Loans at NMCS

We provide ethical, non-interest loans to support members. Below is a summary of our loan policy. To apply, please log in to your member dashboard.

NMCS Loan Policy

  • Eligibility: Members can apply for a loan six months after joining NMCS.
  • Regular Savings: Only members who save regularly and have no offences are qualified to apply for a loan.
  • Loan Amount: Qualified members can apply for up to 3× the amount in their savings account.
  • Guarantor Policy: If you stand as a guarantor for another member, you become eligible for a loan when the person you guaranteed for repays their loan regularly for the first three months.
  • Repayment: Loan repayment is monthly for 10 months or a maximum of 1 year.
  • Missed Repayment: Missing a month of loan repayment attracts a fine of ₦1,000. If you miss a repayment, your next loan application will be delayed by the number of missed months, added after a year to balance.

Note: Consistent savings and timely loan repayments help you access higher loan amounts and maintain good standing in NMCS.

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