Loan terms

Applying

• You apply for a loan with the documents the loan desk asks for. The information you give must be true and complete; false information may lead to the application being rejected or the loan being recalled.
• Most loans are arranged with the Society's lending partners: the partner decides the loan and its terms, and your agreement is with them. A loan against your deposit is made by the Society itself.
• The Society or its partner may verify your details, your credit record and your documents, and may share them with each other and with credit bureaus for this purpose.

The stages of an application

• Your file passes document collection and review. A loan secured on property also passes a technical verification (the property's valuation) and a legal verification (a check of its title) before it can be approved.
• You are told by email and in the app at each stage. Approval is confirmed by a sanction letter setting out the amount, rate and tenure.

Fees

Processing and other fees are those shown in the sanction letter or the partner's agreement. Fees paid are not refunded if the application is rejected or withdrawn, unless the Society says otherwise in writing.

Repaying

• You repay by the instalments and on the dates in your loan agreement. Late payment attracts the charges the agreement sets.
• For a loan against your deposit, the Society may recover any amount overdue from the pledged deposit.

Withdrawing

You may withdraw an application before the loan is disbursed by telling your branch.

The Society and these terms

Yashodhan Co-operative Credit Society Limited (the Society) is registered under the Maharashtra Co-operative Societies Act, 1960. These terms sit alongside that Act, the rules made under it and the Society's bye-laws; where they differ, the Act, the rules and the bye-laws prevail. The Society may change these terms; a change is published here as a new version and applies from the date shown, except that the interest rate agreed on a term deposit does not change for its term.

Your details

• Keep your address, mobile number, email address and nominee up to date with your branch.
• The Society relies on the KYC documents you give it, and may ask for them again as the law requires.
• The Society sends alerts, receipts and statements to the mobile number and email address it holds for you. Tell your branch within 30 days if an entry looks wrong.

Disputes

Disputes are settled as the Maharashtra Co-operative Societies Act, 1960 provides. Courts at the place of the Society's registered office have jurisdiction.