Providing affordable and flexible financial services and products to members through savings, loans and investments in an efficient, effective and transparent manner to enhance members' standard of living.
Deductions shall be effected within thirty (30) days of the loan being granted and for a maximum period of twenty four (24) months
The maximum loan amount is K200,000.00
Loan Repayment Period cannot exceed the end of contract date.
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 member should show consistency in contributions and previous loan repayments
CareCoop reserves the right to approve or reject any loan application.
Eligibility Criteria for Loan
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 three (3) months
New Members on DDACC can only borrow within their savings for the first three (3) months.
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.
A member who has missed any monthly repayments on a running loan or savings contribution will have to clear all outstanding loan arrears and make consistent repayments and/or contributions for at least 3 months for members under payroll and 6 months for General members before being allowed to access a new loan.
The following documents are required along with your Loan application:
Copy of NRC or Valid ID
Latest Copy of Pay slip
Copy of Valid Contract of Employment
Organization Clearance Form
Copy of Mandate Form (for General Members)
Bank Statement (for General Members in Active Business)
ZRA Tax Certificate (for General Members in Active Business)
Cash flow projections (for General Members in Active Business)