Loans
Loan Interest Rate
Currently a loan interest rate of 12.68% per annum is to be charged on the outstanding loan balance of member’s account. Interest is charged on outstanding principal only, not on outstanding interest. When a loan payment is received, the payment is first applied against the outstanding interest before being applied to loan repayment and savings.
Rebates of loan interest paid can be paid to members and this is lodged to your shares. In 2007 an interest rebate of 10% was paid.
