SOME GENERAL RULES FOR THE LOAN

• Loan given to the Borrower shall be granted as per provisions of the Act, Rules and Bye-laws of the society.
• Loan Application Form Fee – Rs. 100/-
• While becoming a member and taking loan, fill the details in the application form correctly because if any detail is found wrong after checking, then legal action can be taken against you and your membership can also be terminated.
• While filling the cheque, take special care of cleanliness so that there is no inconvenience and write your membership number, name and contact number on the back of the cheque.
• If you have any outstanding dues (Defaulters) as per provisions of the Act, Rules and Bye-laws of the society, you can’t avail the benefits of the schemes, facilities and gifts provided by the Society.
• In case the cheque (Loan / Other Payment) given by the committee to the member in any form is lost / damaged, he will have to write a note for the second cheque and deposit Rs. 200, only then the second cheque will be given.
• If the member has made irregular/delayed payment of his previous loan, this may become an obstacle in sanctioning the new loan. Therefore, repay your loan on time so that the money deposited by you can be given as loan to other needy members.
• The surety member should read/understand the declaration given in the form thoroughly before signing.
• Post dated Cheques will have to be deposited as per the monthly installment of the applicant and his name and account must be written on the face of the cheque. So that one can avoid coming to the society every month.
• If the installment Cheques issued by you returns without clearing, then the prescribed penalty amount (changes from time to time) and appropriate legal action can also be taken. The Society has no responsibility for giving Cheque return information and for this the member may be denied loan in future.
• Loan applications (forms) are submitted only by 25th of every month. Loan applications received after that will be kept for the next month.
• All signatures on the loan form will be valid only after coming to the office of the committee and as per the records of the committee.
• The surety will be valid only for those members who are not defaulters, their share amount is equal to the share amount of the applicant member, they have not given surety for more than 3 members and the surety will be a member of the committee only.
• If a member does not repay the loan on time, the entire security deposit will not be refunded. The sureties will have to pay the recovery of the loan, principal, interest, penalty and other expenses and also the court fees. Therefore, sureties are requested to be careful and keep these things in mind if they are giving bail.
• Interest on all loans shall be charged on monthly basis, on reducing balance method.
• Interest shall be charged on balance of outstanding principal loan amount as on the last day of the month.
• If, failed to pay interest or any installment or the principal loan on or before the stipulated date, the whole loan with interest, shall become immediately due and payable. In case of default, shall have to pay penal interest @3% p.a. on all overdue principal from the date of default
• It is the responsibility of the applicant member to produce sureties for loan applied for as detailed below:-
  

  Loan Type	Loan amount	Rate of Interest	No. of Sureties	Sureties	Installments
  Emergency Loan	Rs. Upto 50,000/-	18% P.A. Reducing Balance Method	01	General Member of this Society	12 Installments
  Ordinary Loan	Rs. 50,001 to 5,00,000/-	12% P.A Reducing Balance Method	02	General Member of this Society	25 /40 / 50 Installments
  Note:- The above rates change from time to time.

• The applicant shall provide the following documents together with his Loan application form obtained from the office.

  (I) BORROWER DOCUMENTS FOR LOAN:-

  Photo	02 Passport Size Latest
  Aadhaar Card	Compulsory
  PAN Card	Compulsory
  Residential Proof	(i) Electricity (ii) Water, (iii) Telephone Bill (iv) LPG Bill (v) Passport (Latest copy of Any One)
  Income Proof	If you pay income tax then attach a copy of I.T.R.. If you do not fill it then you can also give an affidavit of Rs 10 or any other.
  Property Paper (Delhi Only)	Land/property deed (if the land/property is not in the name of the borrower, then along with the copy of the land/property, an affidavit of Rs 10 will also have to be given by the owner)
  Advance Cheques	As per the Installments
  If Applicant Govt. Servant	Salary/ Pay Slip Compulsory.

  (II) GUARANTOR’S DOCUMENTS :-

  Photo	01 Passport Size Latest
  Aadhaar Card	Compulsory
  PAN Card	Compulsory

  (NOTE:- PHOTO COPY OF ALL THE DOCUMENTS ARE MANDATORY TO BE SELF ATTESTED)

• Any other documents asked by the managing committee to satisfy its doubt at any point.