Special Loan

Special Loan

This type of loan is designed for Members who have business plans / projects and need more than twice of their savings.

Requirement:
i. One (1) months recent pay slips and bank statement (controller deductions).
ii. Bank statement for six months period (business operators).
iii. Complete Business interview form.

Qualification:
• Must be a regular contributor of GESRO Co-operative Credit Union for three years.
• Might have taken at least three (3) loans and have paid without defaulting.
• Must have paid the minimum shares required with no outstanding loan balance.
• Good loan repayment history and not guarantor of loan defaulter.
• This loan shall be granted based on availability of funds.
• Interest rate for special loan is determined at the office depending on the loan amount.
• Repayment duration for this loan shall not exceed three (3) years.
• The mode of payment shall be by cash, cheque, standing order or controller source deduction.
• For Controller source deduction, cash collateral of 50% must be provided.
• Physical Collateral can also be provided as the loan security.
• There shall be an evidence to justify the need and purpose of the loan.
• Defaulters of this loan, who are Controller deducted, shall be made to pay all outstanding loans and interest from their savings, their guarantors’ savings or deducted from source when necessary without their permission.

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...

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