Guarantor Guaranteed Loan
This is a facility issued to those
members who wish pay for the guaranteed portion monthly rather than
have the same recovered as a bulk amount from their savings. when the
loan is in arrears.
Members should apply for the loan and submit the loan application form along with the mode of payment duly completed.
The
loan proceed will be credited to the defaulter’s loan and the loan
booked under the guarantor’s account.Under no circumstances are the
funds paid out.
The loan will be secured using the applicant’s
savings, and should there be a default on the monthly payment, the loan
will be recovered in full without any further indulgence.
The loan is interest free.
The loan term is limited to either the remaining period of the defaulted loan guaranteed or 12 months, whichever is longer.
In
the event that a member applies for another loan, the Sacco
has the authority to pay off this loan from the loan proceeds.
Attached is the loan application form.
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