+260 211 292995 info@carecoop.co.zm

CareCoop Land Loan

CareCoop Land Loan

Terms and Conditions

 

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Thirty Six (36) months.
  • Loan repayment period shall be up to the tenure of the contract of employment but no more than 36 months.
  • The maximum amount of the Loan is K250,000 fully secured by Title Deeds, a Mortgage Deed. All mortgage registration costs, legal fees, etc. will be paid by the borrower
  • The total loan to be paid is the loan amount plus interest of 1% per month.
  • This loan will attract 1% insurance cover to cater for the death of loan applicant and will be calculated from the total loan.
  • The Loans Committee shall consider a loan application incomplete if the following are not attached your latest payslip copy and current contract copy
  • This loan cannot be granted if net pay is less than 20% of applicants’ net pay after Tax & NAPSA but not less than K500.00 after deductions.

  • A member must have a minimum of 20% in savings calculated on the total loan amount applied for and accessed.
  • Unpaid loan balances shall be deducted from the member’s savings with full interest.

  • This loan cannot be granted if net pay cannot absorb deductions.

  • A member should show consistency in contributions and previous loans repayments.

  • A member who has been inconsistent with monthly repayments will have to clear all arrears and be consistent with Loan Repayments and Savings for at least 3 months before accessing a new loan.

  • CareCoop reserves the right to approve or reject any loan application.

     

Member Organisations

  • A member is eligible for this loan after saving with CareCoop for One (1) month. This will be within a member’s savings for the first Six (6) months
  • CareCoop shall consider a loan application incomplete if the following are not attached:¬†Latest copy of payslip and Current Contract Copy

General Members

New Members on DDACC can only borrow within their savings for the first three (3) months.

The Loans Committee shall consider a loan application incomplete if the following are not attached:-

General Members in Employment

  • Latest copy of Payslip
  • Current Contract of Employment/Letter of Offer
  • Post-dated Cheques or completed DDACC form
  • Letter confirming employment status

General Members in Active Business

  • Valid ZRA Tax Clearance Certificate
  • Cashflow Projections
  • Post-dated Cheque
  • Bank Statement (recent 3 months)

Other General Members

  • Proof of source of income
  • Cashflow Projections
  • Post-dated Cheque
  • Bank Statements (recent 3 months)

A member who is on DDACC and bounces 3 DDACCs within a period of 12 months will be required to provide postdated cheques for the remaining instalments