Products

Development loans

a) Development loans shall be granted for investment purposes
b) To qualify for a loan, an applicant must have completed six months membership
c) Applicants may be required to attach Supporting document as proof of project viability
d) Applicants must attach two most recent original pay slips or any other documents as proof of ability to repay the loan applied.
e) Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or income. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly
f) The total of all outstanding loans, including emergency and school fees must not exceed three times an applicant’s deposits.
g) Only one development loan shall be granted at a time.
h) Every loan must be guaranteed.
i) Only Guarantors must be pledged as security.

Normal Loan

a) Repayment period will be 36 months.

b) The interest rate shall be 1% per month on reducing balance.
c) The total of all outstanding loans, including Development, emergency and school fees must not exceed three times a member’s deposit.

Emergency Loan

a) Emergency loan shall be granted for unforeseen circumstances.
b) The total of all outstanding loans, including school fees, emergency and development loan, must not exceed three times a member’s deposit.
c) Repayment period shall be twelve months
d) The interest rate shall be 1% per month on reducing balance.

School fees loan

a) Shall be granted for school fees purpose only.
b) Repayment period shall be 12 months
c) The interest rate shall be 1% calculated on reducing balance.
d) The total of all outstanding loans, including emergency and development loan, must not exceed three times an applicant’s deposit.

 

WHAT SECURITY DO I NEED TO ACQUIRE A LOAN

All loans MUST be secured through guarantors.

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