Employees Cooperative Credit Society


Terms and Conditions

  1. Eligible ECCS may apply for loans to finance their eligible members (shareholders)
  2. The intending loanee (member) was not a defaulter in the past.
  3. Individual loan amount should not exceed Rs. 1500000.00.
  4. The entire loan amount to be repaid fully with interest by way of maximum 120 EMIs.
  5. An individual has to apply for loan to the ECCS in prescribed format stating the purpose of loan. ECCS in turn will apply in prescribed format for aggregated loan to NDCC Bank.
  6. After all the deductions including proposed EMI, take home salary/wages should not be less than 40% of Gross salary/ wages of the applicant.
  7. Loanee member of the ECCS must have S/B bank account preferably with NDCC Bank and will issue un-dated signed cheques in favour of NDCCB covering all the EMIs.
  8. Credit limit for all the intending loanee members has to be passed by the Board of Directors ECCS.
  9. Board of Directors ECCS has to approve the Borrowing, repayment schedule and will execute the documents for submission to NDCC Bank along with its loan application and financial statements including cash accounts.
  10. Aggregate loan amount cannot exceed 20 times of the share value of the ECCS in the Bank and the loan will be Term loan in nature repayable in 120 EMI.
  11. Individual loan can be disbursed by ECCS only to the member/s having enrolment for more than six months from the date of proposal of his membership approved by the Board of Directors.
  12. Each loanee member ECCS and NDCCB will execute a Tripartite Agreement in regard to the repayment procedure.
  13. ECCS must have current account with NDCCB.
  14. Apart from declaration made under Section 59 of WBCS Act 2006 favouring ECCS, the loanee member has to declare that he will not avail any loan from any source without the written permission from ECCS/ NDCCB.
  15. Loan can be re-phased or rescheduled, if required, by an application and by executing fresh documents by the ECCS.
  16. Bank will sanction Credit limit once in every month or more if required. Sanctioned Credit limit is valid for one year for disbursement.
  17. A member can avail further loan, if otherwise eligible, only after six months.
  18. Submission of letters of irrevocable authority by the loanee to allow his employer to debit EMI from his salary/ wages and pay the same to ECCS.
  19. Submission of letter of authority by ECCS to allow NDCC Bank to debit EMI from their account with the Bank.
  20. No loan to be sanctioned to an employee due for transfer within six months.
  21. In case of a transfer, the employer should agree to debit the salary account for the adjustment of the loan as per agreement. Otherwise the loan account may be adjusted fully if possible.
  22. In case of default after serving Demand Notice ECCS will initiate the recovery measures for recovery of the outstanding loan in terms of the provision of WBCS Act 2006. Simultaneously bank will also start recovery proceedings against the defaulting loanee member by way of lodging undated cheques for recovery and initiation of legal action as per N.I. Act of India if the cheques are returned unpaid/dishonoured.
  23. ECCS will have hypothecation charge on all assets owned created by the loanee member. The applicant will submit a statement detailing all the moveable/ immoveable assets owned by him or having legal interest along with the name and relationship of the legal heirs at the time of submission of loan application.
  24. Rate of Interest to be decided by the Board of ECCS/ NDCCB.