A Personal Loan may be granted to a member even if the member is still servicing other loans provided it can be proved that: The member’s stop order is big enough to cover repayment for the sourced loan. The member’s salary can still accommodate stop order increase without violating the Employment Act of 1980 as amended Section 56. The amount sourced is not more than three quarters (3/4) of what the member has saved. The repayment period shall not exceed 18 calendar months. The interest rate charge shall be 1.3% per month
Short loans shall be for any minor things such as car problems etc. The maximum amount shall be five thousand (E5, 000.00) Emalangeni. The interest rate on Short loans shall be 25% over the duration of the loan which shall be five (5) months. All Short loans must be repaid within 150 days or within 5 months (members shall arrange stop order as means to pay this facility). No additional Short loan shall be granted to a member who has defaulted payment of an outstanding Short loan. Member with bad history of loan repayment will not be granted Short loan. Members will not be granted another short loan whilst still servicing or repaying an outstanding short loan. Short Loans shall be disbursed daily and it shall not be cash over the counter but any mode to be decided by the Management.
This facility shall allow members of the cooperative to access funding in order to start or empower their business entities. The maximum amount shall be E200, 000.00 repayable over a period of 5 years or retirement age, depending which one comes first. This facility will cater for all business categories.