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
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.
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.
Last updated 10 months ago
