This is a self-improvement loan product advanced to enable members engage in income generating activities as a way out of dependency on the paycheck.
The normal loan is most famous for the opportunity it gives the member to re-finance even before completing repayment.
This enables the member to expand operations without having t o apply for a new or a different type of loan for that purpose.
It is repayable in 36 months from the date of disbursement.
Applicable interest rate is 1.25% p.m on reducing balance.
Maximum loan limit is a member’s deposits x 3, subject to ability to repay.
A member can apply to re-finance the normal loan within 12 months from the date heshe applied for the normal loan.
Repayment of the refinance loan must end in the same month the normal loan was scheduled to end.
Only one normal loan can be advanced at a time.