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Convenient loan options for you.
CAKCSOD (Normal) Loans
This is the core loan product for the Cooperative society. To qualify, a member has to save continously for six (6) months and will use the savings as cash collateral.
The maximum loan amount that a member can access is twice the mandatory savings balance at the time of the application, for first time borrowers. However, our members who have received and repaid their previous loans may receive three times their savings balance. If the member is not a salaried worker, he/she would need a guarantor; he/she must belong to a group and the group members would have to guarantee the loan for the member.
In addition, members with fixed properties like land and buildings can use them as guaranteeing by surrendering the appropriate title documents to the property and satisifying the other requirements. Vehicles may only be considered where it is comprehensively insured.
Business/Current Loans
Business/Current Loan is designed for our members with either business or current accounts. Our business/Current loan is meant to support our customers with small to medium scale traders who need a loan to facilitate purchasing transactions and business trading activities. This service is structured to take into account the financial situation and cash flow of the clients business to determine whether there will be fixed or flexible loan payments.
Funeral/Emergency Loan
Our funeral loan is designed to meet the urgent demand for money for unexpected expenses and unforesen recurrences such as burial and final funeral rites of family members of customers of CAKCSOD. The untimely death of our loved ones leaves us most of the time in great financial distress. Our funeral loans are structured to relieve families during these tough times. A flexible payment plan makes it possible for families to acquire quick loans for funeral expenses.
Loans within Savings
This loan option is designed for our customers with savings account. Savings loan product enables our customers to access credit using their Savings Accounts as a form of guarantee. It has easy and quick application process, flexible loan repayment and competitive interest rate.
Salary Loans
Our salary loan targets all members who are salaried workers. If the member is a salaried worker, the salary will be used as guaranteeing for the loan. t has easy and quick application process, flexible loan repayment and competitive interest rate.
Group Loan
Group loan gives our members the opportunity to form a group between five (5) to ten (10). Members of the group must be in the same line of trade and acquire a loan with repayment period of up to 12 months.
