FND ENTERPRISE CO-OPERATIVE CREDIT UNION
December 11th, 2017
Loan Description /
Requirement
Interest Fee Maximum Repayment Term
Quick Loans • Any amount up to $10,000
• Give persons the opportunity to
• Invest in a seasonal business activity such as opening a bar, food stall for Christmas or Culturama
• A emergency infusion of cash to buy an equipment for business
• Must be a member for 90 days
• Must have at least 2 consecutive direct deposits
0% 10% Service Charge 3 months
Short Term Loan • Any amount between $10,000 to $30,000
• Has a quick turnover and repayment term
0% 10% Service Charge 6 months
Unsecured Loans • No collateral required
• An any use type of loan
• Maximum amount of unsecured loan is based on qualification
• Normally used to purchase small personal items
• Available to member with a good credit history
• Direct Salary Deduction  (employed members)
• Guarantor/Co-signer (self-employed members)
15% Regular application processing fees Varies based on the amount borrowed
Education • Designed to assist students unable to immediately afford the cost of secondary and tertiary education in formal or non-formal programmes
• Member must have a guarantor or sureties
• Funds are disbursed in installments
• Interest only is payable during study period
• Repayment of principal deferred until completion of course
10% 1.5% of loan amount 8 years after graduation
Back To School • Designed to assist parents unable to immediately afford the cost of early childhood, primary and secondary education in formal or non-formal programmes 15% Regular application processing fees 12 months
Commercial Loans • Used to assist business persons with expansion and growth
• Members must purchase minimum of 100 shares
• No wait period to apply upon becoming a member
15% Technical Assistance Fees varies on amount of the loan 60 months
General Purpose
• Debt Consolidation
• Personal
• Proof of balance owing on other debts to be paid out
• Statement of Purpose with accompanying documentation where applicable. For example: a personal medical loan requires a doctor’s invoice of quotation for consultation.
13-15% Regular application processing fees 60 months
Vehicle Loan
• Used Vehicle
• Pro forma Invoice
• Seller’s offer Letter
• 20% Deposit or cash input
• Evaluation for qualified mechanic
• Motor Insurance assigned to FNDECCU
13% – 15% Regular application processing fees 48 months
New Vehicle • Pro Forma Invoice
• 15% Deposit or cash input
• Comprehensive Motor Insurance assigned to FNDECCU
13%-15% Regular application processing fees 60 months
Working Capital • Used to start up a business or serve as cash for existing business 15% Technical Assistance Fees 18 months
Line of Credit • Gives flexibility to members
• Members apply for a set amount with specific drawdown periods.
• Improves cash flow situations
Varies Regular application processing fees Varies

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