Refinancing Loan Application Form

Transcription

1 Kenya USA Diaspora Sacco Ltd 2015 Barrett Lakes Blvd Suite 202 Kennesaw GA Tel: Refinancing Loan Application Form 1. Application for a Refinancing Loan I hereby apply for a refinancing loan and agree to pay the non-refundable application fee of KES 4,000. I m in the knowledge that to qualify for a refinancing loan, I must already be having an existing development loan, of which I ve paid back an amount of not less than 50%. I also understand that I ll be charged a surcharge fee of 10% if I pay a lump sum amount towards my development loan, for purposes of qualifying for this refinancing loan. If the refinancing loan is approved, I also agree to pay the Sacco a further loan-processing fee of 1% of the loan amount. I understand the loan has a grace period of 30 days, after which I should start paying back the loan. Failure to repay the monthly loan amount by the 5 th of every month shall result in a penalty fee. If I underpay the loan, I understand that I shall be charged a penalty fee of 1% on the reducing balance. Fields marked with (*) are required fields. Personal Information Full Name: * Street Address:* (No P.O Boxes) Last First M.I. Apartment/Unit # City * State* ZIP Code *

2 Primary Phone Cell: * Alternate Phone: * Kenya ID # * or Kenya Passport #: * Kenya * Passport # Expiration Date (mm/dd/yyyy) Birth Date: * (mm/dd/yyyy) Membership #: * Existing Loan Details Development Loan Account #) * Has this loan being paid back upto or more than 50%? * Loan amount already paid back in KES:* Loan amount already paid back in words) * Refinancing Loan Details Loan description (purpose of the loan) * Loan amount applied for (KES) *

3 Loan amount applied for in words) * Loan repayment duration (months): Interest rate %: Collateral Details The following has been provided as collateral Guarantor Repayment Guarantee We, the undersigned, hereby jointly and severally accept liability for the repayment of the borrower s loan in the event of default. We understand that the amount in default may be recovered by an offset against our shares in the Society, by attachment/sale of our property (collateral) or recovered from our Main Savings Account equivalent to the amounts we signed as guarantee. Guarantor Details Guarantors are strongly advised to read all the information supplied in this form by the application and terms and conditions contained herein, so as to understand the full implications of signing this part. Guarantors full name: Guarantor s membership #: Does guarantor have any outstanding balance? Does guarantor have any penalties being assessed? If yes, how much in KES: If yes, provide more details: Guarantors

4 Guaranteed amount (KES): Date (mm/dd/yyyy): Signature: Loan Applicant Repayment Guarantee I, the undersigned, hereby accept liability for the repayment of the loan in the event of default. I understand that the amount in default may be recovered by attachment/sale of my property (collateral), an offset against my guarantors Savings or collateral, or recovered from my guarantor s Main Savings Account equivalent to the amounts they signed as guarantee. Signature of the Applicant Member: * Date: * Please attach the following with your application: 1. A copy of a valid Kenya Passport or Kenya ID (the one you wrote on your application) 2. Money order of $20 (handling and processing fee). Make money order payable to KUDS 3. Proof of income, security and collateral documents **Application form received without the above documents will not be processed. FOR SACCO CREDIT COMMITTEE USE ONLY Date of Membership: Membership #: Loan account #: Loan approved (KES): Loan approved in words: Member savings amount (debit):

5 To be paid in installments of KES/month Reasons for deferred/rejected loan Incomplete information or lack of supporting documents Timeliness Inadequate funds to meet loan demand Reasons for Rejected Loan

6 Inability to repay Clear outstanding loan first Lack of property guarantors or security Loan not in proportion to share Ineligible Purpose Membership period Inability to meet minimum monthly payments Credit Committee s Minute Number Credit Chair s Signature Date Committee Member Signature Date Remarks: