Typs of loans granted by credit unions Cameroon

TYPES OF LOANS GRANTED BY CREDIT UNIONS CAMEROON

Typs of loans granted by credit unions Cameroon

 

Credit under Camccul being at the forefront of poverty alleviation in Cameroon carries this function in many ways, the main ways is granting loans to its members to boost their startups, agric business etc. case study is  Ashong COOP Credit Union ltd (ASHCCUL)

Once you are a member, you can benefit from the various types of loans below.

 ALSO READ;how to create account in Credit union Cameroon

 

Types of loan granted by credit unions in Cameroon to members includes:

• CONSUMPTION LOAN
  HEALTH LOAN
  EDUCATION LOANS
  BUSINESS OR PRODUCTIVE LOAN
  BUILDING LOAN
  OVERDRAFT LOAN
  NJANGI FINANCE 

 

Get brief explanation of the loan types below

CONSUMPTION LOAN

This is a loan given by the union to its members for consumption purposes. Example buying of food stuff in the house, paying off house rents.

HEALTH LOAN

These are loans given to members for the purpose of health.  Members can take a loan because of health issues, for example to pay hospital bills.

EDUCATION LOANS

These are loans given out to members who are in need of money to solve a problem relating to education. For example the payment of a child's school fees.

 

BUSINESS OR PRODUCTIVE LOAN

This is a loan given out to members for the purpose of carrying out business activity. This is one of the most active accounts since most people want to increase their capital so as to realize more profit.

BUILDING LOAN

This is loans given to its members who have a building project or activities to undertake but are short term of cash. All loans taken below savings are charged at a rate ranging from 1 to 2% for all loans above savings. The duration of loan payment is made monthly depending on the negotiation made with the loan officer and the manager, meanwhile interest starts counting from the date the loan is taken.

 

OVERDRAFT

This is a service which is mostly enjoyed by fixed salary earners. Ashong Cooperative Credit Union provides this service to workers whose salary passes through the union for payment. It permits workers to receive part of their salary in advance in the form of overdraft so as to enable them to cover some running expenses before the end of the month. Charges are equally made on the overdraft amount. In additions to the above loans (services), they also offer the following services

 

NJANGI FINANCE

It's a special service of Credit Union were credit union finance Njangi of Meeting Members.

Read more about Njangi finance here

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