{"id":2331,"date":"2016-02-12T09:41:01","date_gmt":"2016-02-12T09:41:01","guid":{"rendered":"http:\/\/www.bluconsacco.com\/?page_id=2331"},"modified":"2016-02-12T11:59:40","modified_gmt":"2016-02-12T11:59:40","slug":"loan-policy","status":"publish","type":"page","link":"https:\/\/www.bluconsacco.com\/index.php\/loan-policy\/","title":{"rendered":"Loan Policy"},"content":{"rendered":"<section class=\"wpb_row vc_row-fluid \"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element \">\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p style=\"text-align: justify;\">LOAN POLICY<\/p>\n<p style=\"text-align: justify;\">To Qualify For A Loan<\/p>\n<ul style=\"text-align: justify;\">\n<li>One must register as a member by paying membership fees of Kshs 1,500<\/li>\n<li>Minimum monthly share contributions shall be Kshs 1,000 payable by 15th of every month.<\/li>\n<li>A member must have completed at least 6 months and contributed not less than Kshs. 10,000.<\/li>\n<li>A member who withdraws from the society and rejoins later will be treated as a new member for the purpose of the loan policy and shall pay a rejoining fees of Kshs 5,000<\/li>\n<li>Savings contributions paid in lump sum for the purpose of securing a loan must remain in the Sacco for at least 3 months.<\/li>\n<li>A member must undertake to pledge salary from future employer(s) toward loan repayment.<\/li>\n<\/ul>\n<ol>\n<li style=\"text-align: justify;\">Interest on the first loan shall be 1.5% per month on a reducing balance basis and thereafter subsequent loans shall attract interest of 1% per month on reducing balance<\/li>\n<li style=\"text-align: justify;\">The maximum amount of total loans shall not exceed Ksh\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/li>\n<li style=\"text-align: justify;\">Emergency loans include sudden hospitalization, funeral expenses, court fines, etc.<\/li>\n<li style=\"text-align: justify;\">Repayment period is determined by Management Committee, but in all cases shall not exceed 36 months.<\/li>\n<li style=\"text-align: justify;\">Emergency and School fees loans shall be repaid within 12 months.<\/li>\n<li style=\"text-align: justify;\">Unless the loan applied for is equal to or less than a member&#8217;s shares, it must be secured by guarantors, log books or any other financial instrument that may be approved by the management committee.<\/li>\n<li style=\"text-align: justify;\">To withdraw membership, a member will be required to give a written notice of up to 60 days.<\/li>\n<li style=\"text-align: justify;\">Lump sum loan repayments for the purpose of borrowing a new loan must be retained in the Sacco for at least 3 months prior to borrowing again.<\/li>\n<li style=\"text-align: justify;\">All loan applications must be registered in the Sacco\u2019s office.<\/li>\n<li style=\"text-align: justify;\">Normal loan applications shall be processed within 15 days provided that the applicant shall have complied with all requirements.<\/li>\n<li style=\"text-align: justify;\">Emergency loans shall be processed within 3 days provided that all paper work is complete<\/li>\n<li style=\"text-align: justify;\">School fees loans shall be processed within 7 days provided that all paper work is complete.<\/li>\n<li style=\"text-align: justify;\">Asset financing loans shall be processed with 30 days provided that all paper work is complete.<\/li>\n<li style=\"text-align: justify;\">In case a member passes on, all his\/her shares residue shall be transferred to the next of kin indicated in the application \/ Bio data form.<\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"LOAN POLICY To Qualify For A Loan One must register as a member by paying membership fees of Kshs 1,500 Minimum monthly share contributions shall be Kshs 1,000 payable by 15th of every month. A member must have completed at least 6 months and contributed not less than Kshs. 10,000. A member who withdraws from the society and rejoins later will be treated as a... <br><br><a class=\"readmore\" href=\"https:\/\/www.bluconsacco.com\/index.php\/loan-policy\/\">Read more<\/a>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/pages\/2331"}],"collection":[{"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/comments?post=2331"}],"version-history":[{"count":1,"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/pages\/2331\/revisions"}],"predecessor-version":[{"id":2332,"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/pages\/2331\/revisions\/2332"}],"wp:attachment":[{"href":"https:\/\/www.bluconsacco.com\/index.php\/wp-json\/wp\/v2\/media?parent=2331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}