This comprises of Car loan, Emergency Loan, and other types of Loan...
The
society offers to its members the following classes of loans:
a. Normal
loan: This is a regular loan offer by the society to its members. Members are
entitled to 200% of their balance savings with the society for a maximum of 24
months tenor at least interest rate of 5% for 6months tenor, 8% for 12months
tenor, 10% for 18months tenor and 12% for 24months tenor. { You may click here for the
normal loan application form}
b. Emergency
loan: The members of the society are entitled to 100% of their Net pay in
addition to their normal loan. The processing time for this is 24hrs after
submission. Repayment period for this type of loan is 4 months (Maximum Tenor)
with 15% flat interest rate. The emergency loan enables members to quickly
settle immediate financial obligations such as payment of children school fees
and other urgent needs. {Click
here for the emergency loan application form}
c.
Home
Ownership/Mortgage Scheme: The society offers its member the opportunity to own
their personal landed property through its home ownership scheme and Mortgage
facility. The scheme also offers services on land acquisition, housing
construction and management for its members in desire of such. The home
ownership scheme/mortgage facility is service oriented providing funding and,
development alternatives and implementation strategies.
The Funding Option attracts a maximum interest
rate of 27% at a reducing rate with a repayment period not exceeding 60months.
The beneficiary of this scheme is expected to have with the society a saving
balance of 30% of the actual cost of construction.
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.