Finding a place to call home can be tough, especially when rent payments require significant financial commitments.
The Rent Loan helps to ease this burden by offering financial support to members who may need assistance in paying rent. Whether you’re securing a new home, renewing your current lease, or taking care of an unexpected rental expense, this loan will make sure that you have the funds needed to fulfill your housing requirements without financial stress. The Rent Loan is designed with a competitive interest rate and flexible repayment terms to cater to providing affordable housing solutions for members of the Credit Union.
- Interest Rate: 15% per annum (fixed interest)
- Loan Term: 12 months repayment period
- Loan Amount: Up to twice the member’s basic salary
Considerations: Affordability and member’s savings balance
- Must be a registered member of the UENR Co-operative Credit Union
- Must have a stable source of income or savings within the Credit Union
- Must provide proof of tenancy or rental agreement
- Completed loan application form
- Copy of tenancy agreement or rent invoice
- Proof of affordability (e.g., recent payslip or financial statement)
- Proof of savings contribution with the Credit Union