- The applicant must have paid at least 50% of the existing loan.
- The applicant must maintain a consistent repayment of the existing loan to qualify for this loan.
- The existing loan shall be offset by the new loan and the balance given to the member.
- Rate of interest shall be 1% P.M on reducing balance or as determined by the BOD from time to time.
- 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.
- The amount of loan applied shall not exceed 3 times the member’s savings.
- Processing fees 3% one off and credit life insurance 1.5% annually
- A bridge levy of 3% must apply to the outstanding balance
- Clean CRB report