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Long 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.  No Loan Ceiling.
b.  Applicant must have 40% of desired loan as savings at the time of application.
c.  Monthly savings must not be less than 5% of desired loan.
d.  Maximum repayment period is 60 months.
e.  At least one-third (1/3) of the repayment period for an existing loan must expire to qualify for a new loan.
f.   Interest rate is 4% per annum.
g.  Loan offset forms must reach the Co-operative office not later than the 12th of the month for which offset is desired.
h.  Cash addition to savings must be at least two (2) months before it can be utilized in applying for a loan.
i.   Cash and Savings allowed for a full loan offset.
j.   Approval of loans would be in multiples of N5,000 (Five Thousand Naira Only).
k.  Partial loan offset not allowed.
l.   No more than one Long Term Loan can be in operation at a time.
m. Long Term Loan and Car Loan can now run concurrently.
n.  Minimum Long Term Loan duration is 24 (Twenty-Four) months.
o.  Loan offset period is a minimum of 6 (six) months from date of Loan.
p.  Long Term Loan minimum amount is N250,000 (Two Hundred and Fifty Thousand Naira Only)

 

Retiree
a. Applicant must have 50% of desired loan as savings at the time of application.
b. Monthly savings must not be less than 5% of desired loan.
c. Maximum repayment period is 36 months.
d. At least one-third (1/3) of the repayment period for an existing loan must expire to qualify for a new loan.
e. Interest rate is 4% per annum.
f. Loan offset forms must reach the Co-Operative Office not later than the 12th day of the month for which offset is desired
g. Cash addition to savings must be at least two (2) months before it can be utilized in applying for a loan.
h. Cash and savings allowed for full loan offset.
i. Approval of loans would be in multiples of N5,000.00 (Five Thousand Naira Only).
j. Partial loan offset not allowed.
k. No more than one Long Term Loan can be in operation at a time.
l. Maximum Long Term Loan Amount is N3,000,000.00
m. Minimum Long Term Loan duration is 24 (twenty-four) months.
n. Loan offset period is a minimum of 6 (six) months from date of Loan.
o. Long Term Loan minimum amount is N100,000.00 (One Hundred Thousand Naira Only).
 

Expatriate
a.  Applicant must have 50% of desired loan as savings at the time of application.
b.  Monthly savings must not be less than 5% of desired loan.
c.  Maximum repayment period is 36 months.
d.  At least one-third (1/3) of the repayment period for an existing loan must expire to qualify for a new loan.
e.  Interest rate is 4% per annum.
f.   Loan offset forms must reach the Co-Operative Office not later than the 12th day of the month for which offset is desired
g.  Cash addition to savings must be at least two (2) months before it can be utilized in applying for a loan.
h.  Cash and savings allowed for full loan offset.
i.    Approval of loans would be in multiples of N5,000.00 (Five Thousand Naira Only).
j.    Partial loan offset not allowed.
k.   No more than one Long Term Loan can be in operation at a time.
l.    Maximum Long Term Loan Amount is N3,000,000.00
m. Minimum Long Term Loan duration is 24 (twenty-four) months.
n.   Loan offset period is a minimum of 6 (six) months from date of Loan.
o.   Long Term Loan minimum amount is N100,000.00 (One Hundred Thousand Naira Only).