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.