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.

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 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

Documentation

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
  • Proforma Invoice (for Commodity Loan)
  • 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 projecion (for General Members in Active Business)

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