Loan Repayments

12.1. The repayment period shall be determined by the Management Committee but shall not exceed 48 months.
12.2. Monthly loan repayments, interest and savings contributions shall be deducted through check-off by the employer and remitted to the Society or transferred through irrevocable banker’s order to the Society’s account. Payments may also be made through cash deposits or personal cheques.
12.3. Deductions for loan repayments shall commence immediately but not later than the month following that in which the loan was paid to the member. There shall be no grace period.
12.4. No member shall be allowed to suffer total deductions (including savings, loan repayment and interest) in excess of two-thirds of his/her monthly income.
12.5. Nothing in the foregoing should prevent any member from repaying his/her loan and interest in whole or in part, prior to its maturity.
12.6. A member is free to repay the loan from any other sources besides the individual salary.
12.7. Where a member changes employers and has a running loan, he should make arrangements to continue servicing the loan through check off or standing order.
12.8. A member shall not be allowed to withdraw part of his/her shares/deposits or offset part of the shares/deposits against outstanding loan unless he ceases to be a member of the Society.
12.9. A member’s shares/savings pledged as security for another member’s loan shall not be surrendered to off-set his outstanding loan unless the former can provide alternative security or guarantors for the latter’s loan.
12.10. A member who reduces the loan repayment as set in the irrevocable order by the Management Committee shall be fined a sum of money as set by the Management committee.
12.11. The refinancing or extension for time in which to repay shall be agreed only by the Credit Committee in the most exceptional circumstances as laid down in by-law no. 65.