LOAN APPLICATION FORM

[Pages:4]QUEENSWAY CO-OPERATIVE SAVINGS & CREDIT SOCIETY

LIMITED

P.O. Box 48165, 00100 Nairobi, Kenya Email: info@ OR sacco@

+254 020 2060042

LOAN APPLICATION FORM

A Applicant's details

Full names: ID/Passport No (attach copy): Address and Phone No: Personal e-mail address: Membership No: Employer: Employer e-mail and phone No: Terms of service (tick one): (Permanent) (Temporary) (Contract) If contract state duration: Tenure __________ From __________ To __________ Payroll No: Net Monthly Salary (attach payslip): KES

B Loan details

Loan type: Maximum eligible amounts Repayment periods Amount applied for (figures) Amount applied for (words) Purpose(s) of loan:

Repayment plan: Security for the loan: (Selecting c, d or e excludes a & b. A & b are both selectable)

Emergency KES 100,000 12 months KES

Development KES 1,500,000 48 months

a) KES b) KES Monthly instalments:__________ a) My shares/deposits b) Guarantors c) Car log book (valuation) d) Queensway Housing Land e) Queensway Housing shares f) Other(Emergency only)

Property Inv. KES 1,000,000 48 months

Supersaver KES 3,000,000 48 months

No: of months:__________ KES KES KES KES KES KES

1 Normal Loan App. Form (2011)

C Security details

Guarantee details: (All guarantors MUST include their phone numbers for confirmation purposes)

We, the undersigned, hereby accept jointly and severally, liability for the repayment of the loan in event of the borrower default. We understand that the amount in default may be recovered by an offset against our shares in the Society or by attachment of our property or salary, and that we shall not be eligible for loans unless the amount in default has been cleared in full.

Guarantor name:

Phone No: Amount: Signature: Witness name:

Signature

Total

Car log book details: (Original search certificate and valuation report MUST accompany this application)

Registration No:

Owner name:

50% valuation:

Search results:

Land details: (Title deed, search results, valuation, blank transfer MUST accompany this application)

L.R No:

Owner name:

65% valuation:

Search results:

D Declaration of indebtedness

I declare that I am not indebted to any other Credit Cooperative Society, Bank or Loan agency except as listed below either as a borrower or endorser.

Name of other institution Borrower/Endorser

KES

E Preferred payment mode

Cheque payment:

Bank transfer:

My bank account details for bank transfers are

Account name: ______________________________________________________

Bank name:

______________________________________________________

Branch name:

______________________________________________________

Account No:

Note: All transfer/RTGS attract KES 500 as transfer charges.

2 Normal Loan App. Form (2011)

F Employer comments

I confirm that the loan applicant is employed by ...................................................... Nairobi Kenya as required by the rules and loan policy of the Society. I support the loan applicant and shall make the necessary stated loan deduction to the Society from the company signature.

On behalf of ............................................................

Name: ______________________________

Signature _________________ Date ___________

G Terms and conditions

a) A member must have made monthly contributions consistently for six months to qualify for any loan. b) Members are entitled to three times of the shares/deposit held at the time of application. c) A member applying for a loan should attach a latest certified payslip or three months latest bank statements

if self employed and copy of ID/Passport. d) Applications for all loans other than emergency loans MUST be registered in the society's office on or

before the 15th of every month. e) Loans will be repaid from a member's salary and no member should be allowed to suffer total deductions

including savings, loan repayment and interest in excess of two thirds of his /her monthly net basic salary. Nothing in the foregoing need prevent any member from repaying his/her loan and interest in whole or in part, prior to its maturity. f) Lump sum loan repayments for the purpose of borrowing a new loan must be retained in society for at least three (3) months. g) Property investment loans are only available for the purpose of acquiring property investments from Queensway Housing Co-operative Society Limited. h) While a member is allowed to repay their loan from other sources beside the individual salary deductions, under no circumstances should these sources be taken into account in determining the member's ability to repay the loan at the time of loan granting. i) A member's shares and deposits pledged, as security for another member's loan shall not be surrendered to offset his/her outstanding loan unless the former can provide an alternative security for the latter's loan. j) In case of any default in payment by a member, the entire loan balance will immediately become due and payable at the discretion of the Society and all savings/deposits owned by the member and held by the member and any accrued interest. Deposits due to the member will be offset against the owed amount. The member will be liable for any costs incurred in the collection of the loan balance and accumulated interest. Any remaining balance will be deducted from the guarantors or terminal benefits where applicable. Other security also pledged for the loan will immediately be realized for the purpose of settling the loan balance and accumulated interest.

H Declaration

I hereby confirm that I have read and understood the terms and conditions above to the best of my knowledge. I agree to abide by the Societies Bylaws and loaning policies and to any policy variations that may be made from time to time. I further confirm that should I default, the Society should to use any method available to it and not limited to my salary, shares and employment benefits in recovery the loan. I also understand that upon default the Society is entitled to furnish my default information to the credit reference bureau without prior written consent.

Loan Applicant

Name: ______________________________

Signature _________________ Date ___________

Witness

Name: ______________________________

Signature _________________ Date ___________

3 Normal Loan App. Form (2011)

I Official use only

Loan eligibility Kes: Total shares/deposits Outstanding principle loan balance: Amount eligible

Amount Multiplier

+

x 3

-

Maximum eligible

(

)

Security for loan: Shares/deposits:

Car log book: Land: Total:

Total share/ deposits Total guarantors Total guarantees Net loan guaranteed

Amount

(

)

Repayment appraisal: 1. Net salary as per payslip 2. Total monthly payments to Society (shares and loan repayments) 3. Maximum allowed payments to Society (66% of (1+2)) 4. Monthly contributions 5. New loan repayments 6. Total deduction (4+5) 7. Monthly payments within maximum allowed

Amount YES/NO

Loan approval: Amount applied for: Amount eligible: Amount approved: Loan number: Payment voucher number: Disbursement date:

Amount

I certify, on behalf of the Credit Committee, that the loan application is within the rules of the Society.

Name: ______________________________

Signature ________________ Date ___________

Management Committee (signature and date)

Chairman Member

Signature

Date

Member Member

Signature

Date

4 Normal Loan App. Form (2011)

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