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Plot 16/18 Akanbi Onitiri Closse,

Off Eric Moore Road,


Surulere,
Lagos.

APPLICATION FORM FOR LOAN


I, Mr/Mrs/Miss .hereby apply for a loan of
() for a period
of months to be repaid within the specific period stated. I desire this loan for the
following purpose(s): please state the purpose
1)
2)
3)

..
..
..

GUARANTORS
The following members have agreed to be my guarantors.

NAME
1)
2)

REGION & F.G.

..
..

AMOUNT ()
GUARANTEED SIGNATURE

.
..

........

Statements hereon are made for the purpose of obtaining the loan and are true to the best of my
knowledge.

________________________
APPLICANTS SIGNATURE
PARTICULARS FOR SOCIETYS USE
OTHER DEPOSITS SAVINGS
....

MONTHLY DEDUCTIONS

..............

REMARKS
...........................................

On this day of 200.. We approve/disapprove the loan applied for an


therefore grant/refuse the loan of

___________
CHAIRMAN

______________________
COMMITTEE MEMBER

______________________
COMMITTEE MEMBER

NOTE TO GUARANTORS
See the Constitution on the duties of a surety under section 23 sub-section vii & x on page 22.

Plot 16/18 Akanbi Onitiri Closse,


Off Eric Moore Road,
Surulere,
Lagos.

LOAN AGREEMENT
Agreement made this day of .20... between SURUJET (SURULERE) COOPERATIVE MULTIPURPOSE SOCIETY LIMITED (herein called the Lender) on one part
and Mr/Mrs/Miss (herein called the Borrower) on the
other part.
Whereas the Borrower requires the sum of N
.. for the purpose of .. and whereas
the Borrower has applied to the Lender for the sum .. for the purpose
aforesaid which the Lender has agreed to lend upon having payment together with interest
thereon secured in the manner hereinafter appearing.

NOW THIS AGREEMENT WITNESSETH


1)

In pursuance of the said agreement and in consideration of the sum of


now paid by the SURUJET (SURULERE) CO-OPERATIVE MULTIPURPOSE
SOCIETY LIMITED to the Borrower (receipt whereof the Borrower covenants with the
Lender as follows:

a)

The Borrower will repay the sum of .. with interest thereon at the rate of
. from the date hereof over a period of months in equal and consecutive
monthly installment, the first being due within the next 30 days on the .day of
. 20..

b)

During the continuance of this agreement the Borrower shall cause to be deducted at
source regularly each month the sum of . to be paid over to the credit of
the Lender.

2)

If the Borrower is expelled from membership of the Society the whole outstanding
Principal and Interest shall become payable forthwith.

3)

The Borrower may terminate this agreement at any time by paying to the Society the
amount of Principal and Interest outstanding in respect of the said loan.

4)

No neglect or indulgence on the part of the Society in enforcing any of the terms of this
agreement of the by-laws of the Society shall prejudice the strict right of the Lender in
regard to this loan.

5)

Where the Borrower fails to pay the balance before leaving service, the three guarantors
will be called upon to pay the amount outstanding.

GUARANTORS:
NAMES AND SIGNATURES
1)

__________________________

2)

__________________________

__________________________
BORROWERS SIGNATURE

SOCIETYS OFFICERS
___________
PRESIDENT

____________
SECRETARY

Process Flow for obtaining Loan from the cooperative:


a) Member obtains a loan application form by paying N1,000.00
b) Loan application form is duly completed by member with appropriate portion of loan
amount guaranteed by another member(s).
c) Duly completed Loan application form is submitted along with a written letter by the
applicant to the loan committee
d) The loan committee (Vice President, Secretary & Financial Secretary) reviews the loan
applicant and approves/declines accordingly.
e) Member submits monthly post dated cheques to cover the entire duration of the loan in
exchange for the cooperatives cheque.
f) Member repays the loan principal and interest on a monthly basis until the loan is liquidated
at maturity.