+260 211 292995 info@carecoop.co.zm

Loan Consolidation

Loan Consolidation

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
  • The maximum loan amount is K250,000.00
  • The total loan to be paid is the loan amount plus interest of 1.5% per month
  • The loan will attract an additional K150.00 of consolidated loans Surcharge.
  • Loan Repayment Period cannot exceed the end of contract date.
  • A member must have a minimum of 20% in savings calculated on the total loan amount applied for and accessed
  • 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
  • This loan will attract 1% insurance cover to cater for death of loan applicant and will be calculated from total loan.
  • 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 loan that has already been consolidated cannot be re-consolidated again
  • 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 outstanding balances and be consistent for at least 3 months before being able to access a new loan
  • CareCoop reserves the right to approve or reject any loan application.

Member Organisations

  • Consolidation loan will only apply to members with existing loans and will not involve paying out cash. It only consolidates existing loans into one.
  • 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

General Members will have to provide collateral to access loans above K100,000.00 (Property, Land and/or Vehicle)CareCoop reserves the right to approve or reject any loan application.