A Share or Savings Deposit Loan within SFaC Credit Cooperative represents a unique financial solution that allows members to leverage their accumulated savings or shares within the cooperative to secure a loan. This type of loan is based on the principle of utilizing members\' own savings or share capital as collateral, providing a cost-effective and accessible source of financing.
Loan Options
| Option | Amount | No of Months | Rate per Month |
|---|---|---|---|
| Share and Deposit 50K - 149,999 | + 15000 - + 20000 1st Loan | 24 | Total of 36% or 1.5% Monthly |
| Share and Deposit 150K - 349,999 | + 25000 - + 50000 1st Loan | 24 | Total of 36% or 1.5% Monthly |
| Share and Deposit 350K - 499,999 | + 50000 - + 75000 1st Loan | 24 | Total of 36% or 1.5% Monthly |
| Share and Deposit 500K - 999,999 | + 100000 - + 150000 1st Loan | 24 | Total of 36% or 1.5% Monthly |
| Share and Deposit 1M and Above | + 150000 - + 200000 1st Loan | 24 | Total of 36% or 1.5% Monthly |
| Additional Loan Amount will be granted to Member for Subsequent loan | |||
Requirements
Proof of Billing (Water, Electric or Internet Bill)
2 Valid ID
Proof of Income
for Co-maker, 2 Valid ID and Proof of Billing