Loan Features

  1. The applicant must have paid at least 50% of the existing loan.
  2. The applicant must maintain a consistent repayment of the existing loan to qualify for this loan.
  3. The existing loan shall be offset by the new loan and the balance given to the member.
  4. Rate of interest shall be 1% P.M on reducing balance or as determined by the BOD from time to time.
  5. The loan must be fully secured. A member can use the security of the existing loan but if the security is not sufficient, he/she will be required to submit another security.
  6. The amount of loan applied shall not exceed 3 times the member’s savings.
  7. Processing fees 3% one off and credit life insurance 1.5% annually
  8. A bridge levy of 3% must apply to the outstanding balance
  9. Clean CRB report