MACCU Loans

Loans are granted to Members for productive or provident purposes. Members who have saved continuously for Six (6) months or more in the Credit Union may be granted a first Loan within their savings and subsequently double of their savings as maximum. The maximum repayment period for any loan is 2yrs.

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• Members can obtain Loan application form from the office, complete it and return it  for vetting and approval.
• Loans above the members Savings may have to be guaranteed by other members pledged savings.
• All Loans are vetted by the Loans committee for approval, disapproval or defer.    
• Loans are insured by the borrower with the Credit Union against the risk of Death and Permanent disability under the CUA Loan Protection Plan (LPP). By this arrangement the entire Loan is covered over the repayment period. Whatever that has been re-paid by the borrower at the time of the risk becomes a benefit to the beneficiary.
• A Loan Processing Fee of 0.5% (0.005) of the principal is charged.
• Interest charged on Loans is 3% per month at reducing balance or 19.5% per annum is charged. For instance; A Loan of GH¢2,000.00 granted over a 12months period and repaid monthly, attracts an interest of GH¢390.00. In a monthly equal installment, an amount of GH¢199.17 must be paid.  

• CLICK  NEXT  TAB  TO  APPLY FOR A LOAN