Margin Money

• RDMMSL collected saving amount have to deposit in outside bank for future reserve (fixed Deposits)
• RDMMSL refund the saving amount, DRS and Share capital to member on closing of saving account
• Pass book, Entrance fee and Building fund not refundable

Rate of Interest

• The rate of interest for finance/refinance sanctioned by RDMMSL will be such as may be determined by the RDMMSL from time to time. At present, the rate of interest which RDMMSL will charge from Members is 12% to 14% p.a on reduced balance.
• The RDMMSL shall charge interest not exceeding 14% p.a. on reduced balance to the groups or their members.

Repayment Period

• The rights of Repayment period have to configured at head office level
• The loan issued under the sanction of RDMMSL will be repaid by the Members/Groups within the repayment period of 36 months as per the repayment schedule given in each disbursement advice.
• In case of delayed repayments up to three month No penal interest will be charged

Security

The loan sanctioned to the Individual may be secured by such securities/guarantees as may be prescribed by the RDMMSL in the sanction letter.

The loan sanctioned to the women groups should be collateral free and may be secured by KYC and Inter-se agreement.

Insurance

Insurance charge will be charged to @ 0.3% on loan amount compulsory for borrowers who are taking Gold loans

Other Incentives

For timely repayment RDMMSL will give sitting changes to all Village Co-ordinators.