SFCCU Credit Union Co-operative Society Limited Products & Services

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MONEY MARKET GOLD (MMG) DEPOSIT ACCOUNT

This account is ideal for the investor who wants to maintain the safety of their capital while earning moderate interest rates. One must be a Member of SFCCU Credit Union Co-operative Society Limited to open an MMG account which starts with as little as $100.00. Interest (currently at 0.5%) and statements are obtained on a quarterly basis. Withdrawals can be made at any point but a minimum balance of $20.00 must be maintained on the account. Credit Union policy applies. For further information on our MMG accounts, feel free to contact any of our offices.

FIXED DEPOSIT ACCOUNT

This account is also ideal for the investor who wants to maintain the safety of their capital while earning moderate interest rates. One must be a Member of SFCCU Credit Union Co-operative Society Limited to open a Fixed Deposit Account. The interest rate for the Fixed Deposit Account is 0.7%.

INVESTMENT PACKAGE LOANS

The Credit Union extends credit to qualifying members for investment purposes. As a general rule, qualified members are those who demonstrate capacity to service the debt and pledge adequate collateral where necessary. Investment package loans will be accessible in the sum of $30,000.00 (TTD) maximum of which 50% will be credited to the member’s shares. No withdrawals are to be taken from the said shares until the loan is repaid in full. Member must have a stable employment and a salary deduction must be assigned. Interest rate for investment package loans is currently at 1.5% on the reducing balance. For further information on our Investment Package Loans, feel free to contact our office and speak with any of our Loan Officers.

VEHICLE LOANS

There are three (3) categories of vehicle loans: new vehicles, used vehicles and Antique and Classic Vehicles. Interest rates, repayment terms and collateral value for the above loans will be determined by the age of the vehicle and are governed by the current rate structure set by the Finance and Investment Committee and reviewed periodically. As a general rule, The Credit Union limits maturities to 72 months. However, the repayment period may vary depending on the expected life and salvage value of the vehicle. For example, older used vehicles typically have repayment periods less than 60 months while new vehicles may be financed for as long as 72 months. For further information on our Vehicle Loans, feel free to contact our office and speak with any of our Loan Officers.

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CONSUMER LOANS

The Credit Union extends credit to qualifying members for consumer purposes. As a general rule, qualified members are those who demonstrate capacity to service the debt and pledge adequate collateral where necessary. The Credit Union offers a variety of consumer loan products. For further information on our Consumer Loans, feel free to contact our office and speak with any of our Loan Officers.

CHRISTMAS PACKAGE LOANS

Christmas Package Loans (CPL) are available to members from 1st November each year. Christmas Package Loans can be obtained at the values of $3,000.00 and $5,000.00. To apply for a CPL of $3,000.00 or $5,000.00, members must have available shares of $400.00 and $1,000.00 respectively. Such shares should be deposited between 30th November of the previous year and the current date at which the CPL is processed. Members can only have one CPL in existence at any point in time. For further information on our Christmas Package Loans, feel free to contact our office and speak with any of our Loan Officers.

EDUCATIONAL LOANS

Education loans will be given for further education of qualified members and their children, to a maximum term of five (5) years.

DEMAND LOANS

Demand Loans are short term facilities which may be called upon at any time during its tenure. The maximum tenure shall not exceed 12 months. Interest shall be paid monthly during its tenure, with the loan being retired at the end of its term. Payment towards it Principal is allowed during the term.
Demand loans will be granted to members at a ceiling of Five Hundred Thousand Dollars ($500,000.00), at an interest rate of 2% on the reducing balance. 10% share capital of the value of the loan is required. It should also be noted that the shares does not have to be encumbered shares. Security of a minimum of 75% is required. For further information on our Demand Loans, feel free to contact our office and speak with any of our Loan Officers.

UNSECURED LOANS

A member shall be entitled to apply for a loan of twice times his shares on the first $50,000.00 worth of shares and approved deposits and one and a half times for shares and deposits in excess of the first $50,000 to a maximum of $100,000 in shares and approved deposits.

SHARES/APPROVED DEPOSITS

MAXIMUM UNSECURED LIMIT

TOTAL AMOUNT BORROWED

$1,000 - $50,000.

$50,000

$100,000

$50,001 - $100,000

$25,000

$75,000

Total

$75,000

$175,000

For further information on our Unsecured Loans, feel free to contact our office and speak with any of our Loan Officers.

MORTGAGE LOANS

Members applying for house and land purchase loans can be allowed a loan ceiling of up to Eight Hundred Thousand Dollars ($800,000.00) at an interest rate of .46%. For further information on our Mortgage Loans, feel free to contact any of our offices and speak with one of our Loan Officers.

SPECIAL LOANS - Thank God its Friday Loan (TGIFL)

This facility is a soft loan for a period of six (6) months duration. It allows qualified members to access a maximum amount of $3,500.00 in the form of a cheque on the same day that the facility is applied for. The interest on this facility is $700.00, and the member repays $700.00 per month for six (6) months which includes $50.00 on shares per month. This facility is only accessed on a Friday. The advantages of this facility are: IT IS HASSLE-FREE AND SAME DAY. The facility must be repaid in full before the member can apply for another facility of this nature. The member must be of good standing, (must not be in default) with the ability to repay and have a minimum of $1,000.00 savings on shares, which must be unencumbered shares and must be held against the duration of the individual's loan. Administrative fee of $50.00 applies. For further information on our Thank God its Friday Loan, feel free to contact our office and speak with any of our Loan Officers.

SPECIAL LOANS - Emergency Help Loan (EHL)

This facility is a soft loan of three (3) months duration. It allows qualified members to access a maximum amount of $1,500.00 in cash on the same day that the loan application is made. The interest on this facility is $300.00 and the member would therefore repay $600.00 per month for three (3) months which includes $50.00 deposited on shares per month. This loan must be repaid in full before they can apply for another facility of this nature. The advantages of this facility are: IT IS HASSLE-FREE, SAME DAY AND CASH!!! The member must be of good standing (must not be in default), with the ability to repay and have a minimum of $1,000.00 savings on shares, which must be unencumbered shares and must be held against the duration of the individual's loan. Administrative fee of $25.00 applies. For further information on our Emergency Help Loans, feel free to contact our office and speak with any of our Loan Officers.

SPECIAL LOANS - Can We Assist Loan 1 (CWAL1)

This loan is a twelve (12) months loan which is specifically intended for weddings and special events. However, it can be extended to include other things at the discretion of the loans officer. It is for a maximum of $5,000.00 and carries with it an interest of $1,000.00. The total monthly instalment will be $500.00 as well as $50.00 to be deposited to the member’s shares. This will be paid in the form of a cheque. The loan is hassle-free and same day. This facility must be paid in full before another facility of this nature can be accessed. The member must be of good standing (must not be in default), with the ability to repay and have a minimum of $2,000.00 savings on shares, which should be unencumbered and should be held for the duration of the individual's loan. New members will qualify for this loan if they have taken at least one loan and which has been repaid in full. Administrative fee of $80.00 applies. For further information on our Can We Assist Loan 1, feel free to contact our office and speak with any of our Loan Officers.

SPECIAL LOANS - Can We Assist Loan 2 (CWAL2)

This loan is a twenty four (24) months loan which is specifically targeting members who may be experiencing financial constraints. It is for a maximum of $10,000.00 and carries with it an interest of $2,000.00. The total monthly instalment will be $500.00 as well as $50.00 to be deposited to the member’s shares. This loan will be paid in the form of a cheque. The loan is hassle-free and same day. This facility must be paid in full before another facility of this nature can be accessed. The member must be of good standing (must not be in default), with the ability to repay and have a minimum of $5,000.00 savings on shares, which should be unencumbered and should be held for the duration of the individual's loan.Administrative fee of $150.00 applies. For further information on our Can We Assist Loan 2, feel free to contact our office and speak with any of our Loans Officers.

SMALL ENTERPRISE ENHANCEMENT AND DEVELOPMENT (SEED) LOAN

SFCCU Credit Union Co-operative Society Limited as one of the Largest Credit Unions in the Southern part of Trinidad and Tobago, recognizes its responsibility to its members in keeping with the credit union movement’s moto: “Self-help, not Charity; Empowerment, not Aid”. As such, we have developed this product for the empowerment, enhancement and development of serious entrepreneurs. The following are some conditions:

The Maximum amount of the loan will be $75,000.00, to be disbursed to a supplier and not to the member in cash; unless it is for the purposes of Working Capital. The loan must be secured by the use of Shares, Vehicles, Heavy Equipment or Property as collateral, and only a maximum of 50% of the value of those assets will be used, other than property, which can go as high as 90%. The loan must be secured by 100% collateral.

Call or visit us for further information!

OTHER LOANS

For information on other loans offered by us such as our Medical Loans, Business Loans and Dividend Loans, feel free to contact our office and speak with any of our Loan Officers.

FAMILY INDEMNITY PLAN (FIP)

The Family Indemnity Plan is an insurance plan offered by CUNA Caribbean Insurance through the Credit Union, geared towards funeral expenses. This plan provides financial comfort during a difficult time. It provides a benefit to help cover the funeral cost for yourself and eligible family members. There are seven (7) FIP plans to choose from which are listed below.

PLAN

PREMIUM

BENEFIT

Plan A

$52.80 Monthly

$10,000.00

Plan B

$79.20 Monthly

$15,000.00

Plan C

$105.60 Monthly

$20,000.00

Plan D

$158.40 Monthly

$30,000.00

Plan E

$211.20 Monthly

$40,000.00

Plan F

$343.20 Monthly

$65,000.00

Plan G

$528.00 Monthly

$100,000.00

For further information on the Family Indemnity Plan, feel free to contact our Head Office and speak to our FIP clerk.

FINANCIAL COUNSELING SESSION

The Society in recognition of its social responsibility to its members has established a Financial Counseling desk located at our Branch Office on High Street San Fernando. These sessions are conducted strictly by appointments and target those members who may require advice on budgets, savings and investments as well as personal financial management. For further information on our Financial Counseling Loans, feel free to contact any of our Offices.