PROCEDURE TO JOIN AS MEMBERS
Potential Members must:
be an employee of the Ministry of Health & Quality of Life
be under 65 years of age
fill in a Membership Application Form
pay the subscription of Rs 100 (Entrance Fee) to cover the registration and purchase of shares (10 x10=Rs100)
After approval of membership, every new member :
must sign the register of members and declare the name & address of nominees
must contribute the minimum sum of Rs 100 monthly by check-off or standing order
* After 6 months of contribution a member is eligible for a loan (4 times shares accumulated) with a ceiling of RS 300,000.
* Application should be done on the prescribed forms available at the Society.
* Loans to be guaranteed by 2 active members of the Society.
* Support by ID card, CEB/ CWA/Telecom bill.
* Within 1 month the loan is processed and the member is informed.
Loan repayment is over a period of time calculated on the amount of loan applied for the maximum
not exceeding 50 months.
All loans are protected by a death gratuity. In case of death any balance unpaid clears with the debtor.
To be eligible for a recash the member should reimburse 50% of his existing loan.