Kharkhancho Loan
12% per year
Rates and terms
- Interest
- 12% per year
- Name on the rate sheet
- खरखाँचो ऋण
- Effective from
- 2083 Bhadra 11
Interest rates, collateral and documents depend on the loan type and amount. Loans are available to share members. Ask your service center for the current rate sheet before applying. Paying the monthly installment and interest together in full takes 1 percentage point off the rate, except on concessional loans. When rates are revised, members whose installments are irregular or overdue stay on their previous rate.
Estimate your installment
The calculator starts at this loan’s rate, with Rs 500,000 over 5 years as an example. Change any figure to see the installment.
Starts at the Kharkhancho Loan rate, 12% a year, effective from 2083 Bhadra 11.
5 years
Worked out in your browser. Nothing you enter is sent or saved.
Monthly installment
Rs 11,122
- Total interest
- Rs 167,333
- Total to repay
- Rs 667,333
- Loan amount Rs 500,000 (75%)
- Interest Rs 167,333 (25%)
Year by year
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | 77,645 | 55,822 | 422,355 |
| 2 | 87,493 | 45,974 | 334,862 |
| 3 | 98,588 | 34,878 | 236,274 |
| 4 | 111,093 | 22,374 | 125,181 |
| 5 | 125,181 | 8,285 | 0 |
How to apply for a loan
- 1
Check that you can borrow: you need 3 months of membership, or 6 for a loan without collateral, at least 10 shares and regular saving every month.
- 2
Fill in the cooperative’s loan application form and bring the documents your loan needs, listed below.
- 3
Loans backed by savings and loans under Rs 3 lakh are processed at once. Loans up to Rs 50 lakh take up to 7 days, and larger loans up to 15 days.
- 4
The fees are 0.5% for loan management and 0.5% for loan insurance, plus a form fee of up to Rs 400 that depends on the amount.
Who can borrow
- A member for at least 3 months, or 6 months for a loan without collateral
- Holding at least 10 shares
- Depositing regular saving every month
- Not blacklisted at another financial institution, with no family member blacklisted
- No overdue loan and no criminal charge
- Not over 63 years of age
- Willing to follow the Cooperative Act and its rules, the bylaws and the loan policy, and any changes to them
A loan is a facility the cooperative offers, not a member’s right.
Fees
- Loan management fee
- 0.5%
- Loan insurance fee
- 0.5%
- Collateral valuation
- As agreed with the valuer
The board can change these fees.
Form fee by loan amount
- Up to Rs 10,000
- None
- Rs 10,001 to Rs 30,000
- Rs 50
- Rs 30,001 to Rs 50,000
- Rs 100
- Rs 50,001 to Rs 1 lakh
- Rs 150
- Over Rs 1 lakh, up to Rs 3 lakh
- Rs 300
- Over Rs 3 lakh
- Rs 400
Penalty on an overdue installment
- Up to 1 month overdue
- 2%
- Up to 2 months overdue
- 3%
- From the third month overdue
- Up to 5%
The board can change the penalty, as it can the fees.
Documents to bring
- The cooperative’s loan application form
- A copy of your citizenship certificate
- 2 recent photos
- For a personal guarantee, 2 guarantors in person, each with a copy of their citizenship certificate and 1 photo
- For collateral, the original land ownership certificate (lalpurja)
- The cooperative’s letter for the map
- The certified map
- The municipality’s certified boundary (charkilla) recommendation and this fiscal year’s land tax receipt
- Proof of your source of income
- For a loan above Rs 3 lakh, a valuation report on the collateral
- For hire purchase, the quotation or a copy of the blue book of the motorcycle or car, and 2 photos of the vehicle
- Papers showing the remaining period of full insurance
- Any other papers the cooperative asks for
From the cooperative’s citizen charter (वडापत्र) and notes on what members should know.
Ready to become a member?
Visit any of our 9 offices in Kavre, or download the member application form and bring it with your citizenship certificate.