This is given three times a member’s savings subject to one’s ability to repay. This ability is in relationship to ones pay slip or income.
- A member is restricted to the 2/3 rule, where a member must retain at least a third of basic salary after all deductions have been made.
- As for Small and Medium Enterprises, it’s the business income that is considered.
- The loan is recovered in a maximum of 60 months.
- Interest charged is 1% per month on reducing balance.
- Membership spanning at least six months.
- Qualifying loan is 4 times member’s deposits