Coopeast

TERMS AND CONDITIONS GOVERNING THE COOPEAST LOAN SCHEME

The following conditions apply to the above named scheme, which becomes operational from Feb, 2014.

We are pleased to inform you of changes and additions to our lending options which is now open to every member of CoopEast as follows:

Maximum loan shall be N15m subject to 45% headroom in payroll and for a maximum repayment period of 36 months only.
Interest rate is at 21% flat monthly, subject to change without notice.
Savings back-up for loan will be 20% of the loanable amount.
SLA regarding RTL loan process is 2 working days subject to payroll period, after meeting the above conditions.
1% will be charged for all external payments to increase member's savings within the month of the loan request.

Maximum loan will be N40M subject to 45% headroom and deductible over 5 years through payroll.
10% of the loan amount as savings back-up.
Interest rate of 21% reducing balance, subject to change without notice.
Property to be pledged as additional Security.
Member is expected to sign CoopEast loan service forms before request is processed.
1% will be charged for all external payments to increase member's savings.

Maximum loan will be N39M subject to 45% headroom and deductible over 5 years through payroll.
10% Equity contribution on value of property.
10% of the loan amount as savings back-up.
Interest rate of 18% reducing balance, subject to change without notice.
Property to be pledged as additional Security.
Member is expected to sign CoopEast loan service forms before request is processed.
1% will be charged for all external payments to increase member's savings.
Subject to Approval by Management Committee of CoopEast.

Maximum loan will be 20M subject to 45% headroom in payroll and for a maximum repayment period of 4 years.
10% of the loan amount as savings back-up.
Interest rate is at 21% p.a. reducing balance, subject to change without notice.
Property to be pledged as additional Security.
Members will be required to make a minimum equity contribution/deposit of 20% of the cost of the car.
Member is expected to sign CoopEast loan service forms before request is processed
1% will be charged for all external payments to increase member's savings within the month of the loan request.

Maximum loan will be N2M subject to 45% headroom in payroll and for a maximum repayment period of 4 years.
Documentary evidence of Car's existence will be required before processing of request.
Members will be required to make a minimum equity contribution/deposit of 20% of the cost of the car.
Interest rate is at 19% p.a. reducing balance, subject to change without notice.
Member is required to pay 1% handling charge.
Savings back-up for loan will be 30% of the loanable amount.
Member is expected to sign CoopEast loans service forms before request will be processed.
1% will be charged for all external payments to increase member's savings within the month of the loan request.
SLA regarding Car loan processing is 2 working days subject to payroll period, after meeting the above conditions.

Maximum Commodity loan will be N2 million excluding Exhibition commodity loan, subject to 45% headroom in payroll.
Interest rate is 21% p.a. reducing balance.
Maximum duration will be 12months.
Required savings back-up will be 20% of the loanable amount.
Members are expected to sign-off CoopEast loans service forms before request will be processed.
SLA regarding commodity loan process is 3 working days subject to payroll period and from the date of receipt of forms.
A one percent (1%) fee will be charged for all external direct Bank payments for Savings top up to increase savings within the month of loan request.

Maximum loan shall be N5m subject to 45% headroom in payroll and for a maximum repayment period of 6 months only.
Interest rate is at 2.5% flat monthly, subject to change without notice.
Savings back-up for loan will be 20% of the loanable amount.
1% will be charged for all external payments to increase member's savings within the month of the loan request.
SLA regarding STL loan process is 2 working days subject to payroll period, after meeting the above conditions.

Maximum loan is 80% of prior year's targeted income or 80% of total contribution made towards such expected income, with exception of Performance Bonus which is 80% of prior year's bonus.
Interest rate is 2% flat monthly, subject to change without notice.
Loan shall be granted maximum of Six (6) months to the targeted income month subject to availability.
Repayment is by cheque.
Rescheduling of targeted loan will not be allowed.
CoopEast will not accept returned cheques.
Returned cheques will attract additional charge of 10% of the cheque value
3% flat per month will be charged as new (default) interest rate on the returned cheque value which will subsequently be deducted once in the next available payroll.
1% will be charged for all external payments to increase member's savings within the month of the loan request.

Maximum loan shall be N20m subject to 45% headroom in payroll and for a maximum repayment period of 48 months only.
Interest rate is at 21% flat monthly, subject to change without notice.
Savings back-up for loan will be 20% of the loanable amount.
SLA regarding RTL loan process is 2 working days subject to payroll period, after meeting the above conditions.
1% will be charged for all external payments to increase member's savings within the month of the loan request.

NOTE: SINGLE OBLIGOR LIMIT
N/B: COOPEAST MANAGEMENT RESERVES THE RIGHT TO WITHOLD LOANS TO MEMBERS WITH BAD CREDIT RECORDS.

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