The Normal Loan is designed to support members through leveraging their savings accounts. Eligible members can apply for a loan amounting to up to three times their total savings, provided that funds are available at the time of application.
To qualify, a member must have maintained a minimum of six months of membership with the cooperative. Additionally, the member must have a clear financial record, demonstrating prompt payment of all fees associated with the cooperative communityThe maximum loan amount is determined by the member’s specific plan. Loan charges can be structured in two ways: either on a reducing balance per month or as flat charges, both payable within the agreed loan tenure.
Requirements for a Normal Loan:
The Soft Loan offers members access to funds through their share capital account. Members can borrow up to three times their total share capital, with repayment required within one to three months.
Eligibility requires a minimum of three months of membership and a clean financial record with the cooperative.
Loan charges for the soft loan are set at 5% per month on a reducing balance.
Requirements for a Soft Loan:
This loan type is designed to provide members with quick access to funds during unforeseen circumstances.
Members can apply for an emergency loan up to twice their monthly salary, subject to a maximum of twice the value of member’s share capital which is intended to be repaid within six months. This loan requires a minimum of three months of membership and proof of financial stability.
Requirements for an Emergency Loan:
The Business Development Loan aims to support members in expanding or starting their businesses.
Members can apply for a loan amount based on their business plan and financial projections, with a maximum limit set by the cooperative’s policy consistent with 4 times the member’s share capital.
The loan is repayable within one to two years.
Requirements for a Business Development Loan:
The Education Loan is designed to assist members in furthering their education or supporting their dependents’ educational needs.
Members can apply for funds to cover tuition, books, and other educational expenses subject to a maximum of 2 times the share capital. This loan provides a flexible repayment period of up one to two years.
Requirements for an Education Loan:
The Home Improvement Loan supports members in renovating or upgrading their homes.
This loan can cover expenses such as renovations, repairs, and home upgrades.
Members can apply for a loan amount based on estimated project costs, with a repayment period of up to three years.
Requirements for a Home Improvement Loan:
