A member is only eligible to access regular long-term loan facility of the Society upon the attainment of 24 months continuous contribution account with the Society. For short-term loan, an arrangement can be made upon the successful consideration of members’ short-term loan request, subject to his duration of membership and contribution balance. Turnaround time for treatment of application is contingent upon applicant’s financial position with the society in line with the forgoing and availability of fund. Typically, value is availed to the applicant within one week of application.
The loan available to a member depends on the status of the member and the amount of the member’s contribution balance.
Members with membership period of less than 2 years can only access Edible Loans or Asset Acquisition Loans subject to the terms and conditions of those loans.
Members with membership period greater than or equal to 2 years can access all categories of loans subject to the terms and conditions of the loans.
See the FAQs on the types of loans for more information.
The repayment duration of a loan depends on the type of the loan.
- Long Term Loans have a duration of 24 months.
- Short Term Loans have a duration of 3 months.
- High Contributors Loans have a duration of up to 48 months.
- Real Estate Loans are dependent on the particular Real Estate Project.
- Asset Acquisition Loans are dependent on the particular Asset Acquisition Project subject to other terms and conditions.
A Short Term Loan is loan that is repayable within Three (3) Months with One Bullet Payment of both Principal and Interest. The Interest Rate for Short Term Loan is 7.00% Flat. This loan is not processed through the Payroll and you will be required to submit a post dated check to the tune of the principal and interest as a collateral.
A Long Term Loan is a loan that is repaid over a period of 24 Months from the date of collection of the loan. A member can collect up to 150% of the member’s total contributions as at date of applying for the loan. The Principal and the Interest elements of the loan are repaid together over this period of 24 months deducted through Payroll at source(HR). Long Term Loan attracts an interest rate of 14.00% per annum
A loan for members of the Society with a contribution balance of up to and above N10,000,000.00 or as may be determined by the Credit Committee from time to time.
Members who qualify for this category of loan can access up to 200% (double) of their contribution balances with the Society with variable repayment options and with a repayment period of up to 48 months.
The interest rate for this category of loan is 17.00% per annum.
Yes. The Society have loans for Real Estate Investments or Property Acquisitions which is subject to particular projects or request in this category. The loans are treated on a case by case basis subject to the funding and nature of the request or project.
Contact the Society’s Admin officer through admin@groupresourcesltd.com for more information.