Product Overview
BACCSOD normal/savings loan is a credit facility available to savings account holders to enable them expand their businesses and others at a moderate interest rate whilst leveraging their existing savings.
Features
- Offered to active account holders and of good standing
- ensure that loans granted meet the borrower’s immediate or future needs
- No member shall receive more than 20% of the society’s total assets as a loan
Requirements
- Loans shall be granted to only members in good standing
- member shall have contributed for at least six (6) months frequent savings
- member shall provide a cash lien
- member shall apply and complete a prescribed loan form
- personal guarantor and witness may be required
- Collateral or Security shall be provided
- The maximum repayment period shall not more 18months
- Letter of consent from spouse (if any)
Benefits
- Simple accessibility of funds
- moderate interest rate
- flexible repayment periods
- easy way to boost working capital
- stress free way of accessing credit
