LOANS
TYPES OF LOANS
LONG TERM LOANS
For members who have saved regularly with the union for not less than six (6) months. The maximum amount qualified for is twice the savings balance of the member.
SHORT TERM LOAN
This is issued to members faced with special circumstances and is repaid within 6 months. The maximum amount for this facility shall not exceed GH₵ 2,000.
INSTANT LOAN
The maximum amount of GH₵ 200.00 shall be granted at a minimum flat interest of 5% payable within two months period.
LOAN WITHIN SAVINGS
For members who wish to take a loan facility rather than withdraw from their savings account.
AKWAABA LOANS
To welcome new entrants who are formal sector workers. It is granted as soon as a member’s contribution from CAGD appears on the payslip. It is based on one’s ability to pay. T&C apply.
AFFORDABILITY LOAN
This facility seeks to support existing members who desire loans more than twice their savings balance. It’s strictly based on affordability and payable within 24 months.
GROUP LOAN
Individual new entrants can also come together in groups of 5 to secure a facility with the Credit Union.
QUALIFICATION FOR LOANS
Must be a member for at least 6 months
Must have paid the minimum shares required of OTCCU members at the time of applying for the loan.
LOAN PAYMENT TERMS
Loan repayment shall not exceed 24 months.
Loans can be repaid by any of the following means;
• Cheques
• Cash
• Deduction at CAGD
• Standing order
NB: YOU CAN DOWNLOAD OUR LOAN FORMS BY CLICKING HERE.