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What are the conditions of allotment under Hire Purchase System?

April 26, 2017allotment Conditions hire purchase system

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What are the conditions of allotment under Hire Purchase System?

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Under this system, an allotee needs to pay only about 40% of the total cost as Initial Deposit within 21 days from the date of receipt of allotment order. The balance will have to be paid in equated monthly installments spread over a period of 5 to 14 years, depending upon the scheme.