General Rules for Taking Loan

Before taking loan please read and follow the following important instructions

1. The submission of loan application does not entitle the applicant to receive the loan. The Managing Committee reserves the right to reject any loan application without assigning any reason.
2. Loan application form which is cut/torn/folded/dirty/old/incomplete will not be accepted by the office. After completing all the formalities, submit the loan application form yourself to the society office.
3. In the loan form, write only the name as per the bank records of the member. Fill all the columns in the loan form like name, home address etc. clearly in capital letters and with blue colored ball pen only.
4. Along with the loan form, the applicant is required to submit a copy of Voter Card/Aadhaar Card as proof of identity.
5. Please note that the name of the member should be the same in the voter card, Aadhar card, PAN card and bank account. If any member's name is different in these documents then please apply for the change only after getting them corrected.
6. The applicant is required to attach a photocopy of the first page of his bank account passbook or a canceled check containing the applicant's name and bank account details along with the loan form as all payments by the Society will be through Online payment method. Or it is done by check only. According to the Income Tax Act, cash payment can be made only up to Rs 10,000 (ten thousand).
7. Whenever you apply for a loan, ensure that you do not have any outstanding dues on old loans.
8. Before applying for loan, the borrower should obtain all the information from the society regarding the status of himself and the sureties. As soon as your application is complete, submit it to the society office. Don't wait for a specific date while applying for a loan.
9. After the loan is approved, whenever the sureties come to the society office to sign their signatures, they should keep in mind that they should have their identity documents like voter card or Aadhaar card in original. Their photocopy can be taken by the society office for records.
10. Before giving security, keep in mind the fact that if the loan is not paid on time by the borrower, then the loan of the surety can also be postponed and in case of recovery, recovery is also made from the surety.
11. Information about the approval of the loan is given to the applicant on the mobile number provided by him. When the applicant receives the information of loan approval from the society over phone, only then inform his guarantors to sign the bond.
12. Generally a member can give surety for a maximum of 2 members. If for any reason this amount is not recovered from the debtor, then the guarantors are individually/jointly responsible for repaying this amount.
13. Necessary corrections in one's home address, change in place of business/job, name of husband after marriage and home address etc. in case of a girl should be done by giving written notice as soon as possible. (Under the rules, it is necessary to get this information corrected immediately.) Be sure to check the record of your nominee and get it corrected if necessary.
14. Members must pay their loan installments within office hours by the 10th of every month. Penal interest is charged on installments received after the 10th.
15. Be sure to receive the letter sent by the Society. If the mail sent is returned, such information is entered in the member's record on the computer. As a result, the account of such members is temporarily closed and strict steps like not taking their security, loan pending/recovery etc. are also taken.