Monthly Contribution

Safeguarding financial stability by saving substantial percentage of your Monthly income.

Minimum Monthly Contribution for new member is N500.00. plus N100 admin charge

• Membership registration fee is N2,000.

• Deduction is processed from the Salary on Monthly Basis . Other channels is currently being explored. e.g Direct Debit from then Member Account

• Member can also add additional Contribution to his/her Account at will.

• Members can Increase or Decrease their monthly contribution but must not be less than the threshold of N1,000 monthly contribution.

Personal Loan

This is strictly based on your total contribution as at the point of requesting for the loan. This can be accessed at the end of six consistent deductions i.e. a member must be six (6) months old with the society.

• Contributors are entitled to 200% of their total contribution as loan as at the point of request. For example members with N50,000.00 total contribution at the point of request can only be given N100,000.00 depending on availability of funds.

• Interest rate Varies depending of the tenure of the loan. e.g 5% on the period of 1-6 month(s),10% on the period of 7-12 months,15% on the period of 13-18 months,20% on the period of 19-24 months.

• To get 200% of your contribution you will need a guarantor.

• Loan Agreement form

House Hold Loan

This is also opened to members that are atleast six (6) months old with the society. This deduction is for stipulated period of 1 to 12 months depending on your choice of duration.
Maximum Amount Grantable is N150,000.00 i.e. Member entitled to N150,000.00. Repayment depends on the value involved i.e. one month to twelve months

• Pro-forma invoice from vendors of members’ choice or from the co-operative vendor.

• The invoice shall be submitted along with our completed Loan Agreement form.

• Cheque will be written on the name of the company on the pro forma invoice

• Interest rate Varies depending of the tenure of the loan. e.g 5% on the period of 1-6 month(s),10% on the period of 7-12 months.

• Loan Agreement form

Emergency Loan

This is strictly based on your total contribution as at the point of requesting for the loan. This can be accessed anytime Provided the previous one is settled/Repaid. This will be charged on disbursement. Contributors are entitled to 30% of their total contribution as loan as at the point of request. For example members with N50,000.00 total contribution at the point of request can only be given N15, 000.00 depending on availability of funds.

• Loan Agreement form

• Interest rate is 5% flat.

• Repayment period is for 3 months maximum.

GSM, Generator, Intercellular Loan/

This is also opened to members that are atleast six (6) months old with the society. This deduction is for stipulated period of 1 to 12 months depending on your choice of duration.Maximum Amount Grantable is N100,000.00 i.e. Member entitled to N100,000.00 regardless of Amount contributed Repayment depends on the value involved i.e. one month to twelve months.

• Contributors are entitled to N100, 000. Depending on availability of funds.

• Interest rate Varies depending of the tenure of the loan. e.g 5% on the period of 1-6 month(s),10% on the period of 7-12

• Loan Agreement form

Festive Period

This is also opened to members every festive period. This deduction is for stipulated period of 1 to 3 months depending on your choice of duration.Request can come in form of kind I.e. food or cash. Maximum Amount Grantable depends on amount authorized by the executives regardless of Amount contributed. Repayment also depends on the value involved i.e. one month to three months.

• Interest rate is 2% flat rate and may change on the decision of the executives

• This deduction is for stipulated period of 1 to 3 months depending on your choice of duration