Wezesha Loan:
A loan product for new members who have ability to pay a loan but have no sufficient deposits to qualify for one. A small portion of the applied loan amount is retained as a member’s deposits while we issue out to the member the remaining amount.
Product features:
- Maximum amount loanable is determined by the member’s ability subject to 1/3 salary
- Processing fee of 2% paid upfront
- Repayment period is 72 months and the loan must be fully guaranteed
- The product is only issued to new members and not readmitted
- Recovery is done at a monthly flat rate combining principle repayment with