7/27/2019 Agecu Loan Brochure
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A simple guide on:
Who can apply for a loan
How and when to apply for a loan
What you need to support your loan
application
What types of loan products are avail-
able for you
So, you want to
get a Loan...
1. Interest rate on all loans to members is one(1%) per month on
the outstanding bal-ance. This rate may be adjusted based onthe
type of loan, at the discretion of theBoard.
2. Co-maker: members who wish to apply for
a loan but are in excess of their borrowinglimits may have
another member act as co-maker to their loan. That member will
be required to pledge his/her shares to thevalue of the excess
until the unsecured
portion of the loan has been paid off by theborrower.
3. Additional security may be requested bythe Credit committee
for a loan that is inexcess of the borrowers shares. This may
be in the form of collateral such as:
Stocks, shares, Units or governmentbonds (up to a maximum of 75%
oftheir value);
Cash value on insurance policies; Fixed deposits;
Instrument of Charge on vehicles; Mortgage Bill of Sale on
property pur-
chases
4. A member is not allowed to have morethan one unsecured loan
at any point in
time. Where Special or Seasonal loans arebeing offered, these
will be treated sepa-rate and apart from any secured loan.
5. Repayment of loans are made either via:
Salary deduction or Standing order, if the member is a for-
mer employee, permanent employedwith another organisation.
The information contained in this brochure isan excerpt of the
A.G.E.C.U. Loan Policy andshould be used as a guide only. The
informa-
tion should in no way be construed as a guar-antee of approval
for any loan. Other condi-
tions may apply. Please contact the office forfurther details or
advise at 623-1841 ext.
333/334, 625-2662
Other importantinformation
Your weekly or monthlyinstallment will be deter-mined by the
amount of theloan, the repayment period
and the applicable interest rate.
You should discuss your options withthe Office prior to applying
for any loan.
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Who can apply fora loan?
1. Any person who has been a member of theCredit Union for at
least six (6) monthsand who has been saving on a regular basis
can apply for a loan.
2. A permanent employee of Angostura Lim-ited, who is a member
of the Credit Union
may apply for a loan up to three (3) timesthe value of his/her
shares.
3. A former permanent employee of Angos-tura Limited who is
still an active memberof the Credit Union and is permanently
employed elsewhere, may apply for a loan
up to three (3) times the value of his/hershares.
4. A retired employee of Angostura Limited,
who is still an active member of the CreditUnion may apply for a
loan up to three (3)times the value of his/her shares. Loans to
retirees are at a rate of interest of .75%.
5. A casual or temporary employee of An-gostura Limited, who is
a member of the
Credit Union may apply for a loan up to1.25 times the value of
his/her shares.
Members may be asked to provide collateralor additional security
for loans in excess of$50,000 over his/her borrowing share
capital.
6. Members with less than six (6) monthsstanding in the Credit
Union may apply fora loan up to the value of his/her shares.
What type of loancan I apply for?
There are five (5) general categories of loans:
1. Share secured loans
2. Character loans3. Collateral secured loans
4. Cash and Investment loans
5. Payday/single payment loans
Property purchase
Property improvements Medical treatment
Debts consolidatione.g. utilities
Small businesse.g. agriculture
Legal transactions
Vehiclesrepair/new/used
Vacation/travel
Household amenities: - e.g. Furniture/
appliances
Investment
Insurance
Mortgage /bridging finances
Domestic expenses
Education
Back-to-school loans
Special seasonal loans
TYPES OF LOANS
What do I need toapply for a loan?
1. Application forms must be completed,signed and returned to
the Credit Union of-fice at least two (2) days prior to the
sched-
uled meeting date of the Credit Committee(committee meets
weekly).
2. Applications can also be received over thetelephone or via
email to the Office (all con-ditions still applicable).
3. Supporting documents may be required forcertain loans,
including:
Purchases such as: furniture & appli-
ances, new vehicles - pro forma invoice; Used vehicles -
valuation & title search;
Vehicle or home repairs: estimate;
Education: letter of acceptance and anyinformation detailing
cost for books, tui-
tion, etc.;
Medical expenses: letter from doctor/
hospital, estimate of costs;
Purchase of land or house: valuation re-
port and purchase agreement (otherdocuments may be
requested);
Small Business: business plan
4. Members are required to correctly state on
the loan application form the purpose forwhich the loan is
intended. In the case of
misapplication of funds, the member may beasked to repay the
loan in full before the due
date.
