Terms & Conditions

Welcome to Friends Circle Cooperative(FCC). By creating an account and using our services, you agree to be bound by the following Terms and Conditions ("Terms").

1. As per the agreement, all members shall deposit the amount on time i.e. 15th day of every Nepali month. Rs. 200 fine is applicable for a late deposit.

2. The penalty should be paid at most on the next deposit date, else will be added Rs.200 of the applicable acceptable amount.

3. No members can withdraw their membership till the maturity i.e one year (1year).

4. Members can withdraw the amount only after the 25% of the maturity period as a loan after the 15th day of each month within 7 working days.

5. Money can be withdrawn 70% of own individual with interest-free plus(+) and above that limit upto 20% of total deposit will be charged with a regular interest rate (12% p.a).

• For example:
  • Total deposit: Rs 1000
  • Individual deposit: Rs 200
  • Eligible for:
    • Interest-free loan: 70% of individual i.e (Rs 140)
    • If a member wants a loan more than the interest-free loan amount (max. 20% of total deposit) i.e. Rs 200, then interest (12% p.a) will be applied. In total, Rs 340 can be withdrawn.

6. All members are allowed to take a loan at a time (max amount followed by term 5).

7. Four (4) months of the cooling period are applicable to all the members.

8. Members can withdraw the amount for a maximum of 9 months with 12% p.a. simple interest. Failing to clear within the specified duration shall be charged with a regular fine of 2% each 9 months.

9. Profit Share will be distributed once a year or before a new member is invited to make sure of the equal distribution of profit holdings by each member.

10.Members will be charged with Rs 500 upon exiting the group.

11. On the occurance of special cases, Terms can be bypassed upon the decision made by majority of members .