Real/Personal Loan
Empowering your financial goals with flexible repayment options.
A Real Loan is a financial product provided by TEAM Multipurpose Cooperative Society to its members, designed to support personal or business-related financial needs. It is characterized by flexible eligibility criteria and repayment terms tailored to empower members while ensuring financial discipline.
Key Features of the Real Loan
- Members must have an active contribution history of at least 6 months.
- Members can apply for a loan amount up to 200% of their current savings balance.
- Members must maintain a minimum balance of N2,000 in their Shares Account.
- No withdrawals are allowed from the Savings Account.
- Loan amounts are calculated based on the member’s savings balance, capped at 200%.
- The maximum repayment period for a Real Loan is 12 months.
- Real Loans are intended to help members achieve their financial goals, such as funding business ventures, covering personal expenses, or handling emergencies.
- Repayment is structured into manageable monthly installments, making it convenient for members to meet their obligations.
- The loan application process includes checks to ensure compliance with eligibility rules.
- Members must agree to the terms and conditions, which include restrictions on savings withdrawals.