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Short Term Loan Guidelines


General Guidelines
a. Offset of any loan from savings shall not result in a zero savings balance. The minimum monthly savings (N5,000.00) is the minimum balance that can be left in a member’s savings account after loan offset.

b. Any member who for two consecutive months is unable to pay the required monthly savings, or loan  obligations because of a negative balance from CNL payroll will be unable to take any loan from the society till he/she completes 6 consecutive months of saving a minimum of 20,000 Naira monthly after repayment of all outstanding loans and obligations.

c. Any employee of Chevron or retiree who applies to join the society newly or rejoins after a period of resignation must immediately commence monthly savings with the society.
Membership only takes effect when monthly savings/deduction commences. No loans can be granted to a new or returning member until 6 months after joining the society.

d. Please Note that Fund Transferred from Special Deposit to Savings is Subject to a 60 Day wait before it can be used for Loan.

 

Regular
a. Short Term Loan limit is now N400,000 (Four Hundred Thousand Naira Only).
b. Applicant’s monthly savings should not be less than 5% of the desired loan.
c. Interest rate is now 5% per annum.
d. Maximum repayment period is 12 months.
e. Approval of loans would be in multiples of N5,000 (Five Thousand Naira Only).
f. Only cash offset is allowed.
g. Administrative charge of 500 Naira will be paid with the offset.
h. Not more than one Short Term Loan can be in operation at a time.
i. Short Term Loans to Members with repayment period of less than 4 months shall NOT be available for offset.
j. Minimum Short Term Loan duration is now 3 months.
k. Qualifying period for another Short Term Loan shall be a minimum of 4 months from the date of the last loan.

 

Retiree
a. Short Term Loan limit is now N200,000.00 (Two Hundred Thousand Naira Only).
b. Applicant’s monthly savings should not be less than 5% of the desired loan.
c. Interest rate is now 5% per annum.
d. Maximum repayment period is 6 months.
e. Approval of loans would be in multiples of N5,000.00 (Five Thousand Naira Only).
f. Short Term loan offset shall be 3 months.
g. Only cash offset is allowed.
h. Administrative charge of 500 Naira will be paid with the offset .
i. Not more than one Short Term Loan can be in operation at a time.
j. Short Term Loans to Members with repayment period of less than 3 months shall not be available for offset.
k. Minimum Short Term Loan duration is now 3 months.

 

Expatriate
a. Short Term Loan limit is now N200,000.00 (Two Hundred Thousand Naira Only).
b. Applicant’s monthly savings should not be less than 5% of the desired loan.
c. Interest rate is now 5% per annum.
d. Maximum repayment period is 6 months.
e. Approval of loans would be in multiples of N5,000.00 (Five Thousand Naira Only).
f. Short Term loan offset shall be 3 months.
g. Only cash offset is allowed.
h. Administrative charge of 500 Naira will be paid with the offset.
i. Not more than one Short Term Loan can be in operation at a time.
j. Short Term Loans to Members with repayment period of less than 3 months shall not be available for offset.
k. Minimum Short Term Loan duration is now 3 months.