-
Requirement
-
Security:
-
Motor Vehicle using as security for Personal Loan
- Must be a member of the credit union.
- Must have unencumbered shares of 10% of the amount requested.
- Maximum loan amount $17M.
- Proof of loan purpose MUST be (signed & stamped by company or JP) for loans in excess of $250,000.00
- Debt to income ratio must not exceed 60%.
- Maximum repayment period 180 months if property is offered as security; 72 months if cash is offered and for motor vehicle offered see schedule.
- Compulsory savings cannot be withdrawn until the loan is repaid.
- Interest rate between 0.67% on loan within shares and 1% per month on the reducing balance on personal secured loan (using property &/or Motor Vehicle)
- Service charge 2% of the amount requested.
- Last 2 salary slips.
- Credit Report MUST be done
- Picture Identification.
- Loan repayment to be done via salary deduction & OR Standing Order if the company does not accept salary deduction.
- Property (Valuation Report & Surveyor’s)
- Motor Vehicle from age 11 to New (Valuation Report from list of approved valuators)
- Bank Account (Statement of account)
- Appliances (Receipts, picture of items; serial & model number of items)
- Insurance Policy - cash surrender valve – (Statement on insurance policy, Insurance policy)
- Co-maker (Internal securable amount)
- Co-signor (External security not belonging to member)
- Job Letter (Everyone Except JDF Military Personnel)
| Year | % Financing | Share Requirement | Repayment Period | Interest Rate |
| New -1 yr | 90 % | 10% | 7yrs | 12% |
| 2-3 yrs | 90% | 10% | 7 yrs | 12% |
| 4-5 yrs | 90% | 10% | 6 1/2yrs | 12% |
| 6-7 yrs | 90% | 10% | 6yrs | 12% |
| 8-9 yrs | 90% | 10% | 5 1/2yrs | 12% |
| 10-11 yrs | 90% | 10% | 4 1/2yrs | 12 % |