Easier Access to Loans
Quick and easy application process with little red tape. Loans within savings granted almost instantly.
Lower Rates of Interest Payable on Loans
Commercial banks and other financial institutions charge interest on the “add on” basis which means that you pay the same interest every month for the life of the loan.
Credit unions calculate interest on the “reducing balance”.
The less you owe the less interest you pay monthly.
This means significant saving on interest charges with the Credit Union.
Eligibility For Loans After Only 3 Months Membership
Be sure to save during this period in order to establish a savings history which will assist your loan application.
No Withholding Tax Payable on Interest Earned
Bank account interest attracts 12.5% government tax which is deducted by the bank before crediting your account. No withholding tax is deducted from interest earned at the Credit Union.
Savings Are Income Tax Deductible Up To $10,000 Per Year
Reduce your taxable income by as much as $10,000 when completing your annual income tax return.
Savings in our Premier Registered Retirement Savings Plan are Income Tax Deductible
Claim up to $4000 per year as a ‘Taxable Income’ deduction.
Special rates of Interest Paid on Fixed Deposits
The larger your deposit the higher the rate of interest paid.
Dividends Paid on Shares
Enjoy additional income from your Shares Account every year that a dividend is paid.
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No Loan Application Processing Fee
Unlike many other financial institutions the Credit Union does not charge a fee for processing loan applications.
Savings and Loans Insurance
In the event of the death of a member, our insurance pays a sum of money to the estate and outstanding loans balances are paid off up to a fixed maximum.
Temporary Disability Insurance Benefit
If a member is unable to repay a loan due to temporary disability, insurance will cover the repayments for a period of 6 months
Opportunities to participate in the Development of your Credit Union
Acquire invaluable experience and insight into the world of business by offering yourself for election to the Board of Directors, Supervisory Committee or Credit Committee at the annual general meeting.
Share-owner of a successful Financial Organisation
Every member is a part-owner of the Credit Union with special rights and privileges and entitled to benefit from any dividends paid.
Relatives Eligible for Membership
Encourage your relatives to join the Credit Union so that they may too reap the benefits of membership.
Joint Accounts
Have dual access to one account for deposits or withdrawals.
Educational and Self-Improvement Opportunities
Free seminars on wealth creation, business start-up etc.
Convenience of Saving through Payroll Deductions
We can arrange to have your Credit Union savings deducted weekly or Monthly from your Wages/Salaries and forwarded directly to us.
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