Interest Rate
low % p.a. rates
Loan Ceiling
up to $700,000.00
Loan Term
up to 42 months
Purpose of Loan
- This programme is designed to improve income earners' access to financial inclusive products
- Member must produce last three (3) months pay advices/ certified proof of income; Government Identification and TRN; any utility bill.
- Member must meet the know your member (KYM) criteria (i.e., updated ID, TRN and proof of address must be on file).
Policy
- Loan Ceiling $700,00.00 (conditions apply)
- Processing Fee 7%
- Maximum Repayment Period 42 Months
- Very Low-Interest Rate for secured and unsecured
- Maximum Fee Shares 20%
- Compulsory Savings $1500.00 for loans received above $500,000.00 JMD
CONDITIONS
- Amount of loan granted will be dependent on the member's ability to repay.
- Repayment is by salary deduction.
- Lump sums placed on shares will attract an additional service charge of 0.50%.
- Any two (2) authorized officers (Loans Officer, Business Development Manager, General Manager) signatures is required to authorize same day loans under $150,000.00. Total loan amount in excess of $150,000.00 must be approved by the Credit Committee before payments are disbursed.
- All loans are approved by the Credit Committee as per the Credit Union's Rules.
- Cover Note / Insurance Certificate.
- All waivers are considered by the Board of Directors. Waiver fees will be administered based on approved fee schedule.
