The Emergency Loan serves as a crucial financial lifeline for Polymed SACCO members facing unforeseen circumstances. This type of loan is specifically tailored to address emergencies, with the maximum amount set at 80% of the member's shares, capping at MK1,000,000.00. This ensures that members can access a substantial but manageable amount to meet their urgent needs.

To provide members with a reasonable timeframe for repayment, the Emergency Loan offers a maximum repayment period of 10 months. This allows individuals to navigate through their financial challenges with a structured and sustainable approach.

Moreover, the Emergency Loan features an interest rate of 4% per month, calculated on a reducing balance basis. This interest structure not only reflects a commitment to supporting members during challenging times but also ensures that the financial burden remains reasonable and manageable for the borrower.

In essence, the Emergency Loan is a compassionate and member-focused financial solution, designed to offer timely support during unexpected situations while maintaining a fair and transparent lending framework within Polymed SACCO.