Insurance Loan
These loans are drawn from the group's insurance fund and are specifically designed for emergencies and urgent needs. Key characteristics include:
No interest charged
Must be for valid emergency purposes
Subject to group approval
Limited to available insurance fund balance
Loan Request Process
Initiate a New Loan: To begin, the council member clicks on "Initiate new loan."
Select the loan type. In this case, we will choose Insurance Loan.
Steps to Complete the Loan Process
1. Loan Details
In this section, council members must enter borrower information:
Total Loan Amount: The amount of money to be borrowed.
Repayment Date: The date by which the loan must be repaid.
Click Next to proceed.
The borrower then confirms the loan by entering their PIN/NIP.
Wait for the confirmation message indicating that the loan has been successfully completed.
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