Considering the general rise in prices of commodities in the nation it was the view of the board that certain loan packages be adjusted accordingly so as to be meaningful. Thus the following are the available loan packages:
- Provident Loan: This applies to those that have saved for more than one (1) year in Nkwazi Coop. The maximum loan payable under this package is three (3) times the total savings and shares less any other loans outstanding at the time of application. The repayment period is 39 pay periods. ( 18 months)
- Commodity Loan: This applies to those that have saved in Nkwazi Coop for more than one (1) year. The maximum loan payable under this package is K35,000. (Adjusted from K25,000). The repayment period for this is 18 Pay periods. (9 months).
- Education Loan: This is available to those that have saved in the Coop for more than six (6) months. The maximum loan payable under this package is K 20,000 (adjusted from K10,000). The repayment period is 13 Pay periods, (6) months.
- Emergency Loan: This applies to those that have been in the Coop for more than six (6) months. The maximum amount payable under this package is K 10,000 (adjusted from K5,000) and the turnaround time from time of application is 48 hours. The repayment period for this loan is 13 Pay periods (6 months).
Please note that a processing fee of K150 has been introduced on every Nkwazi loan processed in line witha proposal raised at the last Annual General Meeting (AGM) regarding the need to have loan processing fees introduced.
The Nkwazi Board has also with effect from 5 April, 2013 amended the Provident Loan Structure to enable members refinance their Provident loans once a minimum of 50% of the loan has been paid back and 50% of the loan life time has elapsed. However, the current arrangement where one can deposit the balance and reapply will still be used. To be effective in this regard, the refinancing attracts a charge of K1000 for applications over K50, 000 and K500 for applications of K50, 000 and below. Refinancing is not compulsory; members can opt to wait for their loans to expire then reapply or simply deposit the balance on their loans and get a new one.