GENERAL LENDING REQUIREMENTS

  1. All development and Manufaa loans will be processed on the principal of first come first served basis
  2. All loans must be guaranteed unless the applicant’s deposits are higher than the loan applied and has not guaranteed any other loan.
  3. The 2/3 basic salary rule shall be observed at all times
  4. No new loan will be processed unless the previous ones are being serviced according to terms
  5. Any loan not being serviced will attract accrued interest for every month in default
  6. No loan shall be granted in excess of 10% of the total Society deposits and reserves
  7. Every loan processed will attract an initial interest at the rate of 2.5 % of the loan granted
  8. All loan applications must be attached to a certified copy of the pay-slip
  9. Monthly deposit contribution will be a minimum of Shs 2,000= or 5% of applicant’s basic salary, whichever is higher

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