MONIQUES GLOBAL HUB THRIFT AND LOANS COOPERATIVE SOCIETY LTD

Terms and conditions

1. Eligibility: Loans are available to civil servants or other government employed staff of all levels. Business men who present collaterals or civil servants as sureties are also eligible provided the government employed person agrees to take responsibility in the event of any default.
2. Loan Amounts: The loan amount available will be determined based on the applicant's salary and creditworthiness. For business men, it would be determined by the applicant’s business account’s five months statement of account.
3. Interest Rates: Interest rates vary depending on the duration of the loan taken. For a month’s duration, there is a 3% interest rate which shall have a compound increase rate of 3% per each month added.
4. Repayment Terms: Repayment terms will be clearly outlined in the loan agreement, including the loan duration, installment amounts, and payment schedule. Notably, the interest rate will be calculated and deducted before disbursement, leaving the applicant to pay back only the principal amount loaned.
5. Guarantors: Only those who are not government employed staff will have to provide such persons duly employed by the government as guarantors or sureties.
6. Penalties and Fees: There are no other fees except the interest rates attached on loans. Penalties are fixed on late repayments which will be 3% of the amount due for repayment.
7. Loan Security: The loan will be secured against the borrower's salary or, in the case of a business man, against the salary of the surety provided. Both the borrower and the surety provided shall give Moniques Global Hub Thrift and Loans Cooperative Society LTD the right and authorization to request for automatic deduction from their salaries with the government agency they belong to.
8. Default: Failure to make timely loan repayments will result to penalties, legal action, and damage to the borrower's credit score.
9. Confidentiality: Moniques Global Hub Thrift and Loans Cooperative Society LTD will maintain strict confidentiality regarding the borrower's personal and financial information.
10. Termination: The loan agreement may be terminated early by mutual agreement or in accordance with the terms outlined in the agreement.