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Borabora-SACCO-Loan-Application-Form

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LOAN NO:……………………………..
LOAN APPLICATION FORM
I ……………………………………………………………………………………………………………..
(FULL NAME IN BLOCK LETTERS)
Hereby apply for a loan of Ksh …………………………. (Amount in figures)
To be paid in ……………. monthly installments plus interest of ………. % (as set by BoraBora SACCO) per month.
A. PERSONAL PARTICULARS
Membership No:
ID No.
Date of Birth
Home address
Mobile No.
Email
Physical Address
Sub County:
Location
Sub-Location
Village
Marital status
Married
Widowed
Others
Single
No. of dependents
REPAYMENT GUARANTEE
Guarantors are hereby advised to read all the information supplied on this form and the BoraBorai Sacco Lending Policy to fully
understand the terms and conditions of guarantying a loan.
We, the undersigned, hereby understand and agree, acting as guarantors of
…………………………………………………………………………… (Applicants Full Names) for the loan
requested on this agreement:
a) That all shares, interest and deposits with BoraBora Sacco, owned by us and hereby pledged as security for the said loan or such part
of it as may be granted.
b) In the case of default in repayment by the loanee, the society is hereby authorized to deduct any balance, interest and costs appertaining
to the aforementioned loan from the securities and salary hereby pledged.
c) We further understand that we shall not be eligible for loans at the time the repayments of the loans are in default.
d) We the members of BoraBora Sacco, do hereby understand that we shall be severally and jointly liable to repay in event of default by
the loanee. Our
particulars are as follows:
NAME
1.
2.
GENERAL TERMS
MEMB
NO.
ID NO
TOTAL
CONTRIBUTION
AMOUNT
GUARANTEED
SIGN
It is hereby mutually agreed and declared that the following terms and conditions shall be addition to the fore going to this agreement
1. The loan amount in this agreement shall be available to the borrower on completion to the satisfaction of BoraBora SACCO of all formalities
appertaining to the Security of the Loan
2. The borrower shall pay interest on the loan amount outstanding at the prevailing rates or at such other rate as the BoraBora SACCO may in its
sole discretion decide and shall pay such interest in arrears
3. BoraBora SACCO reserves the right to change the rate of interest and/or the basis on which it is calculated
4. The loan repayment frequency shall be once a month
5. Fees and charges to cover administrative costs shall be paid by the borrower. Such fees and charges will be in accordance with the prevailing
BoraBora SACCO tariffs.
DECLARATION
I hereby declare that the foregoing particulars are true to the best of my knowledge and belief and agree to abide by the by-laws of the society, the loan
policy provisions and any variations by the Credit Committee of the society in totality. In respect of section above, I further declare that I am not a member
of any other cooperative savings and credit society, which have similar objectives. I also understand that the basic rules applicable to this application are
as listed and understand the loan will be granted only according to these rules.
1. That I must be an active member.
2. That I must have been a contributor for a minimum period of six months as a new member.
3. That I apply for a loan not exceeding three times my deposits in BoraBora SACCO.
4. That the maximum repayment period for the loan I have applied for does not exceed 6 months
5. That the guarantors must be members of the Society and have given both personal and membership numbers. Guarantors must ensure that the
amount in word and figures applied for tally before they sign the form.
6. That I undertake to service my loan regularly without causing embarrassment to my guarantors.
7. That a Penalty of ksh 200.00 pm will be levied on my loan in case I fail to repay in time
8. That on a member being granted a loan, the member shall not revise their share contribution below the minimum specified or the latest six months
average share contributions, whichever is less.
I declare that I have READ, UNDERSTOOD AND COMPLIED with all the LENDING REQUIREMENTS as contained in the loan application form, and the
particulars I have given are true to the best of my belief.
(Applicant’s Name)
Signature
Date
Witnessed (Name of Sacco member)
Signature
Date
FOR OFFICIAL USE
CREDIT COMMIITTEE
We have examined the above application in conjunction with the loan appraisal and decided as follows:(a) Loan approved Kshs …………………………… Recoverable in ……………………. Installments
(b)Deferred/rejected for the following reasons ………………………………………………...................................................................
In addition, the Treasurer is hereby requested and authorized to do fund transfer for the above amount.
Credit committee Minutes No ………………………….
Chairperson
Signature
Date
Secretary
Signature
Date
Treasurer
Signature
Date
Local Administration
Area Chief Signature and Stamp