Loan

Within Loan Value

• Member at least for three months;
• Loan Value is : Shares multiplied by 80% minus outstanding loan (Share x 80% – outstanding loan = loan value);
• Loan fee $2.00 per application;
• Interest 0.8% per month on unpaid balance; and
• Member may collect cheque on the same day.

Unsecured Loan

• Member has no or insufficient loan value;
• Maximum loan is: total shares minus outstanding loan plus $200.00;
• Loan fee $12.00 per application; and
• Loan repaid within 12 months.

Emergency Loan

• For death of NOK or disconnection of home services.(water, electricity) Assistance only once for each;
• Death certificate, birth certificate of member and marriage certificate;
• Notice of disconnection presented (for bills);
• Cheque written directly to service supplier and for death; to member;
• Maximum loan assistance $500.00 per event; and
• Loan fee $12.00

TOD Assistance

• Any soldier deployed for overseas TOD may be assisted;
• Maximum loan of $700.00 for new members after paying one share value for membership;
• Charge for new members is 12%;
• Member’s maximum loan $1,000.00; and
• Loan to be repaid within six months.

Education Assistance

• Maximum loan assistance $500.00 per member per year;
• Application fee $12.00; and
• Cheque written to school and supplier(s).

Development Loan Scheme

• Be a member for more than months;
• Loan is for any family development project;not including money lending bussiness
• Maximum loan per member $40,000.00
• Member Shall provide 10% equity
• Equitable security offered
• Signing Agreement for loan repayment
• Security offered must be insured,fees and premium shall be met by the member
• Car must be not more than five years old at manufacture date
• Security can be Bill of Sale and shall be 60% of the value of the car
• Loan to be repaid before repeat loan
• Repayment within 10years
• Loan Fee $2.00
• Loan establishment and administration dee $10.00
• All fees and charges for the transfer to be met by the member
• Loan Interest rate 0.8% on unpaid balance at the end of the month

Procedure for Loan
The member applies through the loan application form stating the amount of loan. The form must be filled completely no space blank. The Loan Officer acts on all other loans and as an application meets the criteria sends it in a batch to the Credit Committee for weekly assessment. The Credit Committee sits only once a week that is on Tuesday. The Credit Committee through the respective criteria for that loan may approve or reject that loan.

Processing Time for Loan
Members who borrow within loan value can collect their cheque on the same day. Members who borrow over their share will collect their cheque the next day.
Members who borrow for development loan may receive their cheque up to one month from lodgment of application.