Bank Settlement Loans

1. A member must have been contributing for the last 3 months.
2. Interest rate of 1% per month on reducing balance
3. 48 months maximum repayment period
4. Loan granted to a maximum of three times a member’s deposits subject to the prevailing maximum.
5. The amount is paid directly to the bank.

Other Loan features include

* Members maximum loan/Product at 20 M.
* Insurance charge at 1.5% (one off).
* Mode of payment is Check off ,standing order and Mileage deductions.
* Non -check off members. Members will be advance a maximum of two and a half (2.5) of their deposits.
* Recoverable within the Parliamentary term, in particular the loan must be below or equal to the shares by the end of the term

Download Loan Application Form here.