1.) All loan applicants must be bonafide members of the Credit Union.
2.) All new members must complete a minimum time requirement of membership, with the Credit Union to qualify for a loan in excess of their Savings unless approved by the Board under special circumstances.
3.) A member who has been required to clear arrears resulting from delinquency must observe a waiting period of three months after completion of such payment before a new loan may be approved for that member.
4.) A loan shall not be granted to a still member (that is, a member who is not making contributions to shares) over and above his/her share value, unless that member makes contributions to shares for the last three(3) consecutive months. (By-Law 79)
A person is eligible to apply for a loan at a ratio of 3:1, after being accepted as a member.
After One Month of membership, the ratio moves to 5:1
After Two Months of membership, the ratio moves to 8:1
After Three Months of membership, the ratio moves to 10:1
A member must make a contribution to Shares every month, even though her/she might be repaying a loan.