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Conditions
- Any member applying for a fresh loan will be required to have made at least one repayment of the previous loan before submitting a new application
- Approval of Loans Above 3M Shall be determined by the Board upon review of documentary evidence
- A member who gets a development loan will be required to adjust his/her monthly savings to ensure they satisfy the two-third statutory requirement subject to the minimum share contribution set by the Board
- Any loan being consolidated or refinanced must have at least been serviced for a period of 18 months (30%).
- A member who clears an outstanding loan in lumpsum (bulk deposit) will wait for one (1) month before submitting another loan application.
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Repayment Period
- 48 Months
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Maximum Loan Amount
- 3 times member’s deposit
- Members ability to repay
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Interest Rate
- 10% p.a. on reducing balance
- 1% Processing fees
- 1% Insurance fees
- 3% Refinance fee on outstanding loan amount.
- 1.25% Consolidation fees on outstanding loan amount
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