Members can obtain this loan up to three (3) times their monthly net salary.
Terms and Conditions
- Only Salaried workers are qualified
- The maximum amount to any one member is Two Hundred and Fifty Thouand Dollars ($250,000.00)
- Loan to be three (3) times the borrower’s net salary as evidenced by pay slip or other verifiable document.
- Net Salary should be deposited to shares account and held as equity and collateral. (NB: No additional collateral required)
- Repayment should be made via Salary Deduction
- Members are required to save in shares a minimum of 5 to 10% of monthly loan repayment. ( This compulsory savings can only be withdrawn when the loan is settled or the loan is less than the shares.
Documents required for loans
- Valid identification (passport, drivers license, national ID)
- 2 passport size photograph certified by Justice of the Peace
- Letter of employment
- The last 3 pay slips