Funeral Loan

Funeral Loan

This type of loan is given to members who are bereaved but the deceased should be mother, father, spouse or child.

Requirement:
i. 3 months current pay slips.
ii. Death, burial certificate or funeral cards and poster.
iii. Complete Business interview form.

Qualification:
• Must be a member for at least six (6) months.
• Must have paid the minimum shares.
• Must be credit worthy according to GESRO requirements.
• No outstanding loan will be considered as disqualification, however should have paid half of existing loan.
• Ceiling for the loan shall be One thousand, Ghana Cedis (GHS 1,000.00)
• Duration of repayment shall be one (1) to three (3) months maximum.
• Interest Rate shall be five percent (5%) flat rate for a month.
• Mode of payment shall be by cash or cheque.
• Security shall be two (2) guarantors who are GESRO members and can guarantee the extra fund.
• The basis for application for the loan shall be the death of the member’s spouse, parent and child. An evidence of their death must be provided as proof.
• Defaulters shall be made to pay all outstanding loans and interest from their savings and their guarantors’ savings or deducted at source from their salaries when necessary without permission from them after the three (3) months is due.

Loans

Loans

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