Loans Account
Learn more about MHSCCU loan account
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- An application for a loan shall be submitted to the Loans Committee for consideration through the office receptionist.
- A Loan Form (promissory note) must be completed by the applicant.
- A member shall be entitled to a loan only after she/he has saved regularly for 6 months.
- At most 80% (eighty percent) of the total savings of the Credit Union shall be made available as loans to members at any point in time.
- Loans will be issued at an interest rate of 12% per annum (1% per month) and may be revised from time to time by the General Body.
- A member can apply for refinancing after payment of 75% of the loan value.
- All loans above the total savings of any member shall require a guarantor who is a member of the Credit Union approved by the Loan’s Committee.
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