Competitive Interest Rate
per annum
Loan Ceiling
up to $ 500,000
Loan Term
up to 36 months
Purpose
The purpose of this partially unsecured loan is to assist members with Back To School related expenses at different stages in academia namely: Basic, Primary, Junior High, High School and Tertiary Institutions.
Qualifications
- Member must produce last two (20 months' pay advices / certified proof of income; Government Identification and TRN; any utility bill (no later than 3 months old) or completed Verification of Address Form.
- Member must be in good standing with the Credit Union, that is, no delinquency within the last six (6) months; and saving continuously for at least (6) months.
- Supporting documents are required to include: Vouchers, other original documents etc.
- All requirements must be met upon application for the loan, including shares requirements
- A minimum of 20% Free Shares are required
- A minimum of 10% of Loan Repayment (to be saved on an Education Savings Plan) is required
