Only members would be primary beneficiary of any of our services.
Members can take loan amount up to two times (OR MORE) the value of their total savings subject to terms and conditions.
The repayment is through member’s payroll or business income (or as agreed with member) .
To access any loan member must have been registered with the Cooperative and making regular contributions for at least three to six months. The minimum share capital must have been fully paid.
Personal and business loans help members to save money and repay the loan over a reasonable period of time at a fair and fixed rate of interest.
Loans are insured at a specified cost to the eligible member.
Repayment protection insurance is available as an optional extra.
No hidden fees or transaction charges.
Repayments calculated on the reducing balance of the loan. This means smaller interest repayments as you repay your loan.
Repayment terms to suit your particular circumstances.
Flexibility -you can repay the loan earlier or make larger repayments than agreed with no penalty.
Additional lump sum repayments accepted with no penalty; members can pay additional sums on loans, provided the full value of the loan is paid within stipulated period.
However, in event of default, there shall be penalty.
YCT-STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY is made up of over 1500 staff of the Yaba College of Technology (Teaching and non-teaching) and over 60 staffs of the Institution’s Secondary and Primary Schools. The society was established in 1987 and incorporated in 2004 with registration No: LSCS8045 to foster the economic welfare of its member through the advancement of credit facilities.