LOAN
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- This loan attracts a 5% flat interest rate with a maximum repayment tenor of 10 months.
- N1,000.00 application fee is expected to be paid before processing your loan.
- The maximum amount to get as a loan is twice your contribution with the coop less your share capital.
- You will need 2 guarantors who are members of this cooperative society to guarantee half of your Loan request.
- You can only get a loan without a guarantor if your loan request is not more than 50% of your contribution less share capital.
- To qualify for this loan, you must have been 6 months old with the cooperative society and your contribution for the last 6 months must have been without default e.g no default in the last 6 months.
- If your loan repayment is more than 70% of your monthly salary/income, the executive team or secretariat team might decide to reduce your proposed loan application to suit your monthly repayment except if other genuine sources of income are declared and satisfied.
- The existing personal loan had to be paid down before another application.
- Liquidation of loan from contribution is not allowed except in the case of termination.
- If the coop is forced to liquidate your loan from your contribution, you are to wait for another 12 months for you to be eligible for another Loan from the cooperative society.
- Occasional defaults in your last personal loan might affect your new request which will be determined by the Executive team or the secretariat team.
Please note; Lump sum funds deposited into our cooperative’s account can only be used as criteria for a loan after 3 months.