If you are an employee of Andhra Pradesh State Road Transport Corporation (APSRTC) and want to take a loan to fulfill your financial needs, then this article is for you.
In this article, we will discuss APSRTC CCS Loan Eligibility, the documents required for it, how to apply for the loan, and the qualifications required to obtain the loan. Let’s learn about all these things. This scheme is designed for employees working in the Andhra Pradesh State Road Transport Corporation. Employees can avail loans ranging from Rs. 5,000 to Rs. 5 lakhs under this scheme at attractive interest rates.
If you are an APSRTC employee, you can fulfill your needs such as education, medical expenses, and other necessities through this loan. Let’s delve into the details of this loan.
Table of Contents
What is APSRTC CCS Loan?
“APSRTC CCS” stands for Andhra Pradesh State Road Transport Corporation Cooperative Credit Society. Employees working under this scheme are offered loans ranging from Rs. 5,000 to Rs. 5 lakhs. The loan amount carries an interest rate of 12% per annum, with a repayment period of up to 5 years. If you are a permanent or temporary employee of APSRTC CCS, you can apply for this loan.
Eligibility for APSRTC CCS Loan
Certain eligibility criteria have been set to obtain APSRTC CCS LOAN. Employees intending to take the loan must fulfill these criteria to avail of the loan. Let’s find out what criteria the loan applicant should meet:
- Only permanent or temporary employees of APSRTC are eligible for this scheme. Additionally, the employee must have a minimum service period of 10 years.
- The employee’s age should be minimum 18 years and maximum 60 years.
- For availing the loan for the second time under this scheme, the outstanding amount of the first loan should be cleared. Failure to do so may affect your credit score, which could create difficulties in obtaining the loan.
- Eligibility for loan approval may change over time according to APSRTC policies. Therefore, it is advisable to gather complete information before applying for the loan.
- Retired APSRTC employees are also eligible for this loan.
- The applicant’s conduct should be good, and they should have a good repayment record.
Loan recipients can opt for salary deduction for loan repayment, which helps in maintaining a good repayment record and allows them to take another loan in the future.
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Documents Required for Loan
Once a person becomes eligible for APSRTC CCS Loan, the next crucial step is to prepare all the documents related to the loan. Before applying for the loan, make sure to have all the documents listed below. Here are the documents you will need when applying for the loan:
- Identity proof: Voter ID, Aadhaar card, Driving License, PAN card
- Address proof: Electricity bill, Telephone bill, Aadhaar card
- Salary slip
- Appointment letter
- Employee details
- Bank account details
- Any other documents requested by APSRTC
- Pension details of the employee (for retired employees)
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How to Apply for the Loan
If you want to avail APSRTC CCS Loan, follow the steps below:
- First, visit the official website of APSRTC CCS and download the application form to apply for the loan.
- Fill in the required information in the form correctly, attach the necessary documents, and submit it to the nearest APSRTC CCS branch office to the official.
- Afterwards, APSRTC will review your application and documents. If everything is in order, you will be granted the loan.
APSRTC CCS Repayment Process
There are several methods available for repaying APSRTC CCS Loan. These methods are:
- Cheque – You can repay through a cheque. You need to deposit the cheque at your branch office.
- Cash – You can repay in cash. You need to deposit the cash at your branch office.
- Online transfer – You can repay through online transfer. You need to transfer money from your bank account to APSRTC CCS account.
- Auto debit – You can repay through auto debit. Your EMI amount will be automatically deducted from your account every month.
The repayment schedule of APSRTC CCS Loan is mentioned in your loan agreement. You are required to pay a fixed EMI amount every month, which depends on your loan amount and tenure. You also get a due date every month on which you need to pay your EMI. You can check your EMI amount and due date from your branch office or APSRTC CCS website or app.
If you do not repay APSRTC CCS Loan on time, you may face some issues. These issues are:
- Late payment – If you pay your EMI after the due date, you may incur a penalty. The penalty amount can be ₹100 or 2% of the overdue amount, whichever is higher.
- Default – If you do not pay your EMI for 3 months, you may get a default status. Default means your loan agreement is canceled, and your credit score may decrease. You may also face legal action. Therefore, you should pay your EMI on time and contact APSRTC CCS if you encounter any problems.
In this article, you learned about APSRTC CCS LOAN ELIGIBILITY, how to apply for the loan, the loan amount you can get, and the necessary documents. I hope you found this information helpful. Through this loan, you can fulfill your needs. We have provided complete information about the loan. If you liked this information, do let us know in the comments. Also, make sure to share this post on your social media platforms.
What is the maximum loan amount I can avail under APSRTC CCS Loan?
The maximum loan amount you can avail under APSRTC CCS Loan is Rs. 5 lakhs.
Can retired employees of APSRTC apply for this loan?
Yes, retired employees of APSRTC are also eligible to apply for this loan.
How long does it take for the loan application to be processed?
The processing time for the loan application varies but typically takes a few days to a couple of weeks, depending on the documentation and verification process.
What is the interest rate charged on APSRTC CCS Loan?
The interest rate for APSRTC CCS Loan is 12% per annum.