A registered member of the Society, whose deductions have been consistently remitted to the Society for a period of not less than twelve (12) months after registration, is eligible to apply for a ‘Normal Loan’ facility of NOT MORE THAN two times his/her Savings Balance.
This is PROVIDED that the applicant’s salary, excluding overtime and all deductions, is able to repay back the Principal Amount and the ten percent (10%) Interest Rate within a maximum period of not more twenty-four (24) months.
In addition, it is mandatory that after all deductions, there must be a minimum ‘Take Home’ of Ten Thousand Naira (N10,000:00) for Senior Staff and Five Thousand Naira (5,000:00) for Junior Staff.
Similarly, applicants shall provide two (2) guarantors who must be members of the Society.
In conclusion, the completed application form, which costs One Hundred and Fifty Naira Only (N150:00), payable to the bank, will have to be examined and approved by the Credit Committee in accordance with the relevant Bye-Laws guiding the granting of loans by the second Thursday of every month.