- Must be a member of the credit union.
- Must have unencumbered shares of 15% of the amount requested.
- Maximum loan amount $1,000,000.00.
- Debt to income ratio must not exceed 60%.
- Loan repayment time is 60 months fixed or revolving.
- Compulsory savings cannot be withdrawn until the loan is repaid.
- Loan repayment to be done via salary deduction & OR Standing Order if the company does not accept salary deduction.
- Members must have a debit card to access funds via the ATM.
- Service charge 3.5% of the amount requested.
- Interest rate 1.625% per month on the reducing balance.
- Credit Report MUST be done.
- Members must sign a final payment letter. If a member previously had a final payment letter, we do not need to do another.
- Last 2 salary slips.
- Guarantor agreement is required for members if they fall in these categories – ROD less than eighteen (18) months, HIGH Credit Report, Contracted employees,
- Picture Identification.z
