Personal / Regular Loan

Terms & Conditions

• Regular Loan shall be sanctioned only after satisfactory CIBIL Score, repayment capacity assessment, and successful completion of all mandatory verifications.
• Two (02) Guarantors are mandatory for every Regular Loan. At least one (01) Guarantor must own a residential property in Delhi.
• The age of each Guarantor must be between 18 years and 59 years.
• The Borrower and Guarantors must not have the same residential address.
• If the Applicant has already provided guarantee for any member's loan account, such loan account must be running regularly without any overdue amount at the time of loan application.
• If any Guarantor has provided guarantee for another member's loan account, such loan account must also be regular and free from any overdue installments or outstanding defaults.
• The Society reserves the right to verify the repayment behaviour, guarantee obligations, and loan liabilities of both the Applicant and Guarantors before sanctioning the loan.
• Residence Verification and Workplace/Business Verification Must, ECS must
• Submission of all required documents shall not guarantee loan approval. Loan sanction shall be subject to the Society's prevailing loan policy and approval by the competent authority.
• In case any information or document furnished by the Applicant or Guarantors is found to be false, forged, incomplete, or misleading, the Society shall have the absolute right to reject or cancel the loan application and initiate appropriate legal proceedings.
• In case of default in repayment, the Society shall be entitled to initiate recovery proceedings and take legal action in accordance with its Bye-Laws and applicable laws.
• The Management Committee reserves the right to amend, modify, or withdraw any of the above Terms & Conditions without prior notice.
• 1% of the loan amount will be deducted for the Kalyan Fund and 1% for the Building Fund.
• If a member takes a loan and wishes to close it within the same month, the full interest for that month will be charged.
• If the installment is not deposited by the 10th, an additional interest of 3% will be charged after the 10th.