Loan Elegibility Terms

Eligibility /Qualification for Loan

• Loans shall be granted to only members of the union

• A member should have saved regularly with the union for a period not less than six {6} months

• Any loan request presented before this period shall be considered on merit and at the discretion of the BOD within the total savings of the applicant

• A member should have participated in the membership entrance education and acquire at least the minimum shared capital of the union to qualify to apply for a loan

• A loan applicant has not pledge his/her savings as a guarantee for another members loan outside the permissibly limits.

• A member may be considered for another loan if a present loan balance is less than half his/her accumulated savings in which case the top up loan shall also be secured adequately.

• Any contribution made purposely to secure a loan would be considered if such contribution remained in the union for at least six (6) months. A member who leaves the common bond of the union but retained his/her membership shall be granted a loan not exceeding his/her total savings in the union.

• Minors (members less than eighteen {18} years of age shall not qualify for a loan in the Credit Union)

• Members saving on table will require a guarantor or collateral before loans are granted.