Loans are given after 6 months of active membership in NEMCOS.
Maximum Loan Amount
What is the maximum amount of loan a member could get from NEMCOS? It depends on what kind of loan you are applying for. Ordinarily, not more than 150% of your total savings except for an NPP loan.
NPP Loan (NEMCOS Partnership Program)
What is NPP loan?
NEMCOS Partnership Program is a kind of business loan where the applicant partners with NEMCOS to get financing for a business and the profit is shared at an agreed percentage ratio.
Interest Rates
Interest on loans to members shall be charged at a rate approved by the Management Committee which in principle is expected to be less than the lending rate in the open market. In case of default in repayment, penal interest shall be charged at twice the nominal rate.
Guarantors Required
Every borrower shall execute a bond and shall furnish two sureties who must be members of the society. No extension of the period of repayment shall be granted without the consent of the sureties.
Fund Availability
All loans are subject to availability of funds. Members can access the funds in form of loan with interest. Funds are invested in viable investment portfolios and dividends are paid yearly from yield of investments.
Ready to Apply for a Loan?
Log in to your account to start your loan application or register if you're not yet a member.
