1.1 Development loans
Development loans are Normal or Super. The two loans differ in size and price.
a) Development loans shall be granted for investment purposes
b) To qualify for a loan, an applicant must have completed three months membership or such other period as the Board may determine from time to time
c) Applicants may be required to attach Supporting document as proof of project viability
d) Applicants must attach two most recent original pay slips or any other documents as proof of ability to repay the loan applied.
e) Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or income. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly
f) The total of all outstanding loans, including emergency and school fees, and supa-sosa must not exceed three times an applicant’s deposits.
g) Only one development loan shall be granted at a time.
h) Every loan must be guaranteed.
i) Other securities such as land, cars, shares, insurance policies and share certificates may be pledged as security.