A joint liability loan is a loan taken out by more than one person. Each person who takes out the loan is jointly and individually responsible for repaying the total amount of the loan, regardless of whether the other borrowers are able to make their payments. This means that if one borrower defaults on the loan, the other borrowers are still responsible for repaying the loan amount. This type of loan can be helpful for people who want to borrow a large amount of money but may not be able to qualify for the loan on their own. It can also be a good option for people who want to share the responsibility of repaying a loan with others.
Sahyog Multi State Credit Co-op. Society Ltd. Financial assistance loan is provided to women. This scheme applies to rural and urban women. The entire responsibility of this loan lies with the member as well as all the members of the group. The organisation’s objective is to motivate women for small and medium businesses and make their standard of living progressive and bright.
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