Deposit Boosting Loan

The loan is aimed at increasing a member’s deposit in order to qualify for a loan.
• Maximum boosting amount: 50% of member’s current deposits.
• Application for boosting must be accompanies by a loan application.
• A member does not qualify for boosting if taking a self guarantee loan.
• The boosted amount will be charged 5 % one off interest recovered in full when paying out the new loan.
• The boosted deposit will earn interest on deposit at the end of the year.

External Lumpsum Deposits Waiting Periods

A member who wishes to top up a lump sum amount to their member deposits  account with the intention of borrowing a loan will be subject to the following waiting periods:

500,000 and belowZero waiting period
500,001 to 2 Million30 days
Above 2 Million60 days

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