Interest calculated by credit coop societyies in rajasthan

Querist : Anonymous (Querist) 19 December 2011 This query is : Resolved
1. interest calculated on loan amount by credit coop society is flat or reducing.
2. the overdue interest is charged on EMI or principal or only interest part of EMI e.g. if EMI is 47777 where 27777 is principal and 20000 is interest, then OD interest should be calculated on 47777 or 27777 or on 20000.

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ajay sethi (Expert) 19 December 2011
better consult your accountant

Shonee Kapoor (Expert) 20 December 2011
As per your loan agreement.

It is generally reducing, unless agreed otherwise.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Querist : Anonymous (Querist) 27 January 2012
i have got Rajasthan Co-Operative Society rules and regulations 2001 updated till 2008.

the rules say different then theses credit co-operative societies function. if any one want it i can scan and attach the files.