+260 211 292995 info@carecoop.co.zm

Ordinary Loan

Ordinary 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, provided gross terminal benefits (gratuity) at the end of the contract covers the other half
  • The maximum loan amount is twice the applicant’s savings
  • Loan Repayment Period cannot exceed end of contract date.
  • The total loan to be paid is the loan amount plus interest of 1% per month
  • Unpaid loan balances shall be deducted from the member’s savings with full interest
  • This loan will attract 1% insurance cover to cater for death of loan applicant and will be calculated from total loan.
  • 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 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 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

  • CareCoop shall consider a loan application incomplete if the following are not attached:- Latest copy of payslip and Current contract copy
  • A member should show consistency in contributions and previous loans repayments.
  • Members will have to provide collateral to access loans above K100,000.00 if their organisations:- (a) Do not pay gratuity to their staff who leave employment midterm or (b) Do not clear their staff with and remit to CareCoop upon leaving employment.

General Members

CareCoop 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

A member should show consistency in contributions and previous loans repayments

A member who has been inconsistent with monthly contributions will have to clear all outstanding balances and be consistent for at least 3 months before being able to access a new loan

General Members will have to provide collateral to access loans above K100,000.00 (Property, Land and/or Vehicle)