Terms and Conditions for Personal & Other Loans
The terms and conditions of consumer loans vary based on the nature of the project to be financed. The repayment term, for example, is related to the economic life of the asset being financed, which may be four to five years in the case of a vehicle. However, the following general terms apply:
| Interest Rate: | 9% simple interest except for working capital which is 12% reducing balance. |
|---|---|
| Repayment Term: | Up to 5 years |
| Security: | Loans must be fully secured using an acceptable combination of security as shown in the Security Requirements for Personal & Other Loans. |