Loan Schemes
Fair loans, built around members.
Personal loans at competitive rates, with no hidden charges and quick delivery time — nine facilities designed around members' payroll realities.
Lending Options
Nine facilities, one fair standard.
Every CoopEast member has access to the following lending options. Select a facility to see its terms.
Regular Loan
The everyday facility for members in good standing.
- Maximum
- ₦15M
- Interest Rate
- 21% flat
- Repayment
- 36 months
- Savings Back-up
- 20%
- Processing SLA
- 2 working days
- Subject to 45% headroom in payroll.
- SLA applies subject to payroll period, after meeting the above conditions.
- 1% charged on all external payments made to increase savings within the month of the loan request.
Mortgage Loan
Finance a property purchase or build a house.
- Maximum
- ₦40M
- Interest Rate
- 21% reducing balance
- Repayment
- 5 years
- Savings Back-up
- 10%
- Subject to 45% headroom, deductible through payroll.
- Property to be pledged as additional security.
- Member signs CoopEast loan service forms before the request is processed.
- 1% charged on all external payments made to increase savings.
Abuja Housing Mortgage Loan
Finance a property purchase or build a house in Abuja.
- Maximum
- ₦39M
- Interest Rate
- 18% reducing balance
- Repayment
- 5 years
- Equity
- 10% of property value
- Savings Back-up
- 10%
- Subject to 45% headroom, deductible through payroll.
- Property to be pledged as additional security.
- Member signs CoopEast loan service forms before the request is processed.
- 1% charged on all external payments made to increase savings.
- Subject to approval by the Management Committee of CoopEast.
Car Loan
Drive a new car with a fair, structured facility.
- Maximum
- ₦20M
- Interest Rate
- 21% p.a. reducing balance
- Repayment
- 4 years
- Equity Deposit
- 20% of car cost
- Savings Back-up
- 10%
- Subject to 45% headroom in payroll.
- Property to be pledged as additional security.
- Member signs CoopEast loan service forms before the request is processed.
- 1% charged on all external payments made to increase savings within the month of the loan request.
Pre-owned Car Loan
A right-sized facility for quality pre-owned vehicles.
- Maximum
- ₦2M
- Interest Rate
- 19% p.a. reducing balance
- Repayment
- 4 years
- Equity Deposit
- 20% of car cost
- Savings Back-up
- 30%
- Processing SLA
- 2 working days
- Subject to 45% headroom in payroll.
- Documentary evidence of the car's existence is required before processing.
- 1% handling charge applies.
- Member signs CoopEast loan service forms before the request is processed.
- 1% charged on all external payments made to increase savings within the month of the loan request.
Commodity Loan
For purchases through the society's commodity programmes.
- Maximum
- ₦2M
- Interest Rate
- 21% p.a. reducing balance
- Repayment
- 12 months
- Savings Back-up
- 20%
- Processing SLA
- 3 working days
- Maximum excludes Exhibition commodity loans; subject to 45% headroom in payroll.
- SLA runs from the date of receipt of forms, subject to payroll period.
- Member signs off CoopEast loan service forms before the request is processed.
- 1% charged on all external direct bank payments for savings top-up within the month of the loan request.
Short Term Loan (Payroll)
Quick support for near-term needs, repaid within months.
- Maximum
- ₦5M
- Interest Rate
- 2.5% flat monthly
- Repayment
- 6 months
- Savings Back-up
- 20%
- Processing SLA
- 2 working days
- Subject to 45% headroom in payroll.
- SLA applies subject to payroll period, after meeting the above conditions.
- 1% charged on all external payments made to increase savings within the month of the loan request.
Targeted Loan
An advance against income you are already expecting.
- Maximum
- 80% of prior year's targeted income
- Interest Rate
- 2% flat monthly
- Timing
- Up to 6 months before the income month
- Repayment
- By cheque
- Alternatively, 80% of total contributions made toward the expected income; for Performance Bonus, 80% of the prior year's bonus.
- Granted subject to availability.
- Rescheduling of targeted loans is not allowed.
- CoopEast will not accept returned cheques — a returned cheque attracts an additional charge of 10% of the cheque value.
- A default rate of 3% flat per month applies to the returned cheque value, deducted in the next available payroll.
- 1% charged on all external payments made to increase savings within the month of the loan request.
Bank Loan
The society's largest payroll-backed facility.
- Maximum
- ₦20M
- Interest Rate
- 21% flat
- Repayment
- 48 months
- Savings Back-up
- 20%
- Processing SLA
- 2 working days
- Subject to 45% headroom in payroll.
- SLA applies subject to payroll period, after meeting the above conditions.
- 1% charged on all external payments made to increase savings within the month of the loan request.
All interest rates are subject to change without notice. Terms and conditions govern the CoopEast Loan Scheme, operational from February 2014.
General Conditions
One limit protects everyone.
Single Obligor Limit
The single obligor limit for any member is pegged at their total gross annual basic salary. The cumulative amount of all loan types in a member's portfolio will not exceed their gross annual basic at any point in time.
Credit Records
CoopEast management reserves the right to withhold loans from members with bad credit records — protecting the savings of every other member.
Loan Portfolio
Trusted across the Shell family.
- Regular Staff · Shell NGO1
- 0
- SPY Police · NGO2
- 0
- Associate · NG003
- 0
- Contract Staff · NGO4
- 0
- Regular Staff · RAEC
- 0
- Total Active Loans
- 0
Ready to put your savings to work?
Unlock every facility on this page — at rates that answer to you.