Loans policy procedure
- A member must have completed at least 6 months
- Loan applications are considered at monthly
Credit Committee meetings. In order to approve a Loan the Credit Committee will issue a Loan Agreement to the member who must then sign it to confirm acceptance of the terms and conditions of the Loan. Once this document has been completed correctly and returned to the Credit Committee (along with any other required information and/or documentation) the loan will be processed. If for any reason, the Credit Committee are unable to approve a Loan they will notify the member by telephone, email or in writing. - No Loan will be issued without a completed Loan Application, Loan Agreement and confirmation that the requirements are met.
- UNISA Quick fix loan will be processed upon completion of loan application form and all terms and conditions met.
- Completed Loan forms to be in office by 5th of every month. The normal turnaround time of loan applications is 5 days from application receipt to cheque issue; except where the Loan falls outside the Policy, in which case it may take considerably longer.
- When are payments due? Payments are due on or before 5th of every month.
- Clearance levy of 5% is charged on all cleared loans (with a minimum charge of Kshs. 5,000 on the main loan)