Only guarantors of defaulted loans are eligible for the Trustee loan, which can be used to reimburse the defaulted amount instead of having it deducted from deposits.

Loan Details:

• This loan is applicable only to the guarantors of a defaulted loans in lieu of the defaulted amount being recovered from their deposits;
• The maximum repayment period for this loan will be 6 months, or the original remaining period whichever is longer.
• If the repayment period extends beyond the period of the original loan, then the extended /exceeding amount will need to be insured by the trustee.
• There is No interest charged on this loan.
• If a loan defaulter repays their defaulted amount after their guarantors have taken up this product, the amount received will be used to clear the guarantor’s trustee loan;
• A default of this loan for a cumulative period of sixty (60) days automatically result in the outstanding loan amount being recovered from the loanee’s deposits without further notice to the loanee;
• This loan does not require any guarantors; and
• All other credit terms and conditions apply.