COOPERATIVE SOCIETIES LOAN

REQUIREMENTS/CRITERIA

You need the following to be eligible for this Loan Product:

• Account opening of corporate savings and corporate current account with opening fund of #5,000 and #10,000 respectively.
• Account Opening Documentation of 6 Recent Passports, Photocopy Of IBEDC Bill, Photocopy of any means of I.D Card, photocopy of registered certificate and other document of CAC, application letter to open an account and board of resolution.
• Loan amount entitlement between #1,000,000 - #5,000,000.
• Loan form of 0.5% of the loan amount.
• Bureau search of minimum of #1,000 (each conductible on all the corporative executives).
• Interest rate of 4%(negotiable) monthly.
• Equity contribution of 10% of the loan amount.
• Compulsory savings is 10% and above of the loan value.
• No moratorium inclusive.
• Two or Three Guarantors with Valid I.D Card and one recent passport with detailed description of the guarantors’ house and shop.
• The guarantors must be two civil servant with the presentation of their work I.Ds and letter of employment, or a business person with a collateral to present.
• The civil servant will present 3 undated cheques with 3 month statement of account.
• Presentation of collateral by the executive members, and property of the society i.e. unexpired complete vehicle documents or landed property with survey plan and land agreement.
• Presentation of the pictures of the collateral presented
• Passports and means of I.Ds of the executive members.
• Transfer of collateral ownership to SEAP Mfb>
• Affidavit to be sworn on the collateral, loanee's passport must be affixed on the affidavit
• Letter of undertaking to be completed by the guarantors and the account officer.
• The guarantors and the executives are to fill the guarantors indemnity form.
• Landed document search with #2,500.
• Inspection to the executives’ houses, society meeting house and the guarantors’ place.

REPAYMENT DETAILS

• Repayment tenor of 12 months.
• Repayment plan on monthly basis for 12 months
• Default fine of 10% of the repayment amount (Non- Negotiable).

HOW TO APPLY

• Visit any of our Branches to obtain a loan form or download the form online.
• Have the filled form scan to customerservice@seapmfb.com
  
• Visit our branch for identification and verification if you downloaded the loan form online