HSS-MAG

LOAN PRODUCTS

Overdraft loan

This loan allows quick access to a small amount of money

  • Granted in 24 hours
  • Applicable to members with atleast 3 months of membership
  • It does not exceed 500 thousands
  • Repayable in 3 months
  • Monthly repayment equals to 15% of the salary when combined with Emergency Loan and 80% with Ordinary Loan
  • Interest rate is 5%
Documents you need while applying 
  • Overdraft loan application and agreement form (download)
  • Salary certificate and employer engagement (download)
  • Subcommittee recommendation letter (download)
  • Job contract or appointment letter
  • ID copy
Learn how to apply for a loan here
Apply via the Web Portal

Emergency loan

This is granted for unforeseen circumstances such as natural disasters, funeral expenses, etc. 

  • Granted in 2 weeks
  • Applicable to members with atleast 6 months of membership
  • It does not exceed the amount of individual member’s savings
  • Repayable in 12 months and covered by the permanent savings 
  • Monthly repayment equals to 25%  of the salary and 50% when combined with any existing commitment
  • To be renewed, it does not require the member to have paid up to a half of the facility
  • Interest rate is 8% per annum
Documents you need while applying 
  • Emergency loan application and agreement form (download)
  • Salary certificate and employer engagement (download)
  • Subcommittee recommendation letter (download)
  • Job contract or appointment letter
  • ID copy
Learn how to apply for a loan here
Apply via the Web Portal

Ordinary loan

This is granted for individual members who channel their savings in HSS-MAG 

  • Granted in 2 weeks
  • Applicable to members with atleast 6 months of membership
  • It does not exceed the double amount of individual member’s savings
  • Repayable in 36 months  
  • Monthly repayment equals to 50%  of the net salary and 75% when combined with Emergency Loan
  • It can be renewed when the member has paid up to a half and the loan given can clear the outstanding
  • Interest rate is 5% per annum
 Documents you need while applying 
  • Emergency loan application and agreement form (download)
  • Salary certificate and employer engagement (download)
  • Subcommittee recommendation letter (download)
  • Job contract or appointment letter
  • ID copy
Learn how to apply for a loan here
Apply via the Web Portal