POLICY ON CLAAP LENDING

REQIREMENTS:

1. Borrower should fill up the application form.

2. Loan three thousand and above ,should present 1X1 ID picture.

3. Loan three thousand and above must have a co- maker , And signed

by his/ her husband or wife .

4. Loan five thousand need to present collateral ; including some

supporting documents.

INTEREST RATE :

1. 3% for weekly payment

2. 5% for monthly payment

LOAN PROCESSING :

STEP FOR LOAN PROCESSING

* Account officers to conduct home visit to the applicants and validate

the information written on the application .

* After home visit credit officers prepares loan documents to qualified

applicants .

* Credit officers forwarded loan application to the credit manager for

validation and approval of loan.

* After validation and approval of the credit manager loan documents

will be forwarded to the finance for checking.

* preparation of cash vouchers and promissory note to be approved

by the credit manager.

DAYS PROCESSING :

1. 1,000 – 2,000 processed for 1 to 2 days

2. 3,000 and above - process for 3 days

WHO AVAIL THE LOAN?

* Priority Category

A. 1st priority - CLAAP member who has no other loan in the

said association.

B. 2nd priority - BIGMA member who has no other loan in the

said association .

C. 3rd priority - not a BIGMA member but have a co- maker.

* Has the ability to pay the loan before due date .

PENALTIES:

A. 1% of the unpaid weekly due as penalty per week for late or post due

Payments.

- 3% of the unpaid monthly due as penalty per month for late or post due payment.

B. 5% penalty of the total amount due on the top of payment of

principal and interest due for the period .

- 7% penalty of the total amount due on the top of payment of

principal and interest due for the period .

AGGREMENT:

When you are not paying for payment time you will receive a letter of

Reminders, Without any response you receive DEMAND LETTER.