Loan Assessment/Appraisal

 

The Credit/Loans officer shall verify the information on the application form. During the verification the Credit/Loans Officer shall carry out the following:
i. Interview all guarantors to confirm their support for the loan application and confirming the understanding of their roles and responsibilities as guarantors.
ii. Verify that the borrower’s /guarantor’s collateral /security for the loan being application is guaranteed to be legally acceptable and worth the value for the unsecured amount of loan. The guarantor must have sufficient accrued savings to cover the amount of the loan that is not secured by the borrower’s accrued savings or collateral or both.
iii. The board chairman will appraise the loan application basing on the assessment report from the credit officer and thereby recommends approval or rejection to the Loans Committee. The chairman shall give reasons for his/her decision.