Medical Loan

• Applicants must generally be covered by a health and medical insurance scheme such as the Public Service Medical Scheme. A lien would therefore be taken on the reimbursement expenses from these schemes.

• Loans would be structured with a balloon payment after three months to be met from the proceeds of the insurance coverage. The balance of the loan would be amortized for a period not exceeding 60 months.

• Loans for major medical and treatment for conditions for which there is little chance of recovery are not generally covered by Life Savings and Loan Protection Insurance. Permission for the granting of these loans has to be sought from CUNA Mutual by the Credit Union prior to approval.

• Loans to members must be eligible for insurance coverage and adequate alternative arrangements made.

• Borrowers must hold 25% of Regular Savings and/or shares of amount requested if loan is secured by a lien on the borrower's or co-makers' savings or 10% of the required amount if loan is secured by first legal mortgage on property.

APPLICATION PROCEDURES:

Members Must Submit:
• Letter from medical practitioner.

• A statement of affairs showing financial commitments and monthly income and expenditure.

Loan Application Form
This Form must be completed by members applying for a loan. The additional documentation required for the type of loan should also be attached before this application is submitted.
Download loan Application Form