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Development Loans

DEVELOPMENT LOANS

Development Loans

This loan is based on the main scheme savings.

Maximum entitlement is X3 of your total main scheme savings (deposits) held.

Maximum loan repayment period is 48 months

The current applicable rate of interest is 1% p.m. reducing balance.

Repayment ability (supported by applicant’s pay slip or three months bank statement for those not in salaried employments) determines the maximum amount of loan to the member subject to two thirds rule.

Loans are granted once every month and the deadline for submitting application forms is on the 10th of every month.

Disbursements are made by 10th of the subsequent month.

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