This is a loan product given to a new member once the first contribution has been received.
Requirements
i. The maximum repayment period will be twenty-four (24) months.
ii. Part of the loan amount will be transferred to the customer deposit to ensure the member deposits are a third (1/3) of the loan applied.
iii. The loan shall attract interest rate of one percent (1%) per month on reducing balance.
iv. Minimum of three (3) guarantors is required when the member is more than 6 months old in the Society.
v. The deposit contribution of both the borrower and the guarantors shall be equal or more than the loan granted.