INTRODUCTION OF CAGD LOAN
KATHCCU has introduced a new loan called CAGD Loan of which members will be granted loans before a deduction at the Controller and Accountant General’s Department which will be accessible from 1st October, 2021.
Features of the CAGD Loan
The policy defines CAGD loans given to members on Controller and Accountant General’s payroll without considering the deposit of the member
- Payment of this loan shall be at source after the loan is granted.
- The interest rate shall be 3% monthly on the unpaid balance (19.5% per annum).
- The duration of such loans shall not exceed 24 months.
- The amount of loan granted shall be based on the affordability amount to be deducted.
- The applicant must have the minimum shares.
- There shall be two guarantors for this type of loan.
- This type of loan will be released on first and last week of every month.