The total outstanding loans, including emergencies, must not exceed four times of a member’s deposits.
No member shall qualify for an emergency loan while still servicing a previously granted emergency loan.
Emergency loan applications must be supported by relevant documents relating to the nature of the emergency as and where applicable such as hospital bills, court summons, etc for proof of the emergency.
Emergency loans will be approved within 2 days (48 hrs.) on provision of a duly filled form and supporting documents.
The loan shall be repayable over a period of not more than 12 months. Interest rate at 12% pa
Loan appraisal fee 2.5%
The loan shall be fully guaranteed either by the members’ own shares or by other guarantors.
Any outstanding loan shall be fully repaid before qualifying for another.
