We are pleased to inform you that we have resumed issuance of long-term loans with effect from today, Monday, 24th August 2020 along the following parameters:
The following SHALL be eligible for loans:
- Members without loans.
- Members whose accounts are up to date for loans and deposits.
- All applicants MUST demonstrate ability to service the new loan.
The following SHALL NOT be eligible for loans:
- Members currently on loans reprieve or moratorium.
- Defaulters for loans and deposits.
2. SECURITY FOR LOANS
- The preferred security is deposits (shares).
- Collateral for land shall be considered subject to location of the property with preference given to prime properties.
- Motor vehicle collateral has been temporarily suspended.
3. NEW LOAN PRODUCT (NAFUU LOAN)
We have introduced a new loan product named NAFUU LOAN in response to the COVID-19 pandemic. The purpose of this loan is to help members who have more than one loan to reduce the burden of total installments payable by CONSOLIDATING all or some of their existing loans.
This example is based on actual figures from member X’s account:
No. of loans = 5
Total balance of the 5 loans = Kshs. 1,827,615
Total repayment per month = Kshs. 65,860
Member X applies for NAFUU LOAN of Kshs. 1,827,615 payable in 60 months and wishes to consolidate all the 5 existing loans into one loan of Kshs. 1,827,615. The monthly installment after consolidation will be Kshs. 41,772. Thus, member X will save Kshs. 24,088 in loan repayments per month.
- Applicant must have more than one loan.
- Loan must be fully secured.
- There will be no take home.
- There will be no charges on consolidating the loans.
All other Credit Policy requirements shall apply.
4.CONCORDE SIGNATURE LOAN
This product remains suspended until further notice.