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LITE (Education Loan)

Objective

  • To provide a cheaper and large secured loan specifically for member and their children educational and development needs geared towards Tertiary Education assistance

Criteria

  • Employed Members only
  • Employed for the last 12 months (1 year)
  • Child must be a member

Conditions

  • Ability to repay must be satisfied
  • 10% Share savings
  • Documented proof of enrollment/acceptance for educational program (no word of mouth)
  • Amount payable to Educational Institution only
  • Maximum loan – $1,000,000 and must be repaid using salary deduction or standing order only
  • 12% interest rate on reducing balance, 1% Processing Fee
  • Each installment borrowed must be repaid monthly for a maximum of 48 months
  • Top-up after every 12 months is possible but no extension to maximum loan period or any waivers
  • Security required – hypothecation, mortgages, motor vehicle title( Maximum 4yr old), shares, deposit, co-maker

Collateral Checklist

Using a Motor Vehicle

Loan above shares, using a motor vehicle as security.

Using a Property

Own a home? You can use this as a security. Get our checklist and begin today.

Third Party Cash

If you are using cash not held in our Credit Union, such as banks, stocks & investments.