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
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
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