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for Groups and Individuals in Groups

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Memorandum of Agreement
for Groups and Individuals in Groups
Memorandum of Agreement

Memorandum of Agreement for a loan made this __________ day of __________ two thousand and ____________
BETWEEN ____________________________ CBO/Group of PO Box ______________, _______________ (Herein after called the "LENDER") on the first part and
Mr. / Ms: ______________ of PO Box ____________, _____________ (herein after called "BORROWER") on the second part.


_____________________________________ Group/CBO
Lends Shillings _________ (in words) _____________________________________________
to Mr / Ms: _____________________________ repayable within ____________ months.

The loanwill attract interest as follows:
(a) Shillings _________________ at the rate of ________ % p.a.
(b) Shillings _________________ at the rate of ________ % p.a.

All calculated on declining balances.

The grace period will be ___________ months after loan disbursement.

Interest will accrue during the grace period.

Principal will be repaid in _________ equal monthly/quarterly instalments of ___________ shillings, and interest will be paid on declining balances.

Date of the first instalment will be (date) _________________ and the date of the last instalment will be (date) _________________ .

The loan will be used for (specify purpose):

Security or collateral for the loan will be:
(i) All savings with the _____________________________________ Group/CBO
(ii) All the members will be jointly and severally liable for repaying the loan in full.
(iii) Assets financed by the loan will be jointly owned until the loan is fully repaid.

This Agreement will remain in force as long as there are outstanding balances of the loan.


I, Mr / Ms: ______________________________________ certify that I have read and understood the terms and conditions of this Loan Agreement and do hereby confirm that I will abide by them.

Signed this ________ day of ________ 20 ______
Signature and Date:

ON BEHALF OF: ____________________________________________ Group/CBO

Witnessed by:
Signature and Date:


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