General Loans

The rules of the Credit Union provide that only members are eligible to borrow from the Credit Union and that such loans must be for provident and productive purposes.

Provident loans are those which help you, our members and your families to sustain or improve your lives, by helping to fulfill basic needs.

These are classified as:

  • Home Acquisition
  • Rents, Rates and Utilities
  • Motor Vehicle Purchase, Repairs, and Maintenance
  • Mortgage
  • Furniture, Appliance Purchase/Repairs
  • Education and Training Expenses
  • Travel and Vacation
  • Weddings and Funerals
  • Consolidation of Debts
  • Refinancing

Productive loans are those which are used to generate an income to the member, and to produce goods or services to others.

These are classified as:

  • Agricultural
  • Manufacturing
  • Agro-industry
  • Construction Purpose
  • Distribution Wholesale/Retail
  • Transportation and Haulage Business / Motor Vehicle Loan
  • Tourism
  • Entertainment Business

The loans are offered in the following categories:

  • Regular loans
  • Line of Credit
  • Pay Day Loan
  • Salary Multiplier
  • Special Credit Facility
  • Optima Solution
  • Motor Vehicle loans
  • Real Estate loans
  • Back-to-School loans

Accepted Collaterals:

  • Mortgage on Registered Land Title
  • Bill of Sale on Motor Vehicle and other applicable asset.
  • Cash
  • 80% cash surrendered value on Insurance Policy
  • Co-maker
  • Guarantors
  • Members Savings (Shares and other Deposits)
  • Hypothecation of funds held at other institutions

Documents required for loan:

  • Valid identification (passport, drivers license, national ID)
  • TRN
  • 2 passport size photograph certified by Justice of the Peace
  • Proof of income
  • Letter of employment
  • The last 3 pay slips
  • Any other documents required as per collateral

Did you know?

You can borrow the amount saved in your shares instead of withdrawing your shares; the money may be accessed the same day you make an application, at very low interest rates

You can borrow another loan although you have an existing one

Some loans products has more flexibility that will guarantee approval within one hour of application

We offer flexible interest rates on the reducing balance

The maximum repayment period on secured loans is 8 years

Members can borrow up to 10 times their shares (conditions apply)

There is no penalty for early repayment of loans