Skip to content

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.

By clicking “Accept” you give Lascelles Employees & Partners Co-operative Credit Union website permission to store cookies on your device for the purpose of analyzing site usage, assist with marketing efforts and improve our website experience.  See our cookie policy.