Pigmy Deposit Loan
A loan for pigmy members, after 45 days of regular collection, at 15%.
A pigmy deposit loan is for members who already save through a pigmy account. The published interest rate is 15%. The applicant must have completed at least 45 days of regular pigmy collection. The loan amount is linked to the pigmy balance and to that collection history.
The pigmy account has to stay active while the loan is being repaid. If daily deposits stop, eligibility and recovery can be affected. This loan is separate from the pigmy account itself, which earns the 5% deposit rate.
Why members choose this
15% interest
The published interest rate on a pigmy deposit loan is 15%.
45 days of collection
Regular pigmy collection for at least 45 days is compulsory.
Tied to your pigmy balance
The amount depends on the deposit balance and the collection record.
Account stays active
Daily pigmy deposits should continue during repayment.
Who it is for
Existing pigmy members
People who already have a pigmy account and a collection record.
Daily savers who need credit
Members who can keep the daily deposit going while they repay.
Documents to bring
- Aadhaar Card (mandatory)
- PAN Card (mandatory)
- 1 Passport-size photograph (mandatory)
- 2 Nominees — Aadhaar & PAN of each (mandatory)
- 45-day Pigmy collection record (mandatory)
Terms and conditions
- Applicant must have completed at least 45 days of regular Pigmy collection.
- Loan amount is linked to the Pigmy deposit balance and collection history.
- Pigmy account must remain active during the loan repayment period.
- Failure to maintain Pigmy deposits may affect loan eligibility and recovery.
- Standard society membership and KYC rules apply to all applicants.
Frequently asked questions
What is the pigmy deposit loan rate?
15%.
Who can apply?
A member with at least 45 days of regular pigmy collection. New savers need to complete that record first. Open a pigmy account if you do not have one.
What documents are required?
Aadhaar, PAN, one passport-size photograph, Aadhaar and PAN of two nominees, and the 45-day pigmy collection record.
Do I have to keep depositing after the loan?
Yes. The pigmy account must stay active during repayment. Stopping deposits can affect the loan.
Related services
Ask about a pigmy deposit loan
If your collection record has crossed 45 days, contact the Kotoli branch with your documents.
Contact the branch