Loan Amount
Members can apply for loans amount based on their creditworthiness (total saving). Members who are less than 5 years in the Company and more than six months in the Cooperative is entitle to 1.5 * their Total Savings-Total Deduction-36% Salary Take home. While those More than 5 years as staff and more than 6months in cooperative is entitle to 2.0*total saving-total deduction-36% Take Home.
Loan Duration
Coop I & II has the maximum tenor of 36 months; EDU loan has maximum tenor of 8 Quarters while the Commodity loan is 4 months’ tenor
Interest Rate
Competitive interest rates of 7% (subject to change) for COOP loan I & II and EDU Loan; 10% for the Commodity Loan is offered to ensure affordability and sustainability for borrowers.
Repayment Terms
Flexible repayment terms will be available, allowing deduction from the source and other source convenient for the member for repayment periods.
Collateral
No collateral requires. Each borrower is required to provide two guarantors who are members of the cooperative society and have 50%(25% each) of the actual loan amount.
Application Process
Members can apply for any loan by submitting a loan application through SMARTCOOP.
