Loan Application Guidelines

Loan Application Guidelines

Loans given after 6 months of membership.

Maximum credit limit will be 2.5 times the total savings of the applicant as at the time of the application subject to availability of funds.

Interest on loan to members shall be charged at a rate approved by the Management Committee which in principle is expected to be less than the lending rate in the open market. In case of default in repayment, penal interest shall be charged at twice the nominal rate.

Every borrower shall execute a bond and shall furnish two sureties who must be members of the society. No extension of the period of repayment shall be granted without the consent of the sureties.

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