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 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.