Loan Approval

 
The credit committee shall review the loan applications recommended by the chairman and either approves or reject the loan application basing on the
i. management appraisal report and knowledge of the applicant’s character, amount, source of repayment and risks associated with the business or project to be financed.
ii. Once a loan has been rejected/ approved, the applicant shall be informed immediately or within 2 days in writing indicating the reasons for the rejection.
iii. Upon approval, a loan processing fee of 2.5% of the loan principle will be charged.
iv. All approved loans shall be recorded in a Loans Register showing the following:
a. Date of approval
b. Name of the beneficiary
c. Loan amount
d. Loan period
e. Interest expected
f. Installments
g. Date of disbursement