Loan Products
This product enables members to buy motor vehicles and other business assets that may be approved from time to time.
Features:
- Member should have deposit to loan ratio of at least 1:5
- 5 times multiplier on deposits
- Maximum repayment period of 48 months
- Interest charged at 1.125% per month on reducing balance method
- Loan is open to offset by other loans
- The asset financed must be 10 years and below
- Loan secured by guarantors or collateral
The key requirements are as follows:
- All vehicles covered except for PSV vehicles.
- Car value is the insurance premium.
- Insurance policy must be completed and attached to the loan application.
- Member must complete the loan application.
More requirements include:-
- Cheques paid directly to the insurance company.
- Loans repaid within a period 12months.
- This loan is granted at a 1 % interest per month on a reducing balance method
N:B For payment charges refer to Tariff Guide under downloads.