LOANS
Loans at St. Mary's Co-operative Credit Union
St. Mary's Co-operative Credit Union provides exceptional loan options that excel in competitiveness compared to other choices. If you're interested in obtaining a loan, the initial requirement is to become a member, as it is a prerequisite for loan eligibility. Familiarize yourself with the necessary criteria to acquire a credit union loan before proceeding to submit your application.
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1. Savings Covered Loan
2. Short Term Loan or EZ Loan
3. Open Ended Loan or Top Up Loan
4. Home Improvement Loans
5. Domestic Loan
6. Vehicle Loan
7. Pay Day Loan
8. Land Loan
9. Agriculture Loan
10. Education Loan
11. Medical Loan L16
12. Business Loan L18
13. Christmas Loan
14. Loan Consolidation
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Loans Offered
SAVING COVERED LOAN
Loan Requirements:
To apply for a savings-covered loan, please ensure that you meet the following criteria and have the required documents:
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Two Recent Salary Slips: Provide the two most recent salary slips as proof of income.
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Copy of ID: Submit a copy of your identification document for verification purposes.
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Employment Letter: Include an employment letter from your employer to confirm your current job status.
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Pledge Savings: Pledge savings equal to the loan amount plus three months of interest. This serves as collateral for the loan.
By meeting these requirements and providing the necessary documentation, you can proceed with your savings-covered loan application.
SHORT TERM LOAN or EZ LOAN
Loan Requirements:
To apply for a short-term loan or EZ loan, please ensure that you meet the following criteria and have the required documents:
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Maximum Amount: The loan amount should not exceed $5,000.00.
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Two Recent Salary Slips: Provide the two most recent salary slips as proof of income.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
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Employment Letter: Include an employment letter from your employer to confirm your current job status.
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Invoice (when necessary): If applicable, provide an invoice for specific expenses related to the loan.
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By fulfilling these requirements and providing the necessary documentation, you can proceed with your short-term loan or EZ loan application.
OPEN ENDED LOAN OR TOP UP LOAN
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Loan Requirements:
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To apply for an open-ended loan or top-up loan, please ensure that you meet the following criteria and have the required documents:
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Loan Amount: The loan amount should be $10,000.00.
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Compulsory Saving: It is mandatory to make a compulsory saving with each loan payment.
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Monthly Budget Analysis/Income Statement: Provide a detailed analysis of your monthly budget or income statement to evaluate your financial position and repayment ability.
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Two Recent Salary Slips: Include the two most recent salary slips as proof of income.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
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Employment Letter: Include an employment letter from your employer to confirm your current job status.
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By meeting these requirements and providing the necessary documentation, you can proceed with your open-ended loan or top-up loan application.
HOME IMPROVEMENT LOANS
Loan Requirements:
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To apply for a home improvement loan with a loan ceiling of $350,000.00 and a repayment period of 360 months or 30 years, please ensure that you meet the following criteria and have the required documents:
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Monthly Budget/Income Statement: Provide a detailed breakdown of your monthly budget or income statement to assess your financial stability and repayment capacity.
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Job Letter/Financial Records: Submit a job letter from your employer and any relevant financial records to verify your employment status and income stability.
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Two Recent Salary Slips: Include the two most recent salary slips to validate your income.
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Copy of Certificate of Title: Provide a copy of the certificate of title as proof of property ownership.
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Valuation of Property: Obtain an up-to-date property valuation report, including the value upon completion, if applicable.
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Approved Building Plan: If the loan is for construction or renovation, submit the approved building plan.
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Bill of Quantities & Estimates: Include a detailed bill of quantities and estimates for construction or renovation projects.
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Letter from Vendor: If the loan is for a specific purchase, such as home improvement materials or equipment, provide a letter from the vendor with relevant details.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Life Insurance: Provide proof of life insurance coverage for the loan amount.
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Property Insurance: Ensure that the property is adequately insured.
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Salary Deduction: Agree to salary deduction as a repayment method, if applicable.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Savings: Maintain a satisfactory level of savings in your account.
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By fulfilling these loan requirements and providing the necessary documentation, you can proceed with your home improvement loan application.
DOMESTIC LOAN
Loan Requirements:
To apply for a domestic loan with a loan ceiling of $5,000.00 plus interest, please ensure that you meet the following criteria and have the required documents:
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Two Recent Salary Slips: Include the two most recent salary slips as proof of income.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
Additional Terms and Conditions:
a. Performa Invoice: Members must present a Performa invoice specifying the cost of the article to be purchased.
b. Reputable Firm or Local Members: The items to be purchased must come from a reputable firm or local members.
c. Approval by Manager: The loan will be approved by the Manager.
d. Direct Payment: The loan amount will be paid directly to the firm or local company.
e. Equipment/Furniture Maintenance: Members must keep the equipment/furniture in good condition.
f. Possession of Equipment/Furniture: Members must not assign or part with possession of the equipment/furniture and must keep it in their possession at all times.
g. No Charge or Lien: Members must not create any charge or lien on the equipment/furniture.
By meeting these requirements and adhering to the terms and conditions, you can proceed with your domestic loan application.
VEHICLE LOAN
Loan Requirements:
To apply for a vehicle loan with a loan ceiling of $100,000.00, please ensure that you meet the following criteria and have the required documents:
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Income Statement: Provide an income statement to evaluate your financial stability and repayment capacity.
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Job Letter: Include a job letter from your employer to confirm your current job status.
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Two Most Recent Salary Slips: Include the two most recent salary slips as proof of income.
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Letter of Intent to Sell: If applicable, provide a letter of intent to sell the current vehicle.
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Mechanical Report: Submit a mechanical report of the vehicle to assess its condition.
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Performa Invoice: Include a Performa invoice specifying the cost of the vehicle to be purchased.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Vehicle Insurance/License: Provide proof of vehicle insurance and a valid license.
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Bill of Sale: Include the bill of sale for the vehicle.
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Certificate of Title/Caveat: Provide the certificate of title or caveat for the vehicle.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
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Photo of Vehicle: Submit a photo of the vehicle you intend to purchase.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Spare Key: Provide a spare key of the vehicle as soon as the loan is disbursed.
Vehicle Monthly Payments:
The monthly payments for the vehicle loan will include the following:
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Loan Deduction: The loan amount will be deducted as per the contract.
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Compulsory Saving: A compulsory saving component will be included in the monthly payments.
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Insurance Premium: The insurance premium, divided by 12, will be paid to D01 by the member every month to cover the annual insurance premium.
By fulfilling these requirements and adhering to the monthly payment structure, you can proceed with your vehicle loan application.
PAY DAY LOAN
Loan Requirements:
To apply for a payday loan, please ensure that you meet the following criteria and have the required documents:
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Loan Amount: The loan amount shall not exceed 20% of your salary.
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Payday Loan Limit: A maximum of six (6) payday loans can be granted to a member in one calendar year.
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Two Most Recent Salary Slips: Include the two most recent salary slips as proof of income.
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Salary Deduction: Agree to have the loan repayment deducted directly from your salary.
By meeting these requirements and providing the necessary documentation, you can proceed with your payday loan application.
LAND LOAN
Loan Requirements:
To apply for a land loan, please ensure that you meet the following criteria and have the required documents:
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Three Survey Plans: Provide three survey plans of the land for evaluation and verification.
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Copy of Certificate of Title: Submit a copy of the certificate of title as proof of ownership.
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5% Minimum Savings: Maintain a minimum savings balance of 5% in your account.
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Valuation of Property: Obtain an up-to-date valuation report of the property.
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Employment Letter: Include an employment letter from your employer to confirm your current job status.
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Two Recent Salary Slips: Provide the two most recent salary slips as proof of income.
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Income Statement: Provide an income statement to evaluate your financial stability and repayment capacity.
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Budget Analysis: Include a budget analysis to assess your ability to manage loan payments.
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Letter of Intent to Sell: If applicable, provide a letter of intent to sell the land.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Maximum Payback Period: The maximum payback period for the land loan is 20 years.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your land loan application.
AGRICULTURE LOAN
Loan Requirements:
To apply for an agriculture loan, please ensure that you meet the following criteria and have the required documents:
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Grace Period: A grace period will be given based on the crops grown.
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Loan Ceiling: The maximum loan amount is $50,000.00.
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Farm Records: Provide farm records that demonstrate your agricultural activities and track your performance.
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Income Statement: Include an income statement to evaluate your financial stability and repayment capacity.
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Financial Records: Submit relevant financial records to provide insights into your farm's financial health.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Savings: Maintain savings of 5% to 10% of the loan amount.
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Collateral: Provide collateral as per the credit union's requirements.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Invoices: Include invoices for equipment, supplies, or services related to your agricultural activities.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your agriculture loan application.
EDUCATION LOAN
Loan Requirements:
To apply for an education loan with a loan ceiling of $100,000.00, please ensure that you meet the following criteria and have the required documents:
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Application Form: Complete the application form provided by the credit union.
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Income Statement: Include an income statement to evaluate your financial stability and repayment capacity.
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Employment Letter: Provide an employment letter from your employer to confirm your current job status.
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Two Salary Slips: Include the two most recent salary slips as proof of income.
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Acceptance Letter: Submit the acceptance letter from the educational institution you will be attending.
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Costing from University: Provide the cost breakdown provided by the university or educational institution.
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Copy of Certificate of Title: Submit a copy of the certificate of title as proof of property ownership.
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Valuation of Property: Obtain an up-to-date valuation report of the property, if applicable.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your education loan application.
MEDICAL LOAN L16
Loan Requirements:
To apply for a medical loan (L16) with a loan ceiling of $100,000.00, please ensure that you meet the following criteria and have the required documents:
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Letter from Medical Doctor: Obtain a letter from a medical doctor outlining the medical treatment or procedure required.
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Cost of Medical Expense: Provide detailed information regarding the cost of the medical expense or treatment.
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Particulars of Security: Specify the particulars of any collateral or security that will be provided for the loan.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
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Income Statement: Include an income statement to evaluate your financial stability and repayment capacity.
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Collateral: Provide collateral as per the credit union's requirements.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your medical loan application (L16).
BUSINESS LOAN L18
Loan Requirements:
To apply for a business loan (L18), please ensure that you meet the following criteria and have the required documents:
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Business Proposal: Prepare a comprehensive business proposal outlining your business plan, objectives, and financial projections.
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Income Statement: Include an income statement to evaluate your business's financial stability and repayment capacity.
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Permanent Shares: Hold the required number of permanent shares in the credit union.
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Particulars of Security: Provide details of any collateral or security that will be offered for the loan.
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Business Certificate: Submit a copy of the business certificate or registration document as proof of the existence of your business.
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Statement for Two Years: Include financial statements for the past two years to demonstrate your business's financial performance.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your business loan application (L18).
CHRISTMAS LOAN
Loan Requirements:
To apply for a Christmas loan with a loan ceiling of $5000.00, please ensure that you meet the following criteria and have the required documents:
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Two Recent Salary Slips: Include the two most recent salary slips as proof of income.
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Salary Deduction: Agree to have the loan repayments deducted directly from your salary.
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Employment Letter: Provide an employment letter from your employer to confirm your current job status.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your Christmas loan application.
LOAN CONSOLIDATION
Loan Requirements:
To apply for loan consolidation and merge multiple loans into one, please ensure that you meet the following criteria and have the required documents:
Income Statement: Include an income statement to evaluate your financial stability and repayment capacity.
Employment Letter: Provide an employment letter from your employer to confirm your current job status.
Two Most Recent Salary Slips: Include the two most recent salary slips as proof of income.
Credit Reports: Submit your credit reports to assess your creditworthiness and repayment history.
Certificate of Title/Caveat: Provide the certificate of title or caveat for any collateral associated with the existing loans.
Salary Deduction: Agree to have the consolidated loan repayment deducted directly from your salary.
Permanent Shares: Hold the required number of permanent shares in the credit union.
Minimum Savings: Maintain a minimum savings balance of 5% in your account.
By fulfilling these requirements and providing the necessary documentation, you can proceed with your loan consolidation application.
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