Procedure For Applying For/obtaining A Loan Purpose From The Prudent Women Multi Cooperative Society Limited
Our loan facility is the most flexible. Various beneficiaries have testified to the ease of accessing our loans and the convenient payment plans provided to them. To access our loan facility, members MUST demonstrate their dedication and consistency in saving, which shows their capacity to repay.
A member MUST have saved 30% of the amount she needs as a loan before she is qualified to apply. ONLY 10% of the overall loan amount is deducted as interest. Payment plans can range from six (6) months to one (1) year or more, depending on the amount granted. There are also emergency loans for smaller amounts, with a repayment period of between 1 to 3 months, or even one (1) month only. The interest rates for these loans vary between 5 – 10% depending on the time of the year when they are accessed.
1. An applicant MUST have been a member for a period of NOT LESS THAN 6 MONTHS, and the member MUST have a good savings history.
2. Payment of N1,500 non-refundable application fee is required.
3. An applicant MUST have up to 30% of the amount she intends to get as a loan.
6. An applicant is expected to produce a guarantor who is on grade level 12 and above in the Federal or State Civil Service.
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A member of the cooperative can also stand as a guarantor ONLY if she is in good financial standing with the cooperative.
7. 10% interest is deducted at source.
8. One month moratorium is given before repayment on loan starts. This means that an applicant starts loan payment by the next month after disbursement of the loan.
9. Our categories of loans are; emergency loans, normal and long-term. While repayment on Emergency Loan is 3 months, Normal Loan is 6 months and the Long Term is 10 months.
Payment is monthly.
10.Loan application and disbursement commences every January and stops every August in preparation to savings disbursement.
M.A. Iyo (Esq)
Chairperson, Prudent Woman Loan Review Committee.
