Borrow up to $3M secured using comakers or motor vehicle.
Loan Terms and Conditions:
- Must be a member for at least 3 months.
- 20% of the amount being borrowed in the shares account for loan amounts up to $500,000.00.
- 10% of the amount being borrowed in the shares account for loan amounts up to $3,000,000.00.
Maximum loan repayment period
54 Months – Using comaker, guarantor and shares.
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Using motor vehicles as security, the repayment periods are as per the motor vehicle loan repayment schedule. Should not exceed 72 months.
Loan Requirements
- ID Last two months’ pay slips
- Proof of loan purpose (Invoice, quotation etc.)
- Job letter for first-time borrowers
- Proof of loan repayment Comaker/Guarantor
Motor Vehicle Used As Security
- Copy fitness, Registration and Certificate of Title
- Evaluation report (From the list of approved evaluators)
- Vehicle Not Owned By Member: Letter from the registered owner permitting to use of said vehicle as security. The authorization/permission letter is to be witnessed by JP/Notary Public along with the ID of the registered owner.
