Loan
Criteria for Getting a loan
- The maximum repayment period of all types of loans and borrowings will be 3 years at most.
- The repayment period of all types of loans and borrowings can be fixed at 6-6 months and the loan can be renewed or extended for 6-6 months as many times as required as per the demand of the members.
- The repayment schedule of interest on all types of loans will be decided by mutual agreement between the management and the debtor members as mentioned in the internal circular and loan approval information letter.
- In case of any kind of loan and borrowing from the concerned debtor members as per the rules, interest, compensation interest and other necessary amount received by the management deems reasonable.
- Arrangements can be made to renew or extend the overdue or overdue installment for a reasonable period of time in any subsequent installment with a fee as per the rules. Management means the executive head of the organization.
- Interest rates, fees and other arrangements for all types of loans and borrowings will be as mentioned in the internal circular and loan approval information letter. Internal circular on loan and information letter of loan approval for all types of loans and They will remain as an integral part of the loan and this is considered to be in accordance with this policy.