- These loan facilities are available only to those who have membership in our co-operative.
- Members who apply for this loan shall have to furnish permanent address, official copy of Driving License and 4 passport sized photo. 2 persons who give guarantee should be members of Sahakari. And Sahakari Bhoja mentioned in the vehicle registration.
- Price List in the name of borrower from the official seller and in case of heavy vehicle Price List of chassis and body should be furnished. 75% – 80% of the price of the vehicle is given as loan. Margin money, registration fee, insurance money should be credited to savings account.
- In case of heavy vehicle immovable property of same vehicle should be mortgaged.
- Period of repayment of loan would be 36 months to 72 months. From the date of receipt of loan instalment and interest shall have to be paid every month.
- Share valuing 5% more than limit of loan should be taken —– 1.05% + GST (18%) Service Tax on Credit Limit has to be paid.
- In case borrower is in difficult of continuous 3 months instalment as well as interest ——— then action would be taken to seize the vehicle.
- It is compulsory to take insurance on the vehicle in the joint name of Sahakari and borrower.
- If the vehicle is damaged, immediately the information should be given to Sahakari and Insurance Company.
- With regard to this loan repayment can be in the form of everyday pigmy. Copy of Registration book, one key and Insurance policy are retained in Sahakari.
- Once loan is cleared [repayment is done] security returned i.e. Letter for cancellation of hypothecation is given.
- Sahakari may change from time to time terms and conditions.
