Meaning of Loan
A loan is a principal amount of money given to loanee for a specified period in which the payback includes interest accrued in the period of loan.
Loan Eligibility Cretaria For Members
- Should be a TCRA SACCOS LTD member who remits monthly contributions, with not less than 10 shares of value greater than TZS. 200,000/-. Should also be able to increase individual shares but not exceed 20% of all shares of the society.
- Should be able and willing to abide to loan terms and conditions.
- Should be a member for not less than three(3) months except under the directives of the Board.
- Should not have a debt with the TCRA SACCOS which he/she has failed to pay.
- Should be an active participant in SACCOS activities.
- A member who remits cash into his or her bank balance for the purpose of securing a loan and should that balance eventually exceed TZS 500,000/-, it will be held for a period not less than three(3) months before it can be used to secure a loan.