This is a loan granted to improve upon the quality of life of the individual member. This may be granted for either a provident or productive purpose.
Provident Loans are granted basically for consumption, thus for the payment of cost that goes to improve, build or purchase a house; pay for school fees; medical expenses; buy a car.
Productive Loans are granted to members to be used in activities that will generate income. Such activities may include agriculture, manufacturing, and services
Conditions for granting personal loans