FUNERAL LOAN

IMPORTANT THINGS YOU SHOULD KNOW ABOUT  THE ABOSOMANKOTERE FUNERAL LOAN

1.WHAT IS THE ABOSOMANKOTERE FUNERAL LOAN?

It’s a type of loan given to members of the Union during bereavement.

2.WHO QUALIFIES FOR THE FUNERAL LOAN?

Funeral loans are given to members who own a minimum share of Gh¢200.00 and are of good standing ie. Saves regularly (at least once       every month).

3.WHAT ARE THE TERMS OF THE FUNERAL LOAN?

Repayment should not exceed three months. (Details are discussed and agreed upon with the member before a loan is granted.

4.HOW CAN I APPLY FOR THE FUNERAL LOAN?

• A Member must fill in a funeral loan application form provided by the union.
• A Family head of the applicant must jointly complete the application form and provide supporting documents such as their passport sized pictures and death certificate of the deceased .
• A guarantor must be provided by the member where necessary.
• A collateral may also be required where necessary.

5.WHAT ARE THE BENEFITS OF THE FUNERAL LOAN?

•  Freedom from stress and pressure during bereavement.
•  Easy accessibility of funds when bereaved.
• Organization of fitting funeral rites for deceased relatives

IMPORTANT THINGS YOU SHOULD KNOW ABOUT THE ABOSOMANKOTERE FUNERAL LOAN
6. WHAT IS THE REPAYMENT SCHEDULE OF THE FUNERAL LOAN?

Just after the funeral or within the specified duration agreed upon between the union and the bereaved family.
7. HOW DOES ONE AVOID DEFAULTING IN REPAYMENT?

By respecting the repayment schedule and avoiding extravagant spending during the funeral.

8.WHERE CAN I GET ADVICE ON THIS LOAN?

Talk to the Manager or an officer of any of the Union’s branches.

9.WHAT PENALTIES SHALL I SUFFER FOR FAILING TO REPAY THE FUNERAL LOAN?

Default in repayment of a funeral loan for a month shall attract a fine of 5% of the principal per month in addition to the interest on the          loan.