0211 425310/20/30/40 info@carecoop.co.zm

Vehicle Insurance Loan

Vehicle Insurance Loan

Terms and Conditions

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Twelve (12) months
  • Loan Repayment Period cannot exceed the end of contract date.
  • The maximum loan amount is 5% of the motor vehicle purchase price.
  • The total loan to be paid is the loan amount plus interest of 1% per month. The loan amount will include purchase price, registration and all related costs for 3 years.
  • 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 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
  • 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

  • A member is eligible for this loan after saving with CareCoop for Six (6) months continuously
  • CareCoop shall consider a loan application incomplete if the following are not attached:- latest copy of payslip, current contract copy and insurance quotation

General Members

New Members on DDACC can only borrow within their savings for the first three (3) months.

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