Self-Guaranteed Loan


i. The maximum repayment period will be twenty-four (24) months.
ii. This loan will be advanced to members who wish to apply for a loan that is less
than their total deposits.
iii. A member can offset this loan any time as far as the loan does not exceed eighty percent (80%) of their total shares deposit.
iv. It can also be administered outside the pay slip to members whose pay slip cannot meet a third (1/3) rule as required by the employer.
v. A holder of this loan product is eligible for any other loan products provided the deposit amount used for self-guarantee shall not be included for calculating the total loan that could be loaned to a member.
vi. Interest shall be charged at a rate of one percent (1%) per month on reducing balance.
vii. Maximum repayment period is sixty (60) months.