Section 47 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
47. Loan to be repaid in equal or equated instalments.
- A individual member or other which has taken a loan from the Bank shall repay the amount together with interest due thereon either by equated annual instalments or debts option, in equal instalments together with interest due on the amount outstanding from time to time. After exercising its option, individual member or other shall not ordinarily he allowed to change its method of repayment. Nothing, however, shall prevent a debtor or a Primary Bank or other from repaying at any time a larger sum than the annual instalment or from discharging the whole debt in a single payment.(a)Repayment made before the due date shall be dealt with as follows-Where a individual member or other member pays any sum it shall be credited towards the interest first and then towards principal. Such crediting shall no relieve a individual member or other member from payment on due dates of interest due and not covered by the payment.
