If you take a loan in January for instance, the total loan amount is taken in January of the preceding year, same is applicable for other months.
The system is configured in such a manner that it would not allow you take any loan unless you are granted a waiver.
The ability to pay is estimated by the COOP based on member’s grade level and the exposure you have with the COOP.
Cooperative Investment instrument is introduced to eligible members who are Serving Staff that intend to invest in the Cooperative Society for guaranteed returns. Subscription is a Minimum of 5 million and Maximum of N50 million, with a Tenor of 4 Years and an interest rate of 14% per annum.
The membership of the Cooperative is Voluntary. A member that wishes to exit will write to the President indicating the reason. The exiting member is entitled to his savings balance in the COOP and the accumulated dividend less administrative charge of N5,000. Such a member must have fully paid any outstanding indebtedness to the Society.