Eligibility for Loan:  Article Loan / Home Appliances Loan is a top-up loan for existing loans like Medium or Long-Term Loans. It will be issued only once in a year, specifically in the month of January .

Members shall purchase Computer / Laptops / UPS / Bosch Home Appliances or Power Tools under this Loan.

Applications will be issued in the month of December and the Loans will be disbursed on the month of January of each year.

Maximum Limit:  The maximum limit of Home Appliances Loan is upto Rs. 50,000/-

Repayment Period:  The loan repayment will be in the form of monthly instalments with interest, similar to that of existing Medium or Long-Term Loans. The Sanctioned amount will be added to the current running loan of the members.

Co-obligants (Sureties) : One co-obligant (Surety) is required. The member must obtain the signature of the co-obligant who has already signed for the earlier/current running loan.

Rate of Interest: Interest on loans shall be calculated on day to day basis at 7% per annum on reducing base (Subject to repayment of instalment).

Documentation: Members must fill the prescribed Loan Application form and declaration form with one Co-obligant (Surety) Signature and submit it to office.

Processing Fee:  There will be no processing fee charged.

Additional Claus Note:  A member can avail Article Loan only once in a two years.

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