Member shall ensure that the payment of the current loan is on schedule as per the repayment schedule.
Repayment of the current loan shall have been made for at least six (6) months.
Member shall demonstrate ability to repay the total loan i.e. the current loan and the additional loan amounts.
A member shall complete a new loan application form.
A member has the following refinance options subject to approval by the Management Committee:
|If Member has paid||Time Extension||Refinance (Topping up) Fee - charged on existing loan balance|
|50% of Original Loan||None||Nil|
|50% of Original Loan||Yes||2.5%|
|Less than 50% of Original Loan||None||3%|
|Less than 50% of Original Loan||Yes||4%|
A loan refinance within member deposits will not attract a refinance fee.