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Target Special Loan 1 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.


Target Special Loan
a. This is a special loan targeted at a specific lump sum payment within 12 months from loan applicable date.

b. Members shall not take more than two TSLs at a time. The two can be taken at once or staggered.
c. This loan require neither a minimum savings nor minimum monthly repayment, The principal and cumulated interest will be deducted at once from source when the payment is made by CNL.
d. Loan value is restricted to a maximum of 75% of the expected lump sum payment.
e. Approval of loans would be in multiples of N5,000 (Five Thousand Naira Only).
f. Members taking this loan shall be obliged to instruct HR to make direct payment of the amount due (principal and interest) from such lump sum payment for onward remittance to the CEMCS at due date.
g. There shall be no offset of Target Special Loan.
h. This loan will be on a fixed interest rate. The interest rate at the time of application shall be applied for the entire loan duration. The current interest rate is 21.5% (subject to periodic review).
i. Lump sum payments are restricted to those annual allowance that are predictable by payment date and amount based on current pay level. These are Annual Rent Subsidy, Annual Competitive Pay (Security Allowance), Generator Maintenance / Diesel Allowance and Annual Productivity Bonus.