Long Term Loan (Normal)

Long Term Loan

The loan policy is designed to grant Members an amount to meet their immediate needs by considering his/her ability and willingness to repay without incurring undue risk to the Credit Union.

Requirement:
i. 3 months current pay slips (controller staffs).
ii. Bank statement for six months period (Business operators)
iii. Complete Business interview form (Business operators).

The policy also ensures the return of the borrowed money with a reasonable interest while at the same time, discouraging loan delinquencies.

Member(s) shall qualify for a loan after six (6) months regular monthly savings with the union.

Loan security
1. For cash contributor’s applicant, the guarantor(s) savings should secure at least half of the amount applied.
2. For controller deducted applicant, 25% security shall be required.

Interest rate
The interest rate shall be 21% per annum for loans within savings and 23% for loans which above savings balance. These shall be calculated on the reducing balance or on a flat rate method.

Credit length
Maximum credit length shall be 36 months (3 years).
Loans shall be paid by, source deduction (Controller & Accountants General Department), cheque, bank standing order or cash payment at any of GESRO’s branch offices during working hours.

Loans

Loans

Whatever the contribution, once you are a Member, the door is open to a world of opportunities that makes achieving your goals a lot easier...

more »
OR
Contact Us

Our Partners

© 2017. GESRO Co-Operative Union. All Rights Reserved. Powered by iWEB Limited.