a) Must be a fully registered member of CEDARS OF LEBANON MEMBERS SACCO
b) The borrowing limit is at a ratio of 1:1 for both shares and savings. for example, if one has savings and shares worth 200,000 UGX each, he / she qualify for 400,000/= maximum. however, if the member wants to borrow more than he/she qualifies for, then he/she can get a guarantor or two who have savings and shares worth the extra amount the member wants to borrow. the guarantor must put in writing and sign agreement that in the event that the borrower fails to pay the loan, his/her savings (guarantor’s) should be withdrawn to pay for the borrower’s loan arrears.
c) Must be a shareholder
d) Must not be defaulters on previous loans or guarantors of defaulting borrowers.
e) Must have saved with CEDARS OF LEBANON MEMBERS SACCO for atleast six(6) months consecutively, with exception to this, a very active members who has capacity and can actively save will automatically qualify for credit within a period of 3months savings with CEDARS OF LEBANON MEMBERS SACCO.
f) Must be engaged in activities or projects that are legal
g) Must have an economic activity with a income that can be used to repay the loan
h) Startup loans are only acceptable when a client has proven alternative sources of income.
I) Should have collateral or security