Funeral Loans

Posted on: 23 October 2022

Funeral Loans

These are loan facilities to assist individuals, families to perform funerals.

1.            An account in the name of the family shall be opened with the Bank through which the loan will be processed.

2.            All loan applications shall be properly evaluated by the Credit Department.

3.            An interest of 10% of the amount disbursed.

4.            Loan duration shall not be more than one (1) month.

5.            Failure of applicants to repay loan in full at the end of one month shall attract a penalty of 10% on outstanding balance and thereafter commercial interest rates.

6.            Guarantors shall be two (2) salaried workers who receives their salary through the Bank.  

7.            Bank officials shall be present on the day of the ceremony to collect funeral donations on Saturday and Sunday to be lodged with the Bank. However, Applicants may have the opportunity to provide alternative mode of payments.

8.            Loans shall be disbursed to applicants within 7 days upon application provided loan applications are approved and funds are available.

9.            The family Head, Family Secretary and one other member close to the deceased shall initiate all transactions relative to the loan on behalf of the family.