This is a loan that allows members to use the money in their share account as security for a loan. The member is actually borrowing from him/her self instead of withdrawing the amount in the shares account.*
Members are encouraged to take a share loan because:
- Dividend is paid on the share balance annually
- The money in the share account is insured up to 3 times the share balance.
Characteristics
- Members have access up to 100% of the amount unencumbered in their shares account
- Interests charged on this loan is as low as 10% p.a. on the reducing balance and members are allowed up to 6 years to repay the loan
* Conditions Apply
FAQ