Members may include:
- Staff of various ministries
- Staff of other reputable organisation
- Self employed individuals
- Self help groups
- Co-corporate bodies
- A member needs to inform the society in writing of his intention to withdraw. A notice of sixty days (60) is required in case of any refunds due to the member.
- A member needs to inform all Loanies he has guaranteed to seek an alternative guarantor. Refunds will only be paid to the member after all Loanies have replaced member as guarantor.
- A member intending to withdraw must have more deposits than his/her outstanding loan,this will enable the society to offset loanbalance against deposits and refund the difference.
All loans granted by the society must be guaranteed by at least three members of the society. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares/have not guaranteed any member, one could self-guarantee.
There is a 5% interest charged on loan balance for clearing a loan earlier than the contracted period.
All emergency and any loan below one million are approved daily. Other loans are approved weekly.
After saving with us for six months.