Member Eligibility

Account Approval

• An online member should be prepared to follow the Union’s laws and regulations.
• An online member should be practically active on our social platforms. A monthly virtual meeting will be held with all our online members.
• Adequate communication will be made to verify account eligibility and approval.

Savings

• There is a provision for the establishment of a special savings account. You can withdraw your savings from this account with at least a month’s notice. A loan cannot, however, be requested using a special savings account.
• All regular account holders will get a yearly dividend.

Loan Application, Approval, and Repayment

• Loan requests can only be made after 6(six) months of membership.
• You can only request x2 of your total assets/savings.
• Four guarantors are required for loan approval.
• The guarantors must be members of the same society/union, and their assets/savings must be greater than the amount of loan requested.
• The loan repayment plan has a maximum term of 10 months.
• The loan interest rate is 1.5% of the total loan balance. This will be paid monthly and will be calculated based on the remaining loan balance.

Account Termination

To close your account, you must submit an account closure request. Your complete savings will be provided to you 6(six) months after you make the request.

Please remember that you cannot close your account while a loan is still being serviced.