This facility is designed to enable account holders/non-account holders to have access to funds when bereaved to perform funeral rites.
Eligibility Criteria
The applicant shall satisfy the following criteria
- Shall be 18 years and above with sound mind
- Must be willing to become account holder of the bank. (i.e account can be opened on the same day to qualify)
- Must be a member of the bereaved family
- Must be a resident in the operational area of the bank
Documentation
The under listed basic information shall be placed on the credit file of every funeral loan beneficiary
- Application letter (printer/ hand written )
- Evidence of death(e.g Death certificate Morgue chit etc
- Resolution from the bereaved family
- Guarantor’s form duly sign by both the guarantor and the applicant
- identification (e.g Voter’s ID card) and passport picture of both the applicant and the guarantor (one of them should be a family member)
- An offer and acceptance letter (Letter of Notification)
Loan Disbursement
- The applicant shall read and sign the notification to indicate his /her acceptance
- The loan shall be disbursed into the applicant’s account
Duration of loan
Duration shall be two (2) weeks /three (3) days after the funeral
Security/Collateral
- The Applicant shall provide personal guarantot
- Any other security deem fit,