Society Credit System

Society Credit System

The main function of society is to provide credit to members. The corpus fund of society is collected monthly from each member. There are two Type of membership :

  • Full Member - Regular employee is eligible for Full member category.
  • Non Member - Project employees, Temporary or Contractual employee are eligible for Non Member Category.

Contributions from Member

  • Compulsory Deposit (CD) - Member can deposit Rs 2000 monthly & earn 7% annual interest on it.
  • Share Money Member can opt maximum up to ₹ 5000 monthly.
  • Well Fair Fund - To meet community expenditure of society. Presently it is ₹ 60 per month.
  • GSLI/GINP – group insurance given to members. Fixed amount is deducted.

There are two type of loans.

  • Normal Loan - 5 times of Share money
  • Emergency Loan - Maximum ₹ 25000 at a time.

Module – Admin, Secretory, Member with different online facility.

Some Key Features
  • Membership Creation
  • Monthly Deduction form salary
  • Monthly Statement
  • Loan Request
  • Loan Approval
  • Member authentication
  • Record Society Expenditure
  • Monthly and Annually Ledger
  • Dividend Calculation
  • Share Allocation
  • Membership cancellation/surrender
  • Reports