FEATURES OF THE SOMA LOAN
1. Loan Amount
• The total outstanding loans, including school fees, must never exceed 3 times the members savings.
2. Loan Term
• Repayment period, not more than 24 months
3. Cost of financing
• Interest rate of 1% per month on the reducing balance.
• processing fee of 1.5%
• Insurance fee 1.5% per annum.
4. Qualification
• Soma Loans may be granted to a member even though he/she may be servicing other loans
• Fees structure and/or admission letter
• Amount to be disbursed to the learning institution
5. Collateral
• Total guarantee by cash collateral (guarantor savings).
BENEFITS
• Low-interest rate
•Fast processing
•Disbursement is done to the school/institution
•Flexible repayment period

Invest in your future with ease.