Is membership open to only MPL employees?
Membership is open to all Employees of MPL and its subsidiaries and
Also to spouses and children of members who are 1 8 years of age and over.
Are my savings insured?
Yes, all savings are insured and premiums are paid by the credit Union
How soon after joining can I get a loan?
As early as three months.
Do I need to buy an insurance policy to cover my loans?
No. All loans are being insured by the Society.
How much can I borrow?
You can borrow up to four times the shares held. The maximum loan Rs. 1 million
Do I get any interest on my savings?
All surplus resulting from the operations of the Credit Union, after approval of the Financial Statement every year, and crediting required amount to the Reserve Fund are shared among members based on the amount of shares they have subscribed.
How can I update my personal info?
Your personal info can be updated by filling the appropriate form.
Why do I need a share account? I just need aloan.
Loans are issued based on the amount of shares held by a member. Actually the ratio is 1:4.
What is a nominee?
Upon application every member shall nominate one or more person to whom on this death or in the event of the member becoming legally incapacitated, his shares shall be paid.
How can I make my shares contributions?
Shares contributions can be effected as follow:
• Check off from salary( For MPL employees and Civil Servants)
• Check off from pension
• Bank standing order
• Internet Banking transfer
• Juice
• Over counter payment
• Cheque payment