Financial flexibility is crucial in today’s world, whether for personal projects, business ventures, or emergency needs.
The Normal Loan is a general-purpose loan designed to provide members with financial support based on their savings contributions. This loan allows members to access funds up to three times their total savings while benefiting from an affordable interest rate. With a reducing balance repayment method, members can enjoy lower interest charges over time, making repayment easier and more manageable.
- Interest Rate: 1.8% per month (reducing balance)
- Loan Term: Based on repayment capacity
- Loan Amount: Up to three times the member’s savings balance
Considerations: Affordability and member’s savings balance
- Must be a registered member of the UENR Co-operative Credit Union
- Must have an active savings account with the Credit Union
- Completed loan application form
- Proof of affordability (e.g., recent payslip or financial statement)
- Proof of savings contribution with the Credit Union