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GUARANTORS
Unless the loan applied for is equal to or less than a members share and deposit, he must be
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Secured by guarantors.
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The total shares of the borrower and those of guarantors must be equal to or more than the loan applied for.
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No member will be allowed to guarantee more than five loans. All guarantors must be member of the society.
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If a member has a loan that has been guaranteed by a member who is withdrawing from membership he/she is supposed to get another guarantor to replace the outgoing one failure to which the existing guarantors’ deposit /shares will not be released by the society.
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