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Personal Loan
ZFC MFI PERSONAL LOAN
Helping you achieve your personal goals
ZFC MFI Personal Loan product enables members to achieve their personal goals e.g. renovate their house, buy a car, pay for school fees or buy new furniture and other household appliances.
Product Features:
– The maximum Loan is 2,000,000 FCFA.
– Loan issued up to 3 times one’s savings deposits.
– The loan is payable within a maximum period of 36 months.
– Interest rate- 1% p.m or 12% p.a on reducing balance.
– Must be fully guaranteed by self and another member (s)’ withdrawable shares
– Disbursed within 3-5 working days
– If using collateral e.g. title deed, the application will take 1 month
Requirements
1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
2. Ensure contributions have been consistent for at least 6 months prior to the loan application.
3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Cooperative for at least 6 months
4. Show proof of ability to repay the loan.
5. A member who transfers shares from another cooperative will only be eligible for a loan after 3 months.
6. All loans shall be insured by a reputable insurance company against death or permanent disability.