Salary Deduction Loan is available to members of the Society who meet the following conditions:
- Membership Requirement: The applicant must be a member of the Society with an active account.
- Employment Status: The applicant must be a salaried employee, receiving a regular salary from a government, semi-government, or private organization.
- Salary Assignment: The applicant must authorize the Society to deduct the loan installment directly from the monthly salary until the loan is fully repaid.
- Loan Application: Submission of the Salary Deduction Loan Application in the prescribed format is required.
- Tenure of Employment: The applicant should have a minimum period of employment, as specified by the Society, to ensure repayment capability.
Required Document’s
- Application Form – Duly filled and signed by the Members/Applicant/Co-applicant/Guarantor.
- Photographs – Two recent passport-size color photographs of each Member/Applicant/Co-applicant/Guarantor.
- Identity Proof (Any one of the following):Aadhaar Card, NREGA Job Card, Passport, Driving License, Voter ID, PAN Card.
- Residence Proof (Any one of the following):Aadhaar Card, NREGA Job Card, Electricity Bill, Passport, Voter ID.
- Office/Business Address Proof (Any one of the following): Udyam Registration Certificate, GST Certificate, Gumasta License, Electricity Bill.
- CIBIL Score – Minimum 800 required for all Members / Applicant and Guarantor.
- Processing Fee – 2% of the sanctioned loan amount (non-refundable).
- Existing Loan (if any):12 months repayment track record, Latest statement of account OR Copy of the Sanction Letter.
- 3 month salary slip on letter head or with company logo.
- Latest 2 year F-16 Part-A and Part-B
- 2 year Income Tex return if available.
- Salary credit bank statement copy for the 1 year
- Photo of Company Identity proof
Note: – Additional documents may be needed as per the nature of the application, All documents need to be attested by the member’s Applicant & Co-Applicant.
Terms- “The Sanatan Co-Operative Credit Society Ltd. reserves the right to unilaterally revise or modify its terms and conditions, including, but not limited to, rates of interest, fee structures, product features, and scheme eligibility/benefits. Any such revisions shall be effective immediately upon approval by a resolution passed in either the Annual General Meeting (AGM) or a Special General Meeting.” ( The T&C applicable for all products )
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