Glory Personal development loan
This is given to members who are doing personal development activities like buying land, building personal houses, vehicles, and house hold
The following applies to the acquisition of personal development loans:
(a) The maximum amount of principle amount guaranteed to the member shall not exceed 10 times a member’s share capital or fixed deposit amount
(b) Currently, the maximum amounts of principle development loan is shillings 10 million. (c) Any amount exceeding Uganda shillings 500,000 shall
require collateral/security unless such a loan is fully covered by members share capital/fixed deposits and such member has not guaranteed anybody.
(d) A minimum of two guarantors is required unless such loans are fully covered by member’s shares or fixed deposit amount and such a member has
not guaranteed anybody.
(e) The maximum repayment period is eighteen (18) months.
(f) An affidavit signed by the society‘s lawyer is required if the payment period exceeds eighteen (18) months
(g) Interest rate is 3% per month on flat rate
(h) Loan processing fee of 1% shall be charged
(i) Insurance of 1% of total loan shall be charged