For FINNLEMM SACCO Society limited credit system to function there is need to have a credit policy guide which will be involved in the credit grunting process. Loans department, Manager and Credit committee must follow clear set off rules, procedure and policies. These policies include preconditions for granting loans, the minimum requirements, terms and conditions and other relevant information on the Credit Management process.

The loan policy is intended to provide directions, guidelines and make provision for efficient utilization and administration of the society’s loan portfolio. This will ensure that the society’s interests are adequately protected and equitable distribution of funds, encourage liquidity planning and enhance effective communication and information flow between the society and its members.

Any violation of this policy will be subjected to disciplinary action as prescribed by the Management Committee. This policy shall be subject to review as may be proposed by the Management Committee and approved by the members.

Click here to download