APPROVAL OF LOANS
Approval of loans shall be in keeping with the authority Schedule
DISBURSEMENT/RELEASE OF LOANS
When funds are limited to meet loan applications, the Credit Committee shall give preference to applicants with the smaller amount. The purpose of the loan, for example, medical, funeral and education expenses, shall also be used in determining priority.
All documents are to be executed in accordance with the security offered at the time of loan application, or the conditions set by the Credit Union Committee, In-house Committee or Loan Staff authorized to grant loans before the proceeds are released.
WAIVERS
Only the Board of Directors and or their nominee may grant waivers to the loan policy
RELEASE OF SECURITY:
This shall be in keeping with the Authorities Schedule.
MOTOR VEHICLE LOAN (Where the motor vehicle is used as collateral)
The maximum repayment period shall be as follows:
- Motor vehicles (up to 2 years old) - 6 years
- Motor vehicles (3 - 4 years old) - 5 years
- Motor vehicles (5 - 6 years old) - 4 years
- Motor vehicles 7 years old - 3 years
- Motor vehicles 8-10 years old - 30months
- Motor vehicles 11-12 years old - 24months
The Credit Union shall have a lien on the motor vehicle until the loan is fully repaid. The motor vehicle must be comprehensively insured throughout the life of the loan.
See our full list of motor vehicle valuators
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Motor vehicles which are offered as security over seven years must be subject to a mechanical report along with a current valuation.
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