This is a special product that is subject to a maximum of ½ the member’s net pay on the current pay slip at an interest rate of 5% on monthly outstanding balance. The loan is repayable in 3 months and failure to pay at least the interest during any given month shall be treated as a default and the recoveries will be made through check-off for a period not exceeding 3 months. This loan requires 3 minimum guarantors.
Repayment plan
Month 1 – Interest plus 20% of the initial loan balance
Month 2 – Interest plus 20% of the initial loan balance
Month 3 – Interest plus the outstanding loan balance