Loan Rules

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BEGALE SOCIETY PURUSH MAHILA BACHAT GAT

                                   

                                                                                                                       

Short term: Upto three months.

Long term: Upto 12 months.

 

• Eligibility for loan will be available only after six months of registration of Begale membership [Begale Management team may allow or has the right to sanction loan amount till 10,000/- for any new joinee depending on the nature of requirement].

 

• Only members who have regularly paid the monthly fees since last 6 months will be eligible to avail this loan facility.

 

• Loan amount that can be availed will be minimum Rs. 5000/- to maximum Rs. 50,000/-.

 

• Defaulting members can get the loan only after a period of three months after he/she has paid their dues concerned to the monthly fees or loan.

 

• Two members who are regular in their payments will be required as guarantors

 

• Interest Rate will be (Flat) 12% per annum.

 

• Long term loan Processing Fees will be 2% of total sanctioned loan amount or Rs. 1000/- which will be less.

 

• Tenure to close the loan will not exceed 12 months in case of long term loans.

 

·         EMI Date of loan repayment to Begale would be before 10th of each month.

 

·         Due date for the monthly share or loan installment would be 10th of each month.

 

·         Fine for late payment of any share or loan installment will be 10 % of its total amount which will be recovered in the same month.

 

·         Converting Short term loan to Long term loan :    Whatever principle amount would be received in the long term tenure will be subtracted from the remaining principle amount.  Interest rate will change from 1.5% to 1% monthly.  Processing fees 2% will be there for the remaining principle amount.

 

·         Converting Long term loan to Short term loan: No such facility.

 

·         Processing fees for short term loan : Processing fees will be zero for the short term loan.

 

·         Charges for Preclosure of loan : Preclosing loan charges will be 2% on the remaining principle amount. Current month loan EMI will be applicable.

 

• Hospitalization loan –

We have reduced interest rate from 12% to 11 % for hospitalization purpose only. Hospital authority letter will be required for same.

 

Loan for medical purpose : Sharing medical reason is mandatory. Need to submit medical\hospital bills if any. After verification, loan will be sanctioned.

 

I hereby agree to all the above defined rules. I will accept all rules as a member of Begale Society Purush Mahila Bachat Gat.

Final decision by Management of Begale Society Purush Mahila Bachat Gat would be applicable in all circumstances.

 

 

Applicant  Signature.                                      Date