OUR SCHEMES

SAVINGS SCHEME

Members Ordinary Contribution: this contribution is the mandatory contribution for the month by each member. Members Other Contribution: Coming Soon. FlexiSave Scheme FlexiSave is a scheme that allows you save with your cooperative, earn interests, and withdraw from your savings at any time. You can put money into your FlexiSave Account in three ways:   Direct monthly deduction from your salary through payroll – simply log into your cooperative portal, click on Applications and select FlexiSave Application. Direct deposit into the bank – simply pay the desired amount into your Cooperative’s bank account, login into your cooperative portal, click on Resources and select Bank Deposit Notification. Transfer from Contribution Account (T&Cs apply) – simply send an email to your Cooperative Manager with an instruction to transfer the desired amount to your FlexiSave Account. The following terms and conditions apply to Transfer:   No more than 50% of the existing balance on your Contribution account can be transferred. There must be no outstanding loan at the time of the transfer referred to in (a) above. Transfers can only be made once in a calendar year; (Jan 2018 – Dec 2018). Watch your Cooperative Funds grow! FlexiSave Account earns interest at 0.5% per month (6% per annum). If you have more enquires about FlexiSave, send an email to mactaycoop@3rdquadrant.com or call 01 632 2359, 0902 345 8955.

LOAN SCHEME
Please note that loans will only be disbursed from the 5th to the 23rd of each month

EMERGENCY LOAN SCHEME: Read Guidelines below: Applicants must be fully registered members of the Cooperative. Applicants must have made at least three months contribution to the Cooperative as at the last remittance from payroll. Maximum loan amount is 2 times (200%) of the sum of total contribution made to date subject to a limit of N300,000.00 (Three Hundred Thousand Naira only) Interest rate is 5% flat and will be deducted upfront from the loan amount. Repayment period is a maximum of 3 months and will be by direct deduction from applicant’s salary alongside monthly contribution. The applicant’s monthly contribution during the period of the loan must not be less than the amount of monthly contribution in the month proceeding the months after the application has been granted. An applicant shall wait for one month on completion of a current loan subject to availability of fund before another loan application can be granted. Please note that a new applicant’s request for an ELS takes precedence over a member applying for a 2nd loan, for the sake of equity Where an applicant applies for a loan within his/her limit as in 3 above, one(1) guarantor meeting the following conditions must be provided: a. He/she must be a fully registered member of the Cooperative b. He/she must have made four (4) months’ contribution to the Cooperative. All applicants MUST disclose of any other loan obligations if any with the company for the Emergency Loan to be considered. All applicants shall be notified of the success or otherwise of their applications within 24 hours. Schedules for payments are only treated on Tuesdays and Fridays within the stipulated time. Turnaround time for disbursement of approved loans under the ELS is 2 work-days from date of application. All loan disbursements shall be made via electronic bank transfer to the applicant's nominated account. Any member that is indebted to the Cooperative at the point of leaving the employment of the company either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution of such a member may also be appropriated towards the settlement of the loan. Where an indebted member leaves the employment of the company without settling his/her outstanding loan, and is not able to reach an acceptable settlement agreement with the Credit Committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally.   STANDARD LOAN SCHEME - REGULAR: Read Guidelines below: Applicants must be fully registered members of the Cooperative. Applicants must have made at least six months contribution to the Cooperative as at the last remittance from payroll. Maximum loan amount is 2 times (200%) of the sum of total contribution made to date subject to a limit of N1,000,000.00 (One Million Naira only). Repayment period is a maximum of 12 months. Interest rate is 12% on a reducing balance per annum. Repayment will be by direct deduction (reducing balance) from applicant's salary alongside monthly contribution. The applicant's monthly contribution during the period of the loan must not be less than the amount of monthly contribution in the month proceeding the months after the application has been granted. An applicant shall wait for six (3) month on completion of a current loan subject to availability of fund before another loan application can be granted. Please note that a new applicant's request for an SLS-R takes precedence over a member applying for a 2nd loan, for the sake of equity Where an applicant applies for a loan within his/her limit as in 3 above, one(1) guarantor meeting the following conditions must be provided: He/she must be a fully registered member of the Cooperative. He/she must have made six (6) months' contribution to the Cooperative. All applicants MUST disclose of any other loan obligations if any with the company for the Standard Loan Regular to be considered. All applicants shall be notified of the success or otherwise of their applications within 24 hours. Loans are disbursed from the 6th to the 23rd of every month. Schedules for payments are only treated on Tuesdays and Fridays within the stipulated time in 12 above. Turnaround time for disbursement of approved loans under the SLS-R is 3 work-days from date of application and subject to 12 and 13 above. All loan disbursements shall be made via electronic bank transfer to the applicant's nominated account. Any member that is indebted to the Cooperative at the point of leaving the employment of the company either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution of such a member may also be appropriated towards the settlement of the loan. Where an indebted member is not able to reach an acceptable settlement agreement with the Credit Committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally. All loan applications will be subject to credit rating/worthiness of the applicants accordingly. Applicants must be fully registered members of the Cooperative.