Section 41 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
41. Application for loan.
- The application of a primary Bank for a loan from the Bank shall be accompanied by application for loans from member of the said Primary Bank and the Bank shall be competent to make such further enquiries with regard to the security offered by, the repaying Capacity of the intending borrower and other matters connected with the said application. In all cases, the Bank shall be the sanctioning authority in respect of individual of Primary Banks. Other things in respect of requirement for the sanction of loans to individual member of Primary Banks being equal preference will be given by the Bank to smaller loans as well as to backward class.Every applicant applying for loan through Branch shall produce all necessary documents required by the Bank within three month from the date or requisition and on failure to do so without satisfactory reasons, the loan application shall stand rejected. It is, however, open to the Bank to restore the application on payment of penalty of Rs. 2/- by the application member.Half of the administration charges will be refunded to an applicant for a loan if the withdraws his application or if the application is rejected before the properties offered for mortgaged have been inspected.The person or persons so deputed to inspect the land proposed to do mortgaged shall, in all cases be held strictly responsible for the correctness of his report, estimates, and valuations.It shall be competent to the Board to reject any such report, estimate or valuation.
