- A borrower may at any time clear his/her loan in full or in part prior to maturity through direct bank deposits or bank transfer to Society’s account.
- At every regular meeting of the Management Committee, the item loans shall appear on agenda, at the meeting, the treasurer shall present an up-to-date listing of delinquent borrowers showing: -
- Name
- Account Name
- Date of Loan
- Date of last Payment
- Unpaid Balance on Loan plus accrued interest.
- Number of Months loans are outstanding due to delinquency
- Borrower’s Share balance
- Security, Guarantors, if any
- Any loan more than three months overdue may be referred to the Management Committee as a non-performing loan with recommendations to recover the loan. In case a loan is not repaid for a month, the Society shall inform the loaned immediately in writing with a copy to each guarantor. If no repayment is effected during the second month the guarantors shall be informed of this fact and be notified that they may be called upon to honor their obligations immediately. However the Society will still make efforts to recover the Loan from the defaulting borrower.
- It shall be the duty of each member of the Society to report at once to the Committee if he/she has reason to suspect that a borrower is not using or has not used his/her loan in accordance to the manner for which it was granted or is behaving in a way which may endanger his/her ability to repay the loan.
