Term Loans
This is our flagship loan facility granted on reducing balance and is insured. Collateral and income earned from sources other than salary are acceptable for purposes of assessing the applicant's capacity.
Features
- Get up to 500 million
- An interest rate of 14% reducing balance
- Period of up to 7 years
Plan Benefits
- Allows members to access large developmental and investment loans
- Reducing balance interest regime that is truly affordable.
- Flexible repayment terms whose amounts are based on the borrower’s earning slip.
- The Loan amount is insured in case of death and permanent disability to the borrower
Requirements
- 30% of the total loan amount in savings.
- Completed Loan application form
- Change of allotment (if required)
- Proof of source of income (earning slip to prove grade.)
- Acceptable collateral may be:
- Property i.e., Land & Buildings
- Savings
- Guarantors (where applicable)
- Standing order from the Bank where applicable.
