Loans :: Yetfu Sonkhe Savings & Credit Co-operative Society

Loans Products

Loan granted shall not exceed E10,000.
Maximum repayment period is 12 months.
This loan is for extraordinary expenses such as medical and funeral expenses, natural disasters, and court fines. It shall not include, house rent, school fees, or any other loans covered in this policy. In all cases, related documented proof shall be required.
Loan shall not exceed member's savings.
Interest rate is 1.5% per month.

Loan granted shall be three times the member's savings subject to a maximum of E500,000.
Exception — A member who has savings which entitles him/her above the loan ceiling may be granted the Maximum loan plus an additional of up to 75% of his/her total excess savings above the loan ceiling.
NB: For the purpose of this policy,' Loan Ceiling savings' shall be E166,666.67 therefore all additional savings above E166 666,67 shall be deemed savings above loan ceiling.
Example: If a member has E300,000 savings with the Society, the difference of E133,333.33 (E300,000 less E166,666.67) will be deemed savings above loan ceiling. Therefore E133,333.33 x 75% = E100,000. Hence: The member may be granted a maximum loan of ((E166,666.67
x 3) + E100,000)) = E500,000 + E100,000 = E600,000
Maximum repayment period is 72 months.
Interest rate is 1.3% per month.

This is granted to members who are permanent employees or have a new fixed-term contract.
The purpose of the loan is to assist the new members to establish himself/herself.
Must have been employed for not more than twelve months.
Letter of employment must be submitted and then complete application forms with proof of bank statement or account.
Maximum Loan granted is E15,000
Maximum repayment period is 18 months.
Interest rate is 1.5% per month.
Member shall have paid the E350 joining fee.
Shall hold a minimum of E500 on shares.

Maximum repayment period is 12 months.
Maximum loan granted is E50,000 per member.
Interest rate is 1% per month.
Loan shall be paid directly to a registered and licensed school/institution, supplier, or service provider.

The total loan balance for this loan type shall not exceed E3 million.
The office shall provide current loan balances to the special loans committee at every sitting.
Maximum loan shall not exceed E500 000 per member.
Maximum repayment period is 72 months.
Interest rate is 0.9% per month.
Letter from employer acknowledging to deduct from source.
Quotation from registered garage for new/used vehicles.
Evaluation report from registered evaluators for individual sales
Vehicle shall not exceed 8 years from date of manufacture.
Paid directly to garage/service provider.
In the event of individual sale, the loan is paid directly to seller's account with proof of bank statement or account details. The payment shall only be processed provided the seller has presented proof of settlement from original financier.
- Certificate of insurance within 30 days from purchase and thereafter annually until repayment is complete.
- Copy of motor vehicle registration certificate bearing members name within 30 days from date of financing.
The vehicle shall remain the property of the Society until the loan is fully paid up.

Must have been a member for a minimum period of two years.
The total loan book/balance for this loan type shall not exceed E1.5 million.
The office shall provide current loan balances to the special loans committee at every sitting.
Maximum loan shall not exceed E250,000 per member.
Maximum repayment period is 72 months.
Interest rate is 1.2% per month.
Provide quotation from registered garage/service provider.
Provide Evaluation report from registered evaluators for individual sales.
Vehicle shall not exceed 8 years from date of manufacture.
Money will be paid directly to garage/service provider.
In the event of individual sale, the loan is paid directly to seller's account with proof of bank statement or account details. The payment shall only be processed provided the seller has presented proof of settlement from original financier.
The member shall submit to the society the following.
- Certificate of insurance within 30 days from purchase and thereafter annually until repayment is complete.
- Copy of motor vehicle registration certificate bearing members name within 30 days from date of financing.
The vehicle shall remain the property of the Society until the loan is fully paid up.

Must have been a member for more than two years.
Maximum loan shall not exceed E250 000.
Consolidation loan shall not exceed 3 x the member's savings.Maximum repayment period is 72 months.
Interest rate is 1.35% per month.
Provide proof of loan balances and/or amounts owing.
The money shall be paid directly to the creditors as per (vii) above and on provision of the bank account/statement of the creditor.

Must have been a member for more than three years.
The total loan book/balance for this loan type shall not exceed E1.5 million.
The office shall provide current loan balances to the special loans committee at every sitting.
Loan shall not exceed three times the member's savings or 60% of the member's pension provided it is secured against the loan.
Maximum repayment period is 120 months.
Interest rate shall be prime + 2.5% per annum.
Letter from Umphakatsi.
Quotations from registered suppliers/ contractors.
The Money will be paid directly to suppliers/service provider.
Only 20% paid directly to member.