-
Requirement
-
Security:
-
Motor Vehicle using as security for Personal Loan
- Must have unencumbered shares of 10% of 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
- Maximum repayment period: 180 months
- Interest rate between 0.83% on loan within shares and 1% per month on the reducing balance on personal secured loan.
- Last 2 salary slips.
- Picture Identification.
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)
| 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 % |