Restructuring Loan
The Loan Restructure is a product that seeks to help members repay their loans by reducing their monthly loan repayment amounts and increasing their loan term. This will help members who have genuine challenges repaying their loan
Features
- Loan Restructure has no cash benefits
- The applications must be accessed and approved by the Credit Committee
- Repayment must be through checkoff
- Not less than 5 guarantors subject to amount applied
- The maximum limit that members can restructure is Kes. 800,000
- Repayment period on restructure of loans is up to 60 months
- Loan entitlement is four times of member’s savings
- Commission for the existing loan is 10%
