The organization's active members are the driving force of any cooperative society, NGO, and harmonious multipurpose society. The more members a community has, the richer it is. A new member has to accept the loan by accepting some rules and conditions of the association. In light of the Cooperative Societies Act, 2001 (Amended 2002 & 2013) and Cooperative Societies Rules, 2004, the lending process of Cooperative Societies.

1. The person to whom the loan is granted must be a member of the society.

2. Loans cannot be given to non-members.

3. The borrower should have a 40% share capital of the loan amount. If the price of a share is 100 rupees, he has to buy shares depending on the loan amount, as there is no opportunity to sell shares. So he has to buy at least eight shares.

4. His name should appear in the member list or member register.

5. His name must be in the share register, and the number of shares in his name will be mentioned in the share register.

6. Adequate amount of collateral should be kept from the borrower. The management committee will meet and decide what kind of security will be acceptable for the loan amount.

7. The association management committee should prepare the loan form for giving loans.

8. The form will mention the borrower's annual income and expenditure, the number of his assets and debts, and the purpose of taking the loan. The state will also mention how many installments and how much per installment the loan has to be repaid.

9. It should be ensured that the installment amount does not exceed the surplus amount of the borrower's annual income.

10. The management committee has to monitor whether the loan is being utilized for its given purpose. If the loan is not used as intended, the management committee may demand repayment of the loan in writing before the expiry of the repayment period.

11. A general member has to fulfill all the conditions to get a loan. If a management committee member wants to take a loan, he also has to complete the exact requirements to take the loan. He will not get any extra benefits for being a management committee member.

12. The Management Committee must consider whether a member seeking a loan can repay the loan.

13. government regulations should be followed, especially the new circulars issued by the Registrar or Director General of the Directorate of Cooperatives regarding the annual percentage rate of interest that can be charged for the loan.

We have brought the MicroFinance Management System BD - MFMS BD software to ensure the smooth operation and security of the overall operations with nine ledger books and uploading options containing the necessary documents of the cooperative society, which will help your financial institution to manage the lending process accurately and efficiently.

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