Loan Policy

1. General Loan Policy

Jakanoor India Nidhi Limited provides loans to its members against various types of security. All loans are subject to the approval of the Board of Directors and compliance with applicable regulations.

2. Types of Loans

2.1 Deposit Loans

2.2 Gold Loans

2.3 Mortgage Loans

3. Eligibility Criteria

3.1 Member Requirements

• Must be a member of the company for at least 6 months
• Must have good credit history and repayment capacity
• Must provide adequate security/collateral
• Must have regular source of income
• Must not be a defaulter in any financial institution

3.2 Documentation Required

• Loan application form
• Income proof (Salary certificate, ITR, etc.)
• Bank statements (6 months)
• Property documents (for mortgage loans)
• Gold valuation certificate (for gold loans)
• Deposit passbook (for deposit loans)

4. Loan Processing

4.1 Application Process

1. Submit loan application with required documents
2. Verification of documents and credit assessment
3. Property/gold valuation (if applicable)
4. Credit committee review and recommendation
5. Board approval
6. Loan sanction and disbursement

4.2 Processing Time

• Deposit Loans: 1-2 working days
• Gold Loans: 2-3 working days
• Mortgage Loans: 7-15 working days

5. Interest and Charges

5.1 Interest Rates

• Interest rates are subject to change as per policy
• Rates may vary based on loan amount and tenure
• Interest is calculated on reducing balance
• Penal interest for overdue amounts

5.2 Other Charges

• Processing fee: 0.5% of loan amount (minimum ₹500)
• Late payment charges: 2% per month on overdue amount
• Prepayment charges: As per policy
• Legal and valuation charges: Actual cost

6. Repayment Terms

6.1 Repayment Options

• Monthly EMI (Equated Monthly Installments)
• Quarterly installments
• Bullet payment at maturity (for short-term loans)
• Flexible repayment as per agreement

6.2 Prepayment

• Prepayment allowed with prior notice
• Prepayment charges may apply
• Interest calculation on actual outstanding amount

7. Security and Collateral

7.1 Types of Security

• Fixed deposits and recurring deposits
• Gold jewelry (minimum 18 carat)
• Immovable property (residential/commercial)
• Shares of the company

7.2 Security Documentation

• Lien marking on deposit accounts
• Gold pledge agreement and safe custody
• Mortgage deed registration
• Share pledge agreement

8. Default and Recovery

8.1 Default Conditions

• Non-payment of EMI for 3 consecutive months
• Non-payment of interest for 6 months
• Breach of loan terms and conditions
• Misrepresentation of facts

8.2 Recovery Process

• Notice to borrower for payment
• Invocation of security/collateral
• Legal action as per applicable laws
• Recovery through appropriate channels

9. Regulatory Compliance

All loan operations are conducted in compliance with:

• Companies Act, 2013
• Nidhi Rules, 2014
• RBI guidelines (where applicable)
• Income Tax Act provisions
• Other applicable laws and regulations

10. Contact Information