In order to get loan services, the member should save 1/4th of the requested loan amount within six consecutive months.
Requirements to get loan
- The member should save regularly for at least six consecutive months, which amounts to one-fourth (1/4) or 25% of the requested or needed loan amount for all loan types.
- He/she should bring renewed Kebele ID and 1 photograph.
- If the member is married, he or she must bring in person his or her marriage partner, and if the member is single, he or she must justify it with legal certifications.
- For Merchants: He/she should bring trade license, tin number registration and tax clearance with bank statement.
- If the member is an employee, he or she must bring a letter from his or her organization about his or her salary status or income statement.
- Business operators should bring a renewed trade license and cash flow statement that indicates their monthly cash flow/bank statement for one year.
- Should bring collateral that fits the amount of the loan.
- Should bring one member from the cooperative as a co-signer
- Should be willing to pay 1% service charge and 1% micro life insurance.