Special Loan
Unlock the financial flexibility you need with our Special Loan. This unique loan option is designed to help members acquire capital equivalent to their share capital. Whether you’re looking to expand your operations, invest in new ventures, or improve your cash flow, our Special Loan provides the perfect solution.
Loan Requirements
• No Fixed Deposit Retention required
• Interest rate : 8% per annum-diminishing
monthly
• 1% Service Fee
• Maximum loanable amount: Equivalent to fixed
deposits or share capital unencumbered to other
loans
• Maximum term: 60 months
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Is collateral required?
No, collateral is not required for the Special Loan, as it is secured against your share capital in the cooperative.
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Can I use the loan for any purpose?
Yes, you can use the loan for personal, business, or other financial needs, unless otherwise specified by the cooperative's policies.
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Can I apply for another loan while I still have an outstanding balance?
Depending on the cooperative's policies, you may be eligible to apply for another loan if you have repaid a portion of your outstanding loan. Please check with the cooperative to know more.
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Can I increase my loan amount in the future?
If you increase your share capital or meet other criteria, you may be eligible to apply for a loan increase, subject to approval by the cooperative's board.
