Loan Products
• CONSUMER LOAN
Members can access ten (10) times shares held to a maximum of $2 million in total loans to be repaid in 2 - 5 years for Consumer Loans. This loan will attract an interest rate of 13.75% reducing balance
Security is needed for this loan
• HOME LOAN
Members can access ten (10) times their shares to a maximum of $30 million to purchase/repair or make addition to their homes. The loan term for this loan is 25 years. This loan will attract an interest rate of 8% reducing balance
The house title must be offered for security in order for the endorsement of a first or second mortgage. Real estates must be insured.
• HOME EQUITY LOAN
Members can access ten (10) times their shares to a maximum of $10 million to repairs to their home, investment, or any other productive purposes. The repayment period for this loan will be based on the collateral provided to a maximum of 10 years. This loan will attract an interest rate of 8% reducing balance.
• HOME DEPOSIT LOAN
Members can access 10 times their shares to a maximum of $5 million to make a deposit on a home. The repayment period for this loan will be based on the collateral provided to a maximum of 25 years. This loan will attract an interest rate of 10% reducing balance.
• LAND ACQUISATION LOAN
Members can access 1en (10) times their shares to a maximum of $7 million to purchase land. The repayment period for this loan will be based on the collateral provided to a maximum of 15 years. This loan will attract an interest rate of 14% reducing balance. The land being purchase will not be used as security therefore the member will have to provide alternative collateral for this loan.
• MOTOR VEHICLE LOAN
Members can access ten (10) times their shares to a maximum of $10 million to be repaid in 2-10 years. This loan will attract an interest rate as follows:
6.5% - New vehicles, 7% -2017-2019, 7.35%- 2013-2016 on the reducing balance
The motor vehicle must be used as collateral for this loan
The motor vehicle must be comprehensively insured, and the credit union’s name must be endorsed on the Insurance Policy.
• SHARE LOAN
Loan secured by member’s share savings to a maximum of 95% of total share savings to be repaid as follows:
• Loans up to $100,000.00 maximum repayment period 2 years
• Loans over $100,000.00 maximum repayment period 5 years
This loan will attract an interest rate of 6% reducing balance
No proof of purpose for this loan is required. Approval will be subjected to member’s ability to repay.
• VACATION LOAN
Members can access ten (10) times their shares for a vacation loan to a maximum of $2 million. This loan is available for foreign or local travel. This loan attracts an interest rate of 13.75% on the reducing balance
The loan period is a maximum of 1-5 years. Collateral is needed for this loan.
• EDUCATION LOAN
Members can access ten (10) times their shares to finance their education up to a maximum of $3 million
The rate of interest for this loan is 12% reducing balance
The loan term for this loan is 1-5 years
Collateral is needed for this loan
• UNSECURED LOAN
Members can access up to a maximum of $500,000.00 the share ratio being 10:1. This loan will attract an interest rate of 19% reducing balance and subject to affordability and credibilty. The repayment period for this loan is 1- 5 years. No collateral is needed for this loan. NB: Unsecured Loans that were previously granted for 25% and members still have a loan balance will continue to pay at this rate of interest. Salary deduction is required for this loan.
• DEBT CONSOLIDATION
Members can access ten (10) times their shares to consolidate debt of up to $10 million. This loan attracts an interest rate of 13.75% on the reducing balance
The loan term for this loan is 2-5 years. Collateral is needed for this loan.
• PRODUCTIVE LOANS
Members can access 10 times their shares to a maximum of $10 million
The repayment period for this loan will be based on the collateral provided to a maximum of 1- 5 years
This loan will attract an interest rate of 14% reducing balance. Collateral is needed for this loan
• Salary deduction is required for this loan.
• PAY DAY LOANS
Members can access a maximum of $100,000 and a minimum of $10,000 to offset expenses
No share ratio required
The rate of interest will be 48% on the reducing balance
If a member recently joined the credit union and does not have any form of savings within the last three to six months, the member is required to deposit 10% of the loan amount borrowed
Repayments of this loan can be done in a maximum of twelve months
Repayment of this loan will be salary deduction only
• SPECIAL LOANS
Special loans will be offered when the need arises. Loans such as Father's Day, Mother's Day, Valentine's Day, Back to School, Easter, Black Friday and Christmas, and their terms and conditions will be subjected to Board of Director's approval. Repayment of these loans will be salary deduction only.
