Refinancing loan shall be granted on the following conditions:

• Only Development and Super saver loans shall qualify for this loan.
• The existing loan must have been repaid to at least 1/3 of the principle.
• A fee of 7% shall be charged on the balance of the existing loan.
• A new loan form shall be filled with the same conditions as the previous loan being refinanced.
• In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
• Loan shall be processed after all other loans based on availability of funds.
• The loan must be fully guaranteed.