To enter into agreement

Estimated reading: 1 minute 47 views

(1) In disbursing the micro-credit, an institution shall enter into agreement in writing with the borrower, with such terms as required for the protection and proper use of the credit.
(2) In entering into an agreement pursuant to Sub-section (1), the institution may so specify the terms that the repayment period of the loan may be any period whatsoever, that the institution may require the borrower to repay the credit in the event of violation of any terms specified by the institution and that the institution may recover the same from the security or collective guarantee furnished by the borrower by executing a deed to that effect. Provided that, in taking security from the borrower, the institution shall not take security of any person that is not related with the group.

Post a comment

Your email address will not be published.

Share this Doc

To enter into agreement

Or copy link

Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.
Working Hours : Mon-Fri, 09am-5pm