+260 211 292995 info@carecoop.co.zm

Premium Loan

Premium Loan

Terms and Conditions

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Eighteen (18) months
  • Loan Repayment Period cannot exceed the end of contract date.
  • The maximum loan amount is twice the applicant’s savings.
  • The total loan to be paid is the loan amount plus interest of 2% per month.
  • 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 the death of a loan applicant and will be calculated from the total loan.
  • Unpaid loan balances shall be deducted from the member’s savings with full interest

Member Organisations

  • CareCoop shall consider a loan application incomplete if the following are not attached their 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.
  • CareCoop reserves the right to approve or reject any loan application.

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)